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How do we account for the disposition of fixed assets?
What are the differences in how the exchanges of assets are handled,
pending on whether they are similar or dissimilar?
What is the rationale for these differences?
What is the impact to the companies’ financial statements?
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ACC 422 Week 2 Learning Team Assignment (New Syllabus)
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Complete the following three deliverables for this assignment as a team:
1.
The Financial Reporting, Procter & Gamble Company, p. 379. 2.
The Financial Statement Analysis Cases, Case 1: Occidental
Petroleum Corporation, p. 379. 3. Problem 7-6, p. 374 Compile all team
member’s input. Click the Assignment Files tab to submit your
assignment. Financial Reporting The Procter & Gamble Company
(P&G) The financial statements of P&G are presented in Appendix B.
The company’s complete annual report, including the notes to the
financial statements, is available online. Instructions Refer to P&G’s
financial statements and the accompanying notes to answer the
following questions. (a) What criteria does P&G use to classify ―Cash
and cash equivalents‖ as reported in its balance sheet? (b) As of June 30,
2014, what balances did P&G have in cash and cash equivalents? What
were the major uses of cash during the year? (c) P&G reports no
allowance for doubtful accounts, suggesting that bad debt expense is not
material for this company. Is it reasonable that a company like P&G
would not have material bad debt expense? Explain. P7-6 (LO2,3)
(Journalize Various Accounts Receivable Transactions) The balance