Three pharmacy giants, CVS Health, Walmart, and Walgreens Boots Alliance each use a different inventory costing method. CVS uses weighted-average cost, Walmart uses FIFO, and Walgreens uses LIFO. Here is a hypothetical example that highlights the potential differences in income statements and balance sheets that could arise simply because of the use of a different […]
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Are the articles of secondhand clothing offered for sale on ThredUp’s online store included in inventory on ThredUp’s balance sheet?
September 29, 2022 
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ThredUp Inc. is a startup online consignment and thrift store. Customers can buy like-new, carefully vetted brand-name clothing from ThredUp’s online store at discounts of up to 90% off of the original retail prices. Customers can also send in their unwanted clothing articles for ThredUp to resell. tThredUp’s professional buyers go through the articles of […]
Continue readingAccounting Case Template tool available to build an introductory financial accounting case assignment
January 3, 2019 3 Comments
Again, as we start a new semester, I wanted to point out the availability of a tool that may be of use in teaching introductory financial accounting. The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from […]
Continue reading10-K, Ch 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 04 Internal control and cash, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 08 Current liabilities, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 11 Statement of cash flows, Ch 12 Financial statement analysis, Financial accounting
Create Customized Financial Accounting Case Assignments with the Accounting Case Template
August 20, 2018 3 Comments
Again, as we start the fall semester, I wanted to point out the availability of a tool that may be of use in teaching introductory financial accounting. The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from […]
Continue readingCh 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 04 Internal control and cash, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 08 Current liabilities, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 11 Statement of cash flows, Ch 12 Financial statement analysis, Financial accounting
Create Customized Financial Accounting Case Assignments with the Accounting Case Template
January 10, 2018 1 Comment
The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from which the instructor can choose, allowing the instructor to quickly build a case assignment customized for his/her specific course. It takes about two minutes to […]
Continue reading10-K, Ch 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 04 Internal control and cash, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 08 Current liabilities, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 11 Statement of cash flows, Ch 12 Financial statement analysis, Financial accounting
Would the costs related to the clothing vending machines that Uniqlo has installed in airports and shopping malls be expensed or capitalized?
September 19, 2017 0 Comments
Uniqlo, a Japanese clothing designer, manufacturer, and retailer, is installing vending machines in some airports and shopping malls in the U.S., including Oakland Airport (San Francisco), George Bush Intercontinental Airport (Houston), and Queens Center (New York.) Uniqlo’s thermal jackets and parkas, which are thin, warm, and easily packable, are going to be stocked in the […]
Continue readingNEW! Create Customized Financial Accounting Case Assignments with the Accounting Case Template
August 11, 2017 4 Comments
The Accounting Case Template (ACT) is a web tool I designed that allows instructors to quickly build an introductory financial accounting case assignment. A variety of options are provided from which the instructor can choose, allowing the instructor to quickly build a case assignment customized for his/her specific course. It takes about two minutes to […]
Continue readingCh 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 04 Internal control and cash, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 12 Financial statement analysis, Financial accounting
What could a Logitech staff accountant have done if he/she knew that the CFO and controller failed to write down the discontinued Revue parts inventory?
May 25, 2017 0 Comments
In the fourth quarter of 2010, Logitech International released the Revue, a TV set-top box designed to integrate cable/satellite TV with internet content. The Revue Google search bar would be able to find any desired content from any provider and project that content to the TV screen. The Revue was manufactured by contract manufacturers, not […]
Continue readingIntroductory financial accounting Jeopardy game for end-of-semester review
April 4, 2017 2 Comments
At the end of the semester, I thought it might be useful to have a review game before the final exam. I have created a Jeopardy-style game that covers basic topics within an introductory financial accounting course. This PowerPoint file contains a Jeopardy-style game suitable for use in an introductory financial accounting class. There are […]
Continue readingCh 01 Financial statements, Ch 02 Transaction analysis, Ch 03 Accrual income, Ch 05 Receivables and revenues, Ch 06 Inventory & COGS, Ch 07 PP&E and Intangibles, Ch 08 Current liabilities, Ch 09 Long-term liabilities, Ch 10 Stockholders' equity, Ch 11 Statement of cash flows, Ch 12 Financial statement analysis, Financial accounting
What does The Cheesecake Factory’s inventory include and where is it located on its financial statements?
January 17, 2017 0 Comments
The Cheesecake Factory Incorporated (NASDAQ: CAKE) operates over 200 restaurants and two bakeries in the United States. In its two bakeries, it bakes and prepares more than 70 desserts, both for its own use in its restaurants and for sale to a wide variety of wholesalers and retailers. The Cheesecake Factory’s inventories consist of restaurant […]
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