January 1, 2016
($ in millions)
Inventory (cumulative effect) * .
* Cost of goods sold (FIFO).
Cost of goods sold (average).
Since the cost of goods avai
BRIEF EXERCISESBrief Exercise 141
fraction of the
Brief Exercise 142
Present value (price) of the bonds
23-300 Intermediate Accounting (3):
An underlying review of accounting principles, this course
reviews the accounting process, with an emphasis on financial
statement preparation and provides an in-depth study of the
valuation, presentation and transactio
On January 1 of the current reporting year, Coda Company's projected benefit
obligation was $30 million. During the year, pension benefits paid by the trustee were
$4 million. Service cost was $10 million. Pension plan assets earned $5 million as
1) Assets = Liabilities + Stockholder Equity (Capital Stick + Retained Earnings)
2) Dr is left side; Cr is right side of an account *No Exceptions
3) Debits must equal credits
Analyzing and recording transactions
1) What actually happened?