Homework Answers
Jones Company recognized a casualty loss due to a fire in warehouse - Unusual and Infrequent gains and losses.
Jones Company recognized an unrealized holding gain on the sale of trading securities - Correction of errors.
Jones company sold its vegan products division at a loss during 2021 - Discontinued operations
Jones Company changed its method of depreciation - Change in Accounting Estimate
Jones Company changed its method of recording inventory - Change in Accounting Policy
Company's adjusted the estimated life of asset - Change in Accounting Estimate
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1 Jones Company recognized a casualty loss due to a fire in its warehouse 5 Jones...
Judgment Case 4-6 (Static) Income statement presentation (L04-3, 4-4, 4-5] Each of the following situations occurred...
Judgment Case 4-6 (Static) Income statement presentation (L04-3, 4-4, 4-5] Each of the following situations occurred during 2021 for one of your audit clients: 1. An inventory write-down due to obsolescence. 2. Discovery that depreciation expenses were omitted by accident from 2020's income statement. 3. The useful lives of all machinery were changed from eight to five years. 4. The depreciation method used for all equipment was changed from the declining-balance to the straight-line method. 5. Restructuring costs were incurred....
Part III: Income Statement (18 points) 1. Presented below is information related to Farr Company for...
Part III: Income Statement (18 points) 1. Presented below is information related to Farr Company for the year 2019. Sales revenue 1,500,000 Interest Revenue 45,000 Interest Expense 65,000 Sales returns and allowances 30,000 Sales discounts 55,000 Selling expenses 195,000 Administrative expenses 84,000 Gain on sale of building 230,000 Loss on operations of discontinued operations 130,000 Gain on disposal of discontinued operations 240,000 Cash dividends declared on common stock 38.000 Cash dividends declared on preferred stock 16,000 Cost of goods sold...
In 2017, American Fixtures Warehouse, sold its interest in a chain of wholesale outlets, taking the...
In 2017, American Fixtures Warehouse, sold its interest in a
chain of wholesale outlets, taking the company completely out of
the wholesaling business. The company still operates its retail
outlets. A listing of the major sections of an income statement
follows:
Item
Debit
Credit
1.
Net sales
$
3,080,000
2.
Gain on state’s condemnation of company property, net of
tax
257,000
3.
Cost of goods sold
$
1,571,862
4.
Income taxes expense
222,000
5.
Depreciation expense
225,000
6.
Gain on...
1. Under the general rule of revenue recognition, revenue is recognized when a marketability and market...
1. Under the general rule of revenue recognition, revenue is recognized when a marketability and market price are assured. b. a contractual agreement exists, and cash collection is assured. C./ all related expenses have been incurred. the earnings process is complete, and a valid promise of payment has been received 2. Which of the following is NOT an acceptable basis for the recognition of expenses? Cal Direct matching 6. Cash disbursement C. Immediate recognition d. Systematic and rational allocation 3....
Instructions Chart of Accounts On November 1, 2019, Woods Company announced its plans to sell its...
Instructions Chart of Accounts On November 1, 2019, Woods Company announced its plans to sell its subsidiary, Williams Division (a major strategic component of the company). By December 31, 2019, Woods had not sold Williams Division and so it classifies the division as held for sale. CHART OF ACCOUNTS Woods Company During 2019, Woods recorded the following revenues and expenses for Williams Division and the remainder of the company: General Ledger Williams Division Remainder of Company Sales revenue $170,000 $950,000...
ITS8h2 Name: Issourcisse Quiz 3B Directions: Circle the best answers. Use PENCIL only else you will...
ITS8h2 Name: Issourcisse Quiz 3B Directions: Circle the best answers. Use PENCIL only else you will receive a ZERO NO PENS. 1. Under the general rule of revenue recognition, revenue is recognized when a marketability and market price are assured. b. a contractual agreement exists, and cash collection is assured. c/ all related expenses have been incurred. the earnings process is complete, and a valid promise of payment has been received 2. Which of the following is NOT an acceptable...
QUESTION 1 During 2020, Lopez Corporation disposed of Pine Division, a major component of its business,...
QUESTION 1 During 2020, Lopez Corporation disposed of Pine Division, a major component of its business, the company realized a gain of $3,000,000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $3,500,000 in 2020. How should these facts be reported in the company's income statement for 2020? Total Amount to be Included in Results of Discontinued Operations 3,500,000 loss $3,000,000 gain 0 500,000 loss Income from Continuing Operations 3,000,000 gain $3,500,000 loss...
