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Notes 10 - o Returns policy o Employee training program •...

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Midterm Review Don’t worry about Ch. 1 (first class) Marketable investments: o Held-to-maturity: Book value o Trading securities: Market value o Securities available for sale: Market value Converting LIFO inventory to FIFO inventory: o How much is inventory undervalued? If inventory had been carried at FIFO/ replacement cost how much higher would it be? Intangibles: o Capitalize vs. expense o Where would a patent show up on the B/S? If company purchased patent it would be Asset If company developed patent out of R&D it would be Expense
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Unformatted text preview: o Returns policy? o Employee training program? • Contingent liabilities: o Remote vs. reasonably possible vs. probable probabilities o As analyst, if “reasonably possible” we’d want to include entire amount in B/S • Deferred taxes: o Deferred tax assets vs. deferred tax liabilities • Leases: o Constructing capitalization of payments o Constructing that big table o What was effect on I/S in 2002: Interest expense increased by $214 and lease obligation...
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