Harnischefeger Corporation Free Essay, Term Paper and Book Report
Harnischefeger Corporation Case Questions
1. Identify all the accounting policy changes and accounting estimates that Harnischfeger made during 1984. Estimate, as accurately as possible, the effect of these changes on the company’s 1984 reported profits and/or sales? (Give dollar amounts where possible, and be sure to note whether effects on reported profits are pre-tax or after-tax figures).
Harnischfeger made the following accounting policy changes and estimates during 1984:
1. In the beginning of 1984, the net sales was updated to include the full sales price of construction and mining equipment purchased from Kobe Steel, Ltd. and sold by Harnischfeger, in order to reflect more effectively the nature of the their transactions with Kobe. Previously only the gross margin on Kobe-originated equipment was included.
Þ These sales aggregated $28 million in 1984. This would lead to an increase in the net income for Harnischfeger.
2. The financial statements of certain foreign subsidiaries were included on the basis of their fiscal years ended July 31.
Þ This change had......
Word Count: 809
Page Count: 3.2 (250 words a page / double spaced)
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