Lim Corporation is preparing its financial statements and has given the project to its new entry-level...
Lim Corporation is preparing its financial statements and has given the project to its new entry-level accountant, Sam. Indicate whether each of the following statements made by Sam is True or False. 1. The gain or loss from discontinued operations is placed in a separate category under other income or loss. True False 2. The gain or...
The following information is related to Sheridan Company for 2020. Retained earnings balance, January 1, 2020...
The following information is related to Sheridan Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $999,600 25,500,000 16,320,000...
Judgment Case 4-7 Income statement presentation L04-3, L04-4, L04-5 The following events occurred during 2021 for...
Judgment Case 4-7 Income statement presentation L04-3, L04-4, L04-5 The following events occurred during 2021 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material. 1. A manufacturing company recognized a loss on the sale of investments. Page 229 2. An automobile manufacturer sold all of the assets related to its financing component. The operations of the financing business is considered a component of the entity, 3. A...
Judgment Case 4-6 (Static) Income statement presentation (L04-3, 4-4, 4-5] Each of the following situations occurred during 2021 for one of your audit clients: 1. An inventory write-down due to obsolescence. 2. Discovery that depreciation expenses were omitted by accident from 2020's income statement. 3. The useful lives of all machinery were changed from eight to five years. 4. The depreciation method used for all equipment was changed from the declining-balance to the straight-line method. 5. Restructuring costs were incurred....
Part III: Income Statement (18 points) 1. Presented below is information related to Farr Company for the year 2019. Sales revenue 1,500,000 Interest Revenue 45,000 Interest Expense 65,000 Sales returns and allowances 30,000 Sales discounts 55,000 Selling expenses 195,000 Administrative expenses 84,000 Gain on sale of building 230,000 Loss on operations of discontinued operations 130,000 Gain on disposal of discontinued operations 240,000 Cash dividends declared on common stock 38.000 Cash dividends declared on preferred stock 16,000 Cost of goods sold...
In 2017, American Fixtures Warehouse, sold its interest in a
chain of wholesale outlets, taking the company completely out of
the wholesaling business. The company still operates its retail
outlets. A listing of the major sections of an income statement
follows:
Item
Debit
Credit
1.
Net sales
$
3,080,000
2.
Gain on state’s condemnation of company property, net of
tax
257,000
3.
Cost of goods sold
$
1,571,862
4.
Income taxes expense
222,000
5.
Depreciation expense
225,000
6.
Gain on...
1. Under the general rule of revenue recognition, revenue is recognized when a marketability and market price are assured. b. a contractual agreement exists, and cash collection is assured. C./ all related expenses have been incurred. the earnings process is complete, and a valid promise of payment has been received 2. Which of the following is NOT an acceptable basis for the recognition of expenses? Cal Direct matching 6. Cash disbursement C. Immediate recognition d. Systematic and rational allocation 3....
Instructions Chart of Accounts On November 1, 2019, Woods Company announced its plans to sell its subsidiary, Williams Division (a major strategic component of the company). By December 31, 2019, Woods had not sold Williams Division and so it classifies the division as held for sale. CHART OF ACCOUNTS Woods Company During 2019, Woods recorded the following revenues and expenses for Williams Division and the remainder of the company: General Ledger Williams Division Remainder of Company Sales revenue $170,000 $950,000...
ITS8h2 Name: Issourcisse Quiz 3B Directions: Circle the best answers. Use PENCIL only else you will receive a ZERO NO PENS. 1. Under the general rule of revenue recognition, revenue is recognized when a marketability and market price are assured. b. a contractual agreement exists, and cash collection is assured. c/ all related expenses have been incurred. the earnings process is complete, and a valid promise of payment has been received 2. Which of the following is NOT an acceptable...
QUESTION 1 During 2020, Lopez Corporation disposed of Pine Division, a major component of its business, the company realized a gain of $3,000,000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $3,500,000 in 2020. How should these facts be reported in the company's income statement for 2020? Total Amount to be Included in Results of Discontinued Operations 3,500,000 loss $3,000,000 gain 0 500,000 loss Income from Continuing Operations 3,000,000 gain $3,500,000 loss...
The following information is related to Sheridan Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $999,600 25,500,000 16,320,000...
Judgment Case 4-7 Income statement presentation L04-3, L04-4, L04-5 The following events occurred during 2021 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material. 1. A manufacturing company recognized a loss on the sale of investments. Page 229 2. An automobile manufacturer sold all of the assets related to its financing component. The operations of the financing business is considered a component of the entity, 3. A...
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