Intermediate Accounting Assignment.docx

Intermediate Accounting Assignment.docx - Part 1 1 Terms...

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Part 1 1. Terms matching the phrases I. Losses II. Revenues III. Gain IV. Comprehensive income V. Assets 2. Organizations matching the phrases I. PCAOB II. IMA III. FASB IV. EITF V. FAF VI. IASC VII. APB VIII. SEC IX. AICPA X. IASB 3. Computing Net income Net income=Revenues-Expenses Revenues $360000 Expenses: COGS $150000 Salaries $25000 Interest $3000 Insurance $8000 Total Expenses $186000 Net Income $360000-$186000= $174000 4. Amazon.com Inc. ($ in millions) i. Balance in cash at the beginning of the year Balance in cash at the beginning of the year= End year balance in cash- Net increase in cash for the year End year balance in cash=$1022 Net increase in cash for the year=$9 Therefore, Balance in cash at the beginning of the year=$1022-$9= $1013 ii. Total liabilities Total liabilities=Total assets-Total Equity Total assets=$4363 Total equity=$431 Therefore, Total liabilities=$4363-$461= $3932 5. Financial Reporting practice i. Disagree because it violates the initial value of the transaction (historical cost) ii. Disagree because it violates the assumption of economic entity. iii. Disagree since the seller has not obeyed its obligation of delivering goods.
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iv. Disagree because the matching principle is violated. v. Agree. The company is conforming to the principle of full disclosure. vi. Disagree. The periodicity assumption is violated.
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