Homework Answers
17. Income statement is prepared first.
The correct answer is Option A.
22. The correct answer is Option A.
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17.) Which general purpose financial statement MUST be prepared first. O A. Income Statement O B....
Discontinued Operations-
Need to know whether each case is a discontinued operation and show jusification of each situation(the ASC codification) Part A: In each of the following circumstances, determine whether the disposal would qualify as a discontinued operation. All companies are calendar year companies and the transactions are occurring in 2018. Give citations from the ASC to justify your answer.1. An entity manufactures and sells consumer products that are grouped into five major product lines. Each product line includes several individual products that...
ASSIGNMENT 2-1 USE GAAP ASU TOPIC Part A: In each of the following circumstances, determine whether...
ASSIGNMENT 2-1
USE GAAP ASU TOPIC
Part A: In each of the following circumstances, determine
whether the disposal would qualify as a discontinued operation. All
companies are calendar year companies and the transactions are
occurring in 2018. Give citations from the ASC to justify your
answer.
1. An entity manufactures and sells consumer products that are
grouped into five major product lines. Each product line includes
several individual products that comprise the lowest where
operations and cash flows that can...
Which of the following items does IFRS require to be disclosed but not necessarily presented on...
Which of the following items does IFRS require to be disclosed but not necessarily presented on the income statement? A. income of associates B. finance costs C. turnover D. litigation settlements 2. Which of the following is not a characteristic that must be considered when determining that a business activity is a component of an entity for purposes of classifying that activity as a discontinued operation? A. The activity comprises operations and cash flows. B. The activity can be clearly...
15. Which of the following items will not appear in the retained earnings statement? a. Net...
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...
The following income statement was prepared by Walters Corporation a seller of equipment for the year...
The following income statement was prepared by Walters Corporation a seller of equipment for the year ended Dec-31, 2013 Walters Corporation Comprehensive Income Statement For the year ended Dec-31, 2013 Sales revenue (Note: 1)……………………………………………………………………………………... $310,000 Cost of goods sold…………………………………………………………………………………………………………..…(140,000) Gross profit………………………………………………………………………………………………………………………. 170,000 Less: Operating Expenses. Selling and administrative expenses…………………………………………50,000 Loss on sale of Investment……………………………………………………… 15,000 (65,000) Other income and expense Gain on sale of plant assets…………….………………………………....... 40,000 Depreciation expense……………………………………………….……..….. (15,000) Rent Expense………………………………………………………….……..…….. (6,000) Dividend revenue…………………………………………………………….…… 50,000 Gain on disposal of a...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
ACC206: Financial Reporting MCQ please help!! urgent, no need for explanations 1. When can an investment...
ACC206: Financial Reporting MCQ please help!! urgent, no need for explanations 1. When can an investment property be derecognised under FRS 40 Investment Property? a. Possible in all the listed options. b. Only when it is disposed to a third party. c. Only when no future economic benefits are expected from its disposal. d. Only when it is permanently withdrawn from use. 2. At the end of its fiscal year, an adverse economic condition caused AA Ltd to perform an...
The following condensed statements of the Palmer Holding Company are presented for the two years ended...
The following condensed statements of the Palmer Holding Company are presented for the two years ended December 31, 2011 and 2010: Sales Cost of goods sold Gross profit Operating expenses Operating income Gain on Sale of Assets Impairment loss on assets of division held for sale 2011 3,000,000 1,840,000 1,160,000 640,000 520,000 10,000 (240,000) 290,000 116,000 2010 2,520,000 1,640,000 880.000 460,000 420,000 Income tax expense (40%) 420,000 168,000 Net income 174,000 252,000 Other relevant information: (1) On December 1, 2011,...
Accounting question-Need answer asap
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2011 and 2010:2011 2010Sales $ 16,000,000 $ 10,000,000Cost of goods sold 9,600,000 6,000,000Gross profit 6,400,000 4,000,000Operating expenses 3,200,000 2,600,000Operating income 3,200,000 1,400,000Gain on sale of division 475,000 —3,675,000 1,400,000Income tax expense 1,470,000 560,000Net income $ 2,205,000 $ 840,000On October 15, 2011, Jackson entered into a tentative agreement to sell the assets of one of its divisions. The division comprises operations and...
- Please help, I honestly am so lost on this problem... Question 1 0.9 pts USE...
- Please help, I honestly am so lost on this
problem...
Question 1 0.9 pts USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (8) QUESTIONS: On August 1, 20x1, Rocket Retailers adopted a plan to discontinue its children's clothing division, which qualifies as a component of the business according to GAAP. The disposal of the division was expected to be concluded by June 30, 20x2. On December 31, 20x1, Rocket's fiscal year-end, the following information relative to the discontinued operation...
ASSIGNMENT 2-1
USE GAAP ASU TOPIC
Part A: In each of the following circumstances, determine
whether the disposal would qualify as a discontinued operation. All
companies are calendar year companies and the transactions are
occurring in 2018. Give citations from the ASC to justify your
answer.
1. An entity manufactures and sells consumer products that are
grouped into five major product lines. Each product line includes
several individual products that comprise the lowest where
operations and cash flows that can...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
The following condensed statements of the Palmer Holding Company are presented for the two years ended December 31, 2011 and 2010: Sales Cost of goods sold Gross profit Operating expenses Operating income Gain on Sale of Assets Impairment loss on assets of division held for sale 2011 3,000,000 1,840,000 1,160,000 640,000 520,000 10,000 (240,000) 290,000 116,000 2010 2,520,000 1,640,000 880.000 460,000 420,000 Income tax expense (40%) 420,000 168,000 Net income 174,000 252,000 Other relevant information: (1) On December 1, 2011,...
- Please help, I honestly am so lost on this
problem...
Question 1 0.9 pts USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (8) QUESTIONS: On August 1, 20x1, Rocket Retailers adopted a plan to discontinue its children's clothing division, which qualifies as a component of the business according to GAAP. The disposal of the division was expected to be concluded by June 30, 20x2. On December 31, 20x1, Rocket's fiscal year-end, the following information relative to the discontinued operation...
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