Question: Because an earlier visit with the accounting instructor [see Case 5-3, Joan Holtz (A)] had cleared up some puzzling matters, Joan Holtz decided to prepare

Because an earlier visit with the accounting instructor [see Case 5-3, Joan Holtz (A)] had cleared up some puzzling matters, Joan Holtz decided to prepare a new list of problems as a basis for a second discussion. As before, Holtz knew that the instructor expected that tentative answers to these questions be worked out prior to the meeting. The instructor also wanted Holtz using numbers of her own choosing, to illustrate the issues she was raising and her tentative answers with simple numerical illustrations whenever possible.
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Give your "tentative answers" to the above issues. Illustrate the issue and your answer whenever possible.

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1 The ultimate effect over the life of an entity is the same under all three methods For a given accounting period however the methods result in different net income If purchase discounts are deducted ... View full answer

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