Extraordinary items are found on the income statement Select one: O a. After prior period adjustments...
P4-6 (Retained Earnings Statement, Prior Period Adjustment) Below is the Retained Earnings account for the year 2012 for Acadian Corp.Retained earnings, January 1, 2012 $257,600Add:Gain on sale of investments (net of tax) $41,200Net income 84,500Refund on litigation with government, related to the year 2009 (net of tax) 21,600Recognition of income earned in 2011, but omitted from income statementin that year (net of tax) 25,400 172,700430,300Deduct:Loss on discontinued operations (net of tax) 35,000Write-off of goodwill (net of tax) 60,000Cumulative effect on...
A prior period adjustment for understatement of net income will show as a gain on the current year's Income Statement. be debited to the Retained Earnings account. show as an asset on the current year's Balance Sheet. be credited to the Retained Earnings account.
Question 43 (2 points) Select the correct order for the following items appearing in an income statement prepared accounting to US Generally Accepted Accounting Principles: 1) Income from Continuing Operations 2) Discontinued Operations 3) Prior period adjustments 4) Taxes on income from continuing operations 5) Dividends 6) Net income 7) Revenues 8) Expenses Question 44 (2 points) Which of the following, if any, should be presented net of tax AND with its own separate Earning per Share disclosure: Net Operating...
15. Which of the following items will not appear in the retained earnings statement?a. Net loss.b. Prior period adjustmentc. Discontinued operationsd. Dividends16. Which of the following is not a generally practiced method of presenting the income statement?a. Including prior period adjustments in determining net incomeb. The single-step income statemento. The consolidated statement of incomed. Including gains and losses from discontinued operations of a component of a business in determining net income17. A change in accounting principle requires that the cumulative...
Unique Corp. had 50,000 shares of $5 throughout the year. Net income for the year was $780,000, and Unique declared and distributed a cash dividend of its common stock. Earnings per share amounted to: preferred stock, $100 par, and 100,000 shares of $1 par common stock outstanding $1 per share on Select one: a. $2.30. D b,S7.80. c. $5 30 d. $1.00 Family Fashions Corporation discontinued Kid-Choice, its entire line of children's clothing, in November of 2018. Prior to the...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
Question Assume the exchange rate for the Mexican Peso is falling relative to the U.S. dollar. An American 17 company will incur losses from this falling exchange rate if the company is making: Not yet answered Select one: Marked out of 1。a. Credit purchases from Mexican companies at prices stated in Mexican Pesos. Flag question b. Credit purchases from Mexican companies at prices stated in U.S, dollars. c.Credit sales to Mexican companies at prices stated in U.S. dollars. O d....
Listed below are several terms and phrases associated with income statement presentation and the statement of cash flows. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it a. c. List A 1. Intraperiod tax allocation 2. Comprehensive income Unrealized holding gain on 3. investments 4. Operating income 5. A discontinued operation 6. Earnings per share 7. Prior period adjustment 8. Financing activities 9. Operating activities (SCF) 10. Investing...
3. All of the following are "other items" reported on a multiple-step income statement after income from operations except a. Interest income. b. Interest expense. c. Depreciation expense. d. Dividend income. 2. When a component of a company's operations is classified as held for sale at the end of an accounting period, a. The component may not be reported as a discontinued operation until sold. b. The component will be reported on the balance sheet at the higher of its...
Which of the following items would be included in the discontinued operations section of the income statement? A. The gain or loss on disposal of the segment. B. Both the income or loss from operating the segment prior to its disposal, and the gain or loss on disposal of the segment. C. Income or loss from operating the segment prior to its disposal. D. Only losses and not gains on the disposal of a segment. 2. All things being equal,...