1. The amounts disclosed to arrive at income from continuing operations are: A. Normal and recurring...
1. The amounts disclosed to arrive at income from continuing operations are:
A. Normal and recurring revenues and expenses
B. Normal and recurring revenues and expenses plus extraordinary gains and losses
C. Normal and recurring revenues and expenses plus prior period losses
D. All revenue and expense items from the period
2.
The presentation of extraordinary items on the Income Statement:
A. Should be included as normal and recurring revenues/expenses
B. Should be separated out as a nonrecurring item
C. Depends on the interpretation of "unusual and infrequent"
D. Was eliminated by ASU 2015-01 as part of the simplification initiative
Homework Answers
Answer to Q1 is D All revenue and expenses items from the period
Answer to Q1 is B Should be separated out as nonrecurring item
Add Answer to:
1. The amounts disclosed to arrive at income from continuing
operations are:
A. Normal and recurring...
Hi, Please explain the principle for the below-corrected questions. Thanks 61. Which one of the following...
Hi, Please explain the principle for the below-corrected questions. Thanks 61. Which one of the following types of losses is excluded from the determination of net income in income statements? a. Material losses resulting from transactions in the company's investments account. b. Material losses resulting from unusual sales of assets not acquired for resale. c. Material losses resulting from the write-off of intangibles. d. Material losses resulting from correction of errors related to prior periods. 67. Gains and losses identified...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses Salaries expense 69,000 Utilities expense Depreciation expense 31,200 Other expenses 7,600 Net loss $(55, 800) Selected Year-End Balance Sheet Data Accounts receivable decrease $29,000 Purchased a machine for cash 21,000 Salaries payable increase 26,000 Other accrued liabilities decrease 14,000 Required: 1. Prepare the operating activities section of the statement of...
Pitchfork, Inc. is preparing its 2020 financial statements. The company's accountant calculated Income from Continuing Operations...
Pitchfork, Inc. is preparing its 2020 financial statements. The company's accountant calculated Income from Continuing Operations to be $1,700,000, but upon further review is not certain this number is accurate. Pitchfork has a corporate income tax rate of 30%. Additionally, the company reports only one year of financial data on the face of the financial statements. All amounts listed are pretax unless otherwise noted. After reviewing the following information, determine the appropriate adjustments, if any, to Income from Continuing Operations. Once...
compared to the Net Income, why is EBITDA such an important number for most analysts? is there any revenue expense item...
compared to the Net Income, why is EBITDA such an important
number for most analysts? is there any revenue expense item that
seems to be increasing or decreasing faster than it should? what
few numbers would you focus on and what can you ascertain from
those numbers?
INCOME STATEMENT DATA 2007 2008 2009 2010 2011 2012 Revenues 13,300 9,412 10,383 9,775 10,707 11,700 <Cost of goods sold and occupancy expense -3,999 -4,645 4,916 -4,325 -4,459 -5,813 Gross Profit 5,412 5,738...
Question 1: Basic Income Statement Information COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (amounts in millions,...
Question 1: Basic Income Statement Information
COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (amounts in millions, except per share data) 3,672 (134) 52 Weeks Ended 53 Weeks Ended 52 Weeks Ended September 2, September 3, August 28, 2018 2017 2016 REVENUE Net sales 138,434 $ 126,172 $ 116,073 Membership fees..... 3,142 2,853 2,646 Total revenue ....... 141,576 129,025 118,719 OPERATING EXPENSES Merchandise costs 123,152 111,882 102,901 Selling, general and administrative...... 13,876 12,950 12,068 Preopening expenses.... 68 82 78 Operating income...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated...
ACC206: Financial Reporting MCQ 1. International Financial Reporting Standards (IFRSs) are; a. currently issued and administrated by the International Financial Reporting Interpretation Committee (IFRIC). b. currently issued and administrated by the Financial Accounting Standards Board (FASB), an independent standard-setting board based in US. c. currently issued and administrated by the International Federation of Accountants (IFAC). d. currently issued and administrated by the International Accounting Standards Board (IASB), an independent standard-setting board based in London. 2. Which ONE of the following...
Ratios Calculate all* of the ratios listed in exhibit 14-26, "Summary of Analytical Measures," for Carnival...
Ratios
Calculate all* of the ratios listed in exhibit 14-26, "Summary
of Analytical Measures," for Carnival Corp in 2018 (you do not need
to do ratios for 2017).
* Because Carnival inventory sales are a small fraction of their
revenues, do not calculate Inventory Turnover, Days Sales in
Inventory, or Gross Profit. You also do not need to calculate EPS
or Return on Common Stockholders' Equity
In any place where the formula calls for an average, use the
2017 number...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses Salaries expense 69,000 Utilities expense Depreciation expense 31,200 Other expenses 7,600 Net loss $(55, 800) Selected Year-End Balance Sheet Data Accounts receivable decrease $29,000 Purchased a machine for cash 21,000 Salaries payable increase 26,000 Other accrued liabilities decrease 14,000 Required: 1. Prepare the operating activities section of the statement of...
compared to the Net Income, why is EBITDA such an important
number for most analysts? is there any revenue expense item that
seems to be increasing or decreasing faster than it should? what
few numbers would you focus on and what can you ascertain from
those numbers?
INCOME STATEMENT DATA 2007 2008 2009 2010 2011 2012 Revenues 13,300 9,412 10,383 9,775 10,707 11,700 <Cost of goods sold and occupancy expense -3,999 -4,645 4,916 -4,325 -4,459 -5,813 Gross Profit 5,412 5,738...
Question 1: Basic Income Statement Information
COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (amounts in millions, except per share data) 3,672 (134) 52 Weeks Ended 53 Weeks Ended 52 Weeks Ended September 2, September 3, August 28, 2018 2017 2016 REVENUE Net sales 138,434 $ 126,172 $ 116,073 Membership fees..... 3,142 2,853 2,646 Total revenue ....... 141,576 129,025 118,719 OPERATING EXPENSES Merchandise costs 123,152 111,882 102,901 Selling, general and administrative...... 13,876 12,950 12,068 Preopening expenses.... 68 82 78 Operating income...
Ratios
Calculate all* of the ratios listed in exhibit 14-26, "Summary
of Analytical Measures," for Carnival Corp in 2018 (you do not need
to do ratios for 2017).
* Because Carnival inventory sales are a small fraction of their
revenues, do not calculate Inventory Turnover, Days Sales in
Inventory, or Gross Profit. You also do not need to calculate EPS
or Return on Common Stockholders' Equity
In any place where the formula calls for an average, use the
2017 number...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
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