Lopez Co. had three major business transactions during 2025. In each situation, identify the assumption...
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Accounting
Lopez Co. had three major business transactions during 2025. 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 charged it to his expense adfount. (c) Lopez Co. wanted to make its 2025 income look better, so it added 2 more weeks to its income statement reporting period (a 54 -week year). Previous years were 52 weeks
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