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You recently joined the auditing staff of Best, Best, and Krug, CPAs

You recently joined the auditing staff of Best, Best, and Krug, CPAs
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Solution Guide / Answer Key:

ACCOUNTING
Intermediate Accounting, 6th Edition, Spiceland
Acc305 Intermediate Accounting (Ashford University)

Judgment Case 3-6 Financial disclosures

You recently joined the auditing staff of Best, Best, and Krug, CPAs. You have been assigned to the audit of Clearview, Inc., and have been asked by the audit senior to examine the balance sheet prepared by Clearview's accountant.

CLEARVIEW, INC.
Balance Sheet
At December 31, 2011
($ in millions)

Assets
Current assets:
Cash $ 10.5
Accounts receivable 112.1
Inventories 220.6
Prepaid expenses 5.5
Total current assets 348.7
Investments 22.0
Property, plant, and equipment, net 489.9
Total assets $857.6

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 83.5
Accrued taxes and interest 25.5
Current maturities of long-term debt 20.0
Total current liabilities 129.0
Long-term liabilities: 420.0
Total liabilities 549.0
Shareholders'' equity:
Common stock $100.0
Retained earnings 208.6
Total shareholders' equity 308.6
Total liabilities and shareholders' equity $857.6

Required:
Identify the items in the statement that most likely would require disclosure in the significant accounting policies note.

 

FILE: MS WORD

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