which of the following is likely to be part of temporary earning? 1. Interest revenue from...
which of the following is likely to be part of temporary earning?
1. Interest revenue from a new 10-year note receivable.
2. Loss on the sale of investments.
3. Sales revenue from core product sales.
4. Utilities expense from the factory where goods are produced.
Homework Answers
Solution:
"Loss on the sale of investments" is likely to be part of temporary earning.
Hence, second option is correct.
Add Answer to:
which of the following is likely to be part of temporary
earning?
1. Interest revenue from...
Cash may be invested in temporary investments for all of the following reasons except a. to earn interest revenue. b....
Cash may be invested in temporary investments for all of the following reasons except a. to earn interest revenue. b. to realize gains from increases in the market price of the securities. c. to receive dividends. O d. to finance an expansion. Which of the following statements is not typically a reason why a company may purchase another company's stock? a. Developing or maintaining business relationships b. Gaining control of another company's operations c. Earning a return on excess cash...
You have been given the following information as of December 31, 2020: Sales revenue: $5,900,000 Interest...
You have been given the following information as of December 31, 2020: Sales revenue: $5,900,000 Interest revenue: $40,000 Loss on sale of investments: $10,000 Unrealized Loss on debt investments: $160,000 Gain on sale of discontinued operations: $260,000 Cost of goods sold: $4,400,000 Selling expense: $400,000 Restructuring costs: $190,000 Interest expense: $20,000 Dividend revenue: $15,000 General and administrative expense: $300,000 The company had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective...
You have been given the following information as of December 31, 2020: Sales revenue: $5,900,000 Interest...
You have been given the following information as of December 31, 2020: Sales revenue: $5,900,000 Interest revenue: $40,000 Loss on sale of investments: $10,000 Unrealized Loss on debt investments: $160,000 Gain on sale of discontinued operations: $260,000 Cost of goods sold: $4,400,000 Selling expense: $400,000 Restructuring costs: $190,000 Interest expense: $20,000 Dividend revenue: $15,000 General and administrative expense: $300,000 The company had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective...
You are working for The Wellington Company on temporary assignment while one of the accountants is...
You are working for The Wellington Company on temporary assignment while one of the accountants is on family leave. You have been asked to review the company’s investment journal entries and provide necessary information to the accountant preparing the financial statements. PAGE 8 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 17 Investments-Red Rock Co. Stock 37,400.00 ↑ 2 Cash 37,400.00 ↓ 3 Feb. 5 Investments-Sunset Village Bonds 34,000.00 ↑ 4 Interest Receivable 290.00...
Pronghorn Ltd. sold $6,790,000 of 8% bonds, which were dated March 1, 2017, on June 1,...
Pronghorn Ltd. sold $6,790,000 of 8% bonds, which were dated
March 1, 2017, on June 1, 2017. The bonds paid interest on
September 1 and March 1 of each year. The bonds' maturity date was
March 1, 2027, and the bonds were issued to yield 10%. Pronghorn's
fiscal year-end was February 28, and the company followed IFRS. On
June 1, 2018, Pronghorn bought back $2,790,000 worth of bonds for
$2,690,000 plus accrued interest. 1. Prepare the entry for the
issuance...
Technology Inc. December 31, 2017 Account Title Debit Credit Sales revenue 780,000 Interest revenue 12,750 Rent...
Technology Inc. December 31, 2017 Account Title Debit Credit Sales revenue 780,000 Interest revenue 12,750 Rent expense 9,200 Cost of Goods Sold 491,000 Interest expense 18,250 Miscellaneous Expense 12,000 Salaries expense 90,000 Marketing /Selling expense 27,000 Depreciation expense 30,000 Insurance Expense 26,500 Bad Debt Expense 8,600 Gain on Sale of Investment 37,000 Loss on Sale of Equipment 5,250 Unrealized Gain on Securities Held for Resale 1,686 Loss on Foreign Currency Translation (3,500) Loss from Operations of Discontinuing business component 35,000...
Recording Entries for the Discounting of a Note Receivable Aerobic Sports Company completed the following 2020...
Recording Entries for the Discounting of a Note
Receivable
Aerobic Sports Company completed the following 2020 transactions
related to a note receivable.
Prepare the journal entries, including any interest earned, that
Aerobic Sports Company should make on February 1, 2020, and March
1, 2020.
Note: Round your answers to the nearest whole
dollar.
a. February 1, 2020—Received a $520,000, 9%, interest-bearing,
six-month note from Temple Company for land that had a carrying
value of $156,000.
