ACC303 Intermediate Accounting Disclosure notes Hallergan Company produces car and truck batteries that it sells primarily to auto manufacturers. Dorothy Hawkins, the companys
Unit 3 Homework Assignment (ACC303 Intermediate Accounting)
E 3–11 Disclosure notes
Hallergan Company produces car and truck batteries that it sells primarily to auto manufacturers. Dorothy Hawkins, the company’s controller, is preparing the financial statements for the year ended December 31, 2024. Hawkins asks for your advice concerning the following information that has not yet been included in the statements. The statements will be issued on February 28, 2025.
1. Hallergan leases its facilities from the brother of the chief executive officer.
2. On January 8, 2025, Hallergan entered into an agreement to sell a tract of land that it had been holding as an investment. The sale, which resulted in a material gain, was completed on February 2, 2025.
3. Hallergan uses the straight-line method to determine depreciation on all of the company’s depreciable assets.
4. On February 8, 2025, Hallergan completed negotiations with its bank for a $10,000,000 line of credit.
5. Hallergan uses the first-in, first-out (FIFO) method to value inventory.
Required:
For each of the above items, discuss any additional disclosures that Hawkins should include in Hallergan’s financial statements.
*Analysis Case 3–9 Balance sheet information
Real World Financials
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in the Connect library. This material also is available under the Investor Relations link at the company’s website (www.target.com).
Required:
1. Does the company separately report current assets and long-term assets, as well as current liabilities and long-term liabilities?
2. Are any investments shown as a current asset? Why?
3. In which liability account would the company report the balance of its gift card liability?
4. What method does the company use to depreciate its property and equipment?
Unit 3 Homework Assignment (ACC303 Intermediate Accounting)
E 3–11 Disclosure notes
Hallergan Company produces car and truck batteries that it sells primarily to auto manufacturers. Dorothy Hawkins, the company’s controller, is preparing the financial statements for the year ended December 31, 2024. Hawkins asks for your advice concerning the following information that has not yet been included in the statements. The statements will be issued on February 28, 2025.
1. Hallergan leases its facilities from the brother of the chief executive officer.
2. On January 8, 2025, Hallergan entered into an agreement to sell a tract of land that it had been holding as an investment. The sale, which resulted in a material gain, was completed on February 2, 2025.
3. Hallergan uses the straight-line method to determine depreciation on all of the company’s depreciable assets.
4. On February 8, 2025, Hallergan completed negotiations with its bank for a $10,000,000 line of credit.
5. Hallergan uses the first-in, first-out (FIFO) method to value inventory.
Required:
For each of the above items, discuss any additional disclosures that Hawkins should include in Hallergan’s financial statements.
*Analysis Case 3–9 Balance sheet information
Real World Financials
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in the Connect library. This material also is available under the Investor Relations link at the company’s website (www.target.com).
Required:
1. Does the company separately report current assets and long-term assets, as well as current liabilities and long-term liabilities?
2. Are any investments shown as a current asset? Why?
3. In which liability account would the company report the balance of its gift card liability?
4. What method does the company use to depreciate its property and equipment?
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
