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Resource: ABC Financial and Supplemental Data Excel ® spreadsheets,
and footnotes from the Week 2 Learning Team assignment
Calculate the deferred tax asset or liability of an error for the scenario
provided.
Calculate inventory calculation average cost, first-in-first-out (FIFO),
and last-in-first-out (LIFO). Record the calculated average cost in the
financial statement.
Calculate the straight-line depreciation.
Create an income statement using the results calculated above.
Create a balance sheet using the results calculated above. Insert your
Learning Team's footnotes into the balance sheet and income statement.
Identify in the footnotes the depreciation methods being used for the
fixed assets. Also identify the footnotes the methodology used to
determine deferred taxes.
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ACC 545 Week 2 Learning Team Assignment Los Lobos
Ledger Preparation
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