. INILUTY LULU ILIVU T...
Plano Co. 12/31/2018 Partial Trial Balance Data Debits Credits Sales revenue 715,000 Interest revenue 61,000 Gain...
Plano Co. 12/31/2018
Partial Trial Balance Data
Debits
Credits
Sales revenue
715,000
Interest revenue
61,000
Gain on sale of investments
111,000
Cost of goods sold
510,000
Selling expenses
149,000
Interest expense
31,000
General and administrative expenses
102,000
Plano had 50,000 shares of stock outstanding throughout the year.
Income tax expense has not yet been accrued. The effective tax rate
is 30%.
Required:
Prepare a multiple-step income statement with earnings per share
disclosure. (Amounts to be deducted should be indicated
with...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
Presented in the left graph are trends in sales revenue and cash received from customers over...
Presented in the left graph are trends in sales revenue and cash received from customers over a six-year period. In the right graph are trends in cost of goods sold and cash paid for inventory over a six-year period. All inventory is purchased with cash. Sales Revenue vs. Cash Received from Customers Cost of Goods Sold vs. Cash Paid for Inventory $120,000 $450,000 $400,000 $100,000 $350,000 $80,000 $300,000 $60,000 $250,000 $200,000 $150,000 $40,000 $100,000 $20,000 $50,000 So $0 Year 1...
Cash may be invested in temporary investments for all of the following reasons except a. to earn interest revenue. b. to realize gains from increases in the market price of the securities. c. to receive dividends. O d. to finance an expansion. Which of the following statements is not typically a reason why a company may purchase another company's stock? a. Developing or maintaining business relationships b. Gaining control of another company's operations c. Earning a return on excess cash...
You have been given the following information as of December 31, 2020: Sales revenue: $5,900,000 Interest revenue: $40,000 Loss on sale of investments: $10,000 Unrealized Loss on debt investments: $160,000 Gain on sale of discontinued operations: $260,000 Cost of goods sold: $4,400,000 Selling expense: $400,000 Restructuring costs: $190,000 Interest expense: $20,000 Dividend revenue: $15,000 General and administrative expense: $300,000 The company had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective...
Pronghorn Ltd. sold $6,790,000 of 8% bonds, which were dated
March 1, 2017, on June 1, 2017. The bonds paid interest on
September 1 and March 1 of each year. The bonds' maturity date was
March 1, 2027, and the bonds were issued to yield 10%. Pronghorn's
fiscal year-end was February 28, and the company followed IFRS. On
June 1, 2018, Pronghorn bought back $2,790,000 worth of bonds for
$2,690,000 plus accrued interest. 1. Prepare the entry for the
issuance...
Recording Entries for the Discounting of a Note
Receivable
Aerobic Sports Company completed the following 2020 transactions
related to a note receivable.
Prepare the journal entries, including any interest earned, that
Aerobic Sports Company should make on February 1, 2020, and March
1, 2020.
Note: Round your answers to the nearest whole
dollar.
a. February 1, 2020—Received a $520,000, 9%, interest-bearing,
six-month note from Temple Company for land that had a carrying
value of $156,000.
. INILUTY LULU ILIVU T...
Plano Co. 12/31/2018
Partial Trial Balance Data
Debits
Credits
Sales revenue
715,000
Interest revenue
61,000
Gain on sale of investments
111,000
Cost of goods sold
510,000
Selling expenses
149,000
Interest expense
31,000
General and administrative expenses
102,000
Plano had 50,000 shares of stock outstanding throughout the year.
Income tax expense has not yet been accrued. The effective tax rate
is 30%.
Required:
Prepare a multiple-step income statement with earnings per share
disclosure. (Amounts to be deducted should be indicated
with...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
Presented in the left graph are trends in sales revenue and cash received from customers over a six-year period. In the right graph are trends in cost of goods sold and cash paid for inventory over a six-year period. All inventory is purchased with cash. Sales Revenue vs. Cash Received from Customers Cost of Goods Sold vs. Cash Paid for Inventory $120,000 $450,000 $400,000 $100,000 $350,000 $80,000 $300,000 $60,000 $250,000 $200,000 $150,000 $40,000 $100,000 $20,000 $50,000 So $0 Year 1...
Most questions answered within 3 hours.
-
For each of the Z-scores below, determine two probabilities
(show four three decimal places): (1) the...
asked 1 minute ago -
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 2 hours ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 2 hours ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 2 hours ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 2 hours ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 2 hours ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 3 hours ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 3 hours ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 3 hours ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 3 hours ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 3 hours ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 3 hours ago