Quiz 20.56 – National Hoopla Company
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
What are the effects on National Hoopla Company when it switches its depreciation method from sum-of-the-years’ digits to straight-line?
What are the effects on National Hoopla Company when it switches its depreciation method from sum-of-the-years’ digits to straight-line?
What is the appropriate journal entry to record the effects of changing the depreciation method from straight-line to units-of-production?
When changing the depreciation method, which of the following items should NOT be included in the accompanying disclosure note?
When changing the depreciation method for warehouses, which detail should NOT be included in the disclosure note?
What is the impact of reporting consolidated financial statements instead of statements of individual companies reported in previous years for Diversified Systems, Inc.?
What is the impact on Z Company’s financial statements if they consolidate a subsidiary that was appropriately excluded from consolidation last year?
Which of the following should be reported as a prior period adjustment?
What is the appropriate accounting treatment for Washburn Co. after spending $10 million to purchase a patented technology and using different depreciation methods on their assets?
If Green Company discovers an overstatement of its inventory by $50 million at the end of 2021, what would be required before adjusting or closing entries in 2022?
If Cooper Inc. took physical inventory at the end of 2020 and purchases that were acquired FOB destination were in transit, what accounting adjustments are required?