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Indicate where the following items would ordinarily appear

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Problem 16 Chapter 4

Intermediate Accounting | 15th Edition

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Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Intermediate Accounting | 15th Edition

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Problem 16

Indicate where the following items would ordinarily appear on the financial statements of Boleyn, Inc. for the year 2014. (a) The service life of certain equipment was changed from 8 to 5 years. If a 5-year life had been used previously, additional depreciation of $425,000 would have been charged. (b) In 2014, a flood destroyed a warehouse that had a book value of $1,600,000. Floods are rare in this locality. (c) In 2014, the company wrote off $1,000,000 of inventory that was considered obsolete. (d) An income tax refund related to the 2011 tax year was received. (e) In 2011, a supply warehouse with an expected useful life of 7 years was erroneously expensed. (f) Boleyn, Inc. changed from weighted-average to FIFO inventory pricing.

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Chapter 1 Planning: to set goals & figure how to go about achieving them Directing: the overseeing of a company’s daily operations ­ Here you can adjust workforce levels Controlling: evaluate the results of an operation along with the plans to make needed adjustments Managers: decision makers within a company Financial Accounting: provides reports on past performance...

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Chapter 4, Problem 16 is Solved
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Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

The full step-by-step solution to problem: 16 from chapter: 4 was answered by , our top Business solution expert on 11/23/17, 05:08AM. This textbook survival guide was created for the textbook: Intermediate Accounting, edition: 15. This full solution covers the following key subjects: life, boleyn, tax, been, warehouse. This expansive textbook survival guide covers 24 chapters, and 633 solutions. Since the solution to 16 from 4 chapter was answered, more than 397 students have viewed the full step-by-step answer. The answer to “Indicate where the following items would ordinarily appear on the financial statements of Boleyn, Inc. for the year 2014. (a) The service life of certain equipment was changed from 8 to 5 years. If a 5-year life had been used previously, additional depreciation of $425,000 would have been charged. (b) In 2014, a flood destroyed a warehouse that had a book value of $1,600,000. Floods are rare in this locality. (c) In 2014, the company wrote off $1,000,000 of inventory that was considered obsolete. (d) An income tax refund related to the 2011 tax year was received. (e) In 2011, a supply warehouse with an expected useful life of 7 years was erroneously expensed. (f) Boleyn, Inc. changed from weighted-average to FIFO inventory pricing.” is broken down into a number of easy to follow steps, and 124 words. Intermediate Accounting was written by and is associated to the ISBN: 9781118147290.

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