State how each of the following items is reflected in the financial statements.
1.Change from FIFO to LIFO method for inventory valuation purposes.
2.Charge for failure to record depreciation in a previous period.
3.Litigation won in current year, related to prior period.
4.Change in the realizability of certain receivables.
5.Writeoff of receivables.
6.Change from the percentage-of-completion to the completed-contract method for reporting net income.
Click here for the solution: State how each of the following items is reflected in the financial statements
