3. Lopez Co. had three major business transactions during 2022

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Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. (a) Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. (b) The president of Lopez Co., Victor Lopez, purchased a truck for personal use and charg (c) Lopez Co. wanted to make its 2022 income look better, so it added 2 more weeks to its period (a 54-week year). Previous years were 52 weeks. Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. The president of Lopez Co., Victor Lopez, purchased a truck for personal use and charged it to his expense account. Lopez Co. wanted to make its 2022 income look better, so it added 2 more weeks to its income statement reporting period (a 54-week year). Previous years were 52 weeks. Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. (a) Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. (b) The president of Lopez Co., Victor Lopez, purchased a truck for personal use and char (c) Lopez Co. wanted to make its 2022 income look better, so it added 2 more weeks to its period (a 54-week year). Previous years were 52 weeks. Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. (a) Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. (b) The president of Lopez Co., Victor Lopez, purchased a truck for personal use and charg (c) Lopez Co. wanted to make its 2022 income look better, so it added 2 more weeks to its period (a 54-week year). Previous years were 52 weeks. Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. (a) Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. (b) The president of Lopez Co., Victor Lopez, purchased a truck for personal use and charg (c) Lopez Co. wanted to make its 2022 income look better, so it added 2 more weeks to its period (a 54-week year). Previous years were 52 weeks. Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. (a) Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. (b) The president of Lopez Co., Victor Lopez, purchased a truck for personal use and charg (c) Lopez Co. wanted to make its 2022 income look better, so it added 2 more weeks to its period (a 54-week year). Previous years were 52 weeks