Business
Business, 20.09.2019 17:20, taijaunam

For each situation, list the assumption, principle, or constraint that has been violated, if any. list only one answer for each situation. (a) east lake company recognizes revenue at the end of the production cycle but before sale. the price of the product, as well as the amount that can be sold, is not certain. select an option (b) hilo company is in its fifth year of operation and has yet to issue financial statements. (do not use the full disclosure principle.) select an option (c) gomez, inc. is carrying inventory at its original cost of $100,000. inventory has a fair value of $110,000. select an option (d) bly hospital supply corporation reports only current assets and current liabilities on its balance sheet. equipment and bonds payable are reported as current assets and current liabilities, respectively. liquidation of the company is unlikely. select an option (e) chieu company has inventory on hand that cost $400,000. chieu reports inventory on its balance sheet at its current fair value of $425,000. select an option (f) toxy syles, president of classic music company, bought a computer for her personal use. she paid for the computer by using company funds and increased the "computers" account. select an option

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