Accounting Question
Provide an helpful example of something that would qualify as a discontinued operation. Why should a company separate out the results of discontinued operations when preparing an income statement?
Explain how a good company can have low quality of earnings. Provide examples if possible.
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Windsor Corp has 149.520 shares of common stock outstanding in 2020, the company reports income from...
Windsor Corp has 149.520 shares of common stock outstanding in 2020, the company reports income from continuing operations before income tax of $1.229.200. Additional transactions not considered in the $1229.200 are as follows. 1. In 2020, Windsor Coroldegiment for $36200. The machine had originally cost $3.500 and accumulated depreciation of $31.400 The gain or low is considered non-recurring 2. The company discontinued operations of one of its subsidiaries during the current low of $194,300 before e Assume that this transaction...
Part 1 Describe why you think accrual accounting helps the reader of financial statements better understand...
Part 1 Describe why you think accrual accounting helps the reader of financial statements better understand a company's financial position, compared to cash basis accounting. Include in your answer a description of the matching concept and provide an example, taken from class lecture or assigned problems, of a transaction that honors the matching concept. It may help you to consider how net income is impacted by recorded revenue when it is earned rather than when cash is collected. Part 2...
Part 1 Describe why you think accrual accounting helps the reader of financial statements better understand...
Part 1 Describe why you think accrual accounting helps the reader of financial statements better understand a company's financial position, compared to cash basis accounting. Include in your answer a description of the matching concept and provide an example, taken from class lecture or assigned problems, of a transaction that honors the matching concept. It may help you to consider how net income is impacted by recorded revenue when it is earned rather than when cash is collected, Part 2...
Question 43 (2 points) Select the correct order for the following items appearing in an income...
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...
Question About about IFRS 5: Non current assets held for sale What is the presentation of...
Question About about IFRS 5: Non current assets held for sale What is the presentation of termination of business segments in the statement of income and other comprehensive income of the company? A. Discontinued operations are presented as a deduction or addition to Retained Earnings Balance. B. Amounts arising from discontinued operations are detailed based on the income and expense categories. C. The entity presents termination of business segments as a single amount on the Income Statement and other comprehensive...
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...
Please show calculations Culver Corp. is a public company and has 100,000 common shares outstanding. In...
Please show calculations
Culver Corp. is a public company and has 100,000 common shares outstanding. In 2020, the company reported income from continuing operations before income tax of $2,439,000. Additional transactions not considered in the $2,439,000 are as follows: 1. In 2020, Culver Corp. sold equipment for $126,000. The machine had originally cost $72,000 and had accumulated depreciation to date of $32,400. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of...
The following information is taken from the accounting records of Cullumber Corporation, a Canad ended December...
The following information is taken from the accounting records of Cullumber Corporation, a Canad ended December 31, 2020. Accounts receivable Retained earnings, January 1, 2020 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (22,000 common shares outstanding) Dividend revenue $93,500 270.000 95,000 1,246,500 N 728,500 128,500 57.000 220,000 18,300 124.000 Inventory Unearned revenue 3,500 370,000 20,000 Land Interest expense Administrative expenses 165,000 17 I o search O Question 5...
The following information is taken from the accounting records of Oriole Corporation, a Canadian public company,...
The following information is taken from the accounting records of Oriole Corporation, a Canadian public company, for the year ended December 31, 2018. Accounts receivable $87,000 Retained earnings, January 1, 2018 265,000 Loss on operation of discontinued operations (before tax) 106,000 Sales revenue 1,211,000 Cost of goods sold 740,000 Selling expenses 127,000 Cash 63,000 Common shares (22,000 common shares outstanding) 220,000 Dividend revenue 17,800 Inventory 130,000 Unearned service revenue 4,500 Land 371,000 Interest expense 18,100 Administrative expenses 164,000 Notes payable...
1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and...
1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500 before taxes. Assume that this transaction meets the criteria for discontinued operations. 3. An internal audit discovered that amortization of intangible assets was understated by $39,200 (net of tax) in a prior period....
Windsor Corp has 149.520 shares of common stock outstanding in 2020, the company reports income from continuing operations before income tax of $1.229.200. Additional transactions not considered in the $1229.200 are as follows. 1. In 2020, Windsor Coroldegiment for $36200. The machine had originally cost $3.500 and accumulated depreciation of $31.400 The gain or low is considered non-recurring 2. The company discontinued operations of one of its subsidiaries during the current low of $194,300 before e Assume that this transaction...
Part 1 Describe why you think accrual accounting helps the reader of financial statements better understand a company's financial position, compared to cash basis accounting. Include in your answer a description of the matching concept and provide an example, taken from class lecture or assigned problems, of a transaction that honors the matching concept. It may help you to consider how net income is impacted by recorded revenue when it is earned rather than when cash is collected. Part 2...
Part 1 Describe why you think accrual accounting helps the reader of financial statements better understand a company's financial position, compared to cash basis accounting. Include in your answer a description of the matching concept and provide an example, taken from class lecture or assigned problems, of a transaction that honors the matching concept. It may help you to consider how net income is impacted by recorded revenue when it is earned rather than when cash is collected, Part 2...
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...
Please show calculations
Culver Corp. is a public company and has 100,000 common shares outstanding. In 2020, the company reported income from continuing operations before income tax of $2,439,000. Additional transactions not considered in the $2,439,000 are as follows: 1. In 2020, Culver Corp. sold equipment for $126,000. The machine had originally cost $72,000 and had accumulated depreciation to date of $32,400. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of...
The following information is taken from the accounting records of Cullumber Corporation, a Canad ended December 31, 2020. Accounts receivable Retained earnings, January 1, 2020 Loss on operation of discontinued operations (before tax) Sales revenue Cost of goods sold Selling expenses Cash Common shares (22,000 common shares outstanding) Dividend revenue $93,500 270.000 95,000 1,246,500 N 728,500 128,500 57.000 220,000 18,300 124.000 Inventory Unearned revenue 3,500 370,000 20,000 Land Interest expense Administrative expenses 165,000 17 I o search O Question 5...
1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500 before taxes. Assume that this transaction meets the criteria for discontinued operations. 3. An internal audit discovered that amortization of intangible assets was understated by $39,200 (net of tax) in a prior period....
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