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A. Compute the gross profit (loss) on Thompson Plumbing's transactions during September and October. B. Compute the gross profit (loss) on Thompson Plumbing's Transactions during
A. Compute the gross profit (loss) on Thompson Plumbing's transactions during September and October. 
B. Compute the gross profit (loss) on Thompson Plumbing's Transactions during September and October if a cash-basis accounting system was used.
D. Assume that the fair value of Thompson Plumbing's Inventory at October 31 is $750,000. A potential lender asks Thompson Plumbing to prepare a fair-value-based balance sheet . Prepare the journal entry to reflect inventory at fair value.
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Auditing An Assertions Approach
Authors: G. William Glezen, Donald H. Taylor
7th Edition
047113421X, 978-0471134213
