Intermediate Accounting - Assignment Example

Add to wishlist

Summary

In the paper “Intermediate Accounting” the author analyzes the livestock market, which is inherently resilient and quite capable of absorbing the vicissitudes and vagaries of nature. It is also capable of absorbing short-term losses arising out of mismatches between actual positions and forecasts…

Download full paper File format: .doc, available for editing

GRAB THE BEST PAPER93.8% of users find it useful

Read Text Preview

Subject: Finance & Accounting
Type: Assignment
Level: Masters
Pages: 3 (750 words)
Downloads: 2

Extract of sample "Intermediate Accounting"

Download file to see previous pages

The Company maintains live hogs and processing plants at various locations. Also, there are live hogs in some locations which cannot be easily transported and processed at the Company’s main processing plants, and, as a result, these live hogs have to be sold to third parties at spot market prices. The current problem the management is facing is the result of spot market prices for live hogs that have declined. The causes mentioned for the decline are not specific except for the capture of the “Big Bad Wolf.

” Whatever the reasons, they are strong enough to bring about a decline in prices due to surplus production. However, the management led by its CEO, Farmer Joe, is confident of a turnaround during the third and fourth quarters of the year with a specifically good projection for the last quarter. The management is also positive that the total revenues for the pork products and total revenues for sale of live hogs to third parties, based on current spot prices, will be favorable enough to offset losses incurred due to price decline in the second quarter.

Due to the slump in the second quarter, the management is of the view that there may be lower of cost or market issues involved in the Company’s inventory of live hogs and developing animals held for sale to third parties as on September 30, 2002. Thus, the urge to go for impairment evaluation is present. (Lower of Cost or Market) However, management must be cautious in acting upon impairment evaluation although the expert opinion of impairment evaluators can help increase.

...Download file to see next pages Read More

Cite this document

APA
MLA
CHICAGO

(Intermediate Accounting Assignment Example | Topics and Well Written Essays - 750 words, n.d.)
Intermediate Accounting Assignment Example | Topics and Well Written Essays - 750 words. https://studentshare.org/finance-accounting/1530319-intermediate-accounting

(Intermediate Accounting Assignment Example | Topics and Well Written Essays - 750 Words)
Intermediate Accounting Assignment Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/finance-accounting/1530319-intermediate-accounting.

“Intermediate Accounting Assignment Example | Topics and Well Written Essays - 750 Words”. https://studentshare.org/finance-accounting/1530319-intermediate-accounting.

Cited: 0 times

CHECK THESE SAMPLES OF Intermediate Accounting

Differences in Groupons Business Model in Comparison with Wal-Mart and its Impact on Business Risks

Groupon – Case Study Differences in Groupon's Business Model in Comparison with Wal-Mart and its Impact on Business Risks and Financial Reporting Groupon works as an online business entity offering discount coupons which can be used its customers for purchasing discounted merchandise and other items from companies based in the United States....

11 Pages (2750 words) Research Paper

The CPAs in the Accounting Profession

In smaller organizations, there is less specialization and more combining of responsibility for the various accounting functions.... In addition to auditing financial reports generated by the accounting system, they review the operational policies of the company and make recommendations for improving efficiency and effectiveness.... ertified Public Accountants perform public accounting and independent auditing.... Due to the important of personal liability for professional conduct, public accounting firms are generally organized as professional corporations....

3 Pages (750 words) Research Proposal

Using foreign financial statements

… This ranges from doing nothing (in which case the financial statements might be in non-English language with figures shown in local currency and might not follow Generally Accepted accounting Principles - GAAP, or International Financial Reporting Standards - IFRS) to a completely new set of statements, explicitly prepared for United States.... This ranges from doing nothing (in which case the financial statements might be in non-English language with figures shown in local currency and might not follow Generally Accepted accounting Principles - GAAP, or International Financial Reporting Standards - IFRS) to a completely new set of statements, explicitly prepared for United States....

3 Pages (750 words) Article

Inventories for a Company

Cash and cash equivalents for the 2005 annual report for Intel Corporation (INTC) shows that they had on hand at the end of 2005 a total of $7,324 (all figures are in millions).... This was the lowest amount of cash/cash equivalents on hand since the beginning of 2003.... hellip; It also represented a decline of $883 since the beginning of 2005....

2 Pages (500 words) Essay

Intermediate Accounting Project

One of the many accounting standards is the Financial accounting Standard-115 (FAS 115).... This is one of the various financial standard… This particular one provides the accounting and reporting for investments in equity securities with readily determinable fair values and in debt securities which are divided into three categories; held-to-maturity securities that are debt securities expected to be held till Evolution of accounting Standards from FAS 115 to ASC 820 accounting standards represents the various standardized procedures for the guidance and governance of the various accounting standards....

2 Pages (500 words) Essay

U.S. GAAP vs. IFRS

According to Intermediate Accounting (2008), under such as case, the completed contract method is not permitted; there is no specific guidance on software revenue recognition and the guidance on sales of real estate is limited” (p.... Finally, GAAP unlike IFRS provides for a detailed on the recognition of software revenue, as well as on accounting for real estate sales (Intermediate Accounting, 2008).... Intermediate Accounting, (2008).... Another aspect of revenue recognition in IFRS is that when determining the nature of activities in long-term contracts, the situation must be defined after entering the activity, and when it falls complete into different accounting periods....

2 Pages (500 words) Research Paper

Intermediate Accounting 2 answeres

?Intermediate Accounting.... The first process is the recognition, and the second step is the computation level as comprehensively discussed below. Recognition process: this is the first… In the process, upon examination of the tax position, resolutions on any litigation process or rather any appeals on grounds of technical merits of Finance and accounting Quiz 3 (i) In the process of recognizing and measurement of the uncertain tax position, the process calls for two vital processes....

2 Pages (500 words) Essay

Intermediate Accounting 2 answeres

This is because leases allow any company to adjust to changes in technology and capacity needs without necessarily having to make a large capital commitment. The members of TopNotch… edical, Inc.... ave varied opinions on the leases.... rdinarily, sales type lease is a capital lease where interest revenue is earned in addition to the profit after the sale of the asset arising from the excess of present value over the carrying cost of the asset....

4 Pages (1000 words) Essay