Essay about Acc 545 Complete Class and Final Exam (Financial Reporting)

925 Words 4 Pages
ACC 545 Complete Class and Final Exam (Financial Reporting)

ACC 545 Week 1, Individual Assignment, CPA Report
ACC 545 Week 1, Individual Assignment, CPA Report

ACC 545 Week 1 Individual Assignment CPA Report
As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations: The methodology used to determine deferred taxes
The procedures for reporting accounting changes and error corrections
The rationale behind establishing the subsidiary as a corporation Prepare your response to the three questions. Before
…show more content…
Select any one of the inventory methods (LIFO, FIFO, Average Cost, or others). On July 6, Jamona Corp. acquired the plant assets of Berry Company, which had discontinued operations. The appraised value of the property is: Land $ 400,000
Building 1,200,000
Machinery and equipment 800,000
Total $2,400,000 Jamona Corp. gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market value of $168 per share on the date of the purchase of the property. Jamona Corp. expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building.

Related Documents