Homework Answers
| Option A is the answer | |
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Discontinued operations refers to the business segments which were shut down or discontinued by the organization. They should be reported seperately in the income statement. Comment if you face any issues |
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Question 1 0.25 pts Why are operations from discontinued operations reported separately from other operations? O...
Question 1 0.25 Why are operations from discontinued operations reported separately from other operations? They aren't...
Question 1 0.25 Why are operations from discontinued operations reported separately from other operations? They aren't listed separately. It is a requirement under the Sarbanes Oxley Act Discontinued operations will not continue into the future Question 2 0.75Apts Home M Below is part of Workiva Inc.'s income statements for 2016, 2017, and 2018. December 31, December 31, December $ in thousands 2018 2017 31, 2016 Revenue $244,344 65,860 178,484 $207,869 $178,646 51,625 Cost of Revenue 60,245 Gross Profit Research &...
Question 14 6 pts The income from operations of a discontinued division would be classified on...
Question 14 6 pts The income from operations of a discontinued division would be classified on the income statement as: income from operations a prior period adjustment other revenues and gains O anet of tax item
Question 1 5 pts The Sarbanes-Oxley Act was enacted to reduce the number of unethical business...
Question 1 5 pts The Sarbanes-Oxley Act was enacted to reduce the number of unethical business decisions by requiring the accountability of publicly traded companies. True O False Question 2 5 pts Conduct that is legal is ethically unquestionable. True O False Question 3 5 pts Ethics is a branch of philosophy that focuses on morality. O True False D Question 4 5 pts The effectiveness of an industry code of ethics is partly determined by the commitment of the...
Question 1 1 pts Desert Company reported the following at December 31, 2019: Sales Revenue Cost...
Question 1 1 pts Desert Company reported the following at December 31, 2019: Sales Revenue Cost of Goods Sold $2,040,000 $1,400,000 $220,000 Operating Expenses Unrealized holding gain on AFS debt securities $120,000 Cash dividends received on the securities $8,000 For 2019, Desert would report Other Comprehensive Income of: $428,000 $420,000 $128,000 O $120,000 Question 2 1.5 pts Desert, Co. is preparing its 2019 financial statements. The company's accountant calculated Income from Continuing Operations to be $500,000, but upon further review...
Question 40 0.05 pts Which of the following is a key provision that resulted from the...
Question 40 0.05 pts Which of the following is a key provision that resulted from the Sarbanes- Oxley Act? O Established an oversight board, the American Institute of Certified Public Accountants (AICPA) O Requires audit committees to be comprised of only members with financial expertise o Implements stronger independence rules for auditors O Requires only the CFO personally certify the financial statements and disclosures are accurate and complete Question 29 0.05 pts The objective of accrual-basis accounting ensure that a...
1 pts Question 17 Under the Tax Cuts and Jobs Act, U.S. corporations have an opportunity...
1 pts Question 17 Under the Tax Cuts and Jobs Act, U.S. corporations have an opportunity to return to the U.S. profits made overseas at a reduced tax rate. O True O False D | Question 18 1 pts All of the following were reported by the U.S. Department of Commerce in Oct 2017 relative to Foreign Direct Investment except O There is no exception. All of the other choices were reported by the U.S. Department of Commerce. 23% of...
Question 9 1 pts Each partner is an agent of the other and as such, has...
Question 9 1 pts Each partner is an agent of the other and as such, has a fiduciary duty to act responsibly and in good faith on behalf of the partnership. O True O False Question 10 1 pts If a corporation formed in Oregon files the proper documentation and does business in California, it is called a foreign corporation. True O False
- 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...
The lodger of Industrial Supplies Inc. contains the following information for operations for the year ended...
The lodger of Industrial Supplies Inc. contains the following information for operations for the year ended September 30, 2020 (Click the icon to view the accounting records.) Required 1. Prepare a multiple-step income statement for the yoar ended September 30, 2020 Omit eamings per share. 2. Was 2020 a good year or a bad year for Industrial Supplies Inc ? Explain your answer in terms of the outlook for 2021 Requirement 1. Prepare a multiple step income statement for the...
Question 4 0.25 pts 4. The consumer price index (CPI) is 150 in year 1, 156...
Question 4 0.25 pts 4. The consumer price index (CPI) is 150 in year 1, 156 in year 2, and 160 in year 3. What is the inflation rate for year 2? Round to nearest whole percentage. a. 3% b.4% O c.6% O d. 7% Question 5 0.25 pts 5. Which of the following is NOT a cost of inflation? a. unexpected redistribution of wealth and income b. reduction in the value of cash that is held c. higher real...
Question 1 0.25 Why are operations from discontinued operations reported separately from other operations? They aren't listed separately. It is a requirement under the Sarbanes Oxley Act Discontinued operations will not continue into the future Question 2 0.75Apts Home M Below is part of Workiva Inc.'s income statements for 2016, 2017, and 2018. December 31, December 31, December $ in thousands 2018 2017 31, 2016 Revenue $244,344 65,860 178,484 $207,869 $178,646 51,625 Cost of Revenue 60,245 Gross Profit Research &...
Question 14 6 pts The income from operations of a discontinued division would be classified on the income statement as: income from operations a prior period adjustment other revenues and gains O anet of tax item
Question 1 5 pts The Sarbanes-Oxley Act was enacted to reduce the number of unethical business decisions by requiring the accountability of publicly traded companies. True O False Question 2 5 pts Conduct that is legal is ethically unquestionable. True O False Question 3 5 pts Ethics is a branch of philosophy that focuses on morality. O True False D Question 4 5 pts The effectiveness of an industry code of ethics is partly determined by the commitment of the...
Question 1 1 pts Desert Company reported the following at December 31, 2019: Sales Revenue Cost of Goods Sold $2,040,000 $1,400,000 $220,000 Operating Expenses Unrealized holding gain on AFS debt securities $120,000 Cash dividends received on the securities $8,000 For 2019, Desert would report Other Comprehensive Income of: $428,000 $420,000 $128,000 O $120,000 Question 2 1.5 pts Desert, Co. is preparing its 2019 financial statements. The company's accountant calculated Income from Continuing Operations to be $500,000, but upon further review...
Question 40 0.05 pts Which of the following is a key provision that resulted from the Sarbanes- Oxley Act? O Established an oversight board, the American Institute of Certified Public Accountants (AICPA) O Requires audit committees to be comprised of only members with financial expertise o Implements stronger independence rules for auditors O Requires only the CFO personally certify the financial statements and disclosures are accurate and complete Question 29 0.05 pts The objective of accrual-basis accounting ensure that a...
1 pts Question 17 Under the Tax Cuts and Jobs Act, U.S. corporations have an opportunity to return to the U.S. profits made overseas at a reduced tax rate. O True O False D | Question 18 1 pts All of the following were reported by the U.S. Department of Commerce in Oct 2017 relative to Foreign Direct Investment except O There is no exception. All of the other choices were reported by the U.S. Department of Commerce. 23% of...
Question 9 1 pts Each partner is an agent of the other and as such, has a fiduciary duty to act responsibly and in good faith on behalf of the partnership. O True O False Question 10 1 pts If a corporation formed in Oregon files the proper documentation and does business in California, it is called a foreign corporation. True O False
- 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...
The lodger of Industrial Supplies Inc. contains the following information for operations for the year ended September 30, 2020 (Click the icon to view the accounting records.) Required 1. Prepare a multiple-step income statement for the yoar ended September 30, 2020 Omit eamings per share. 2. Was 2020 a good year or a bad year for Industrial Supplies Inc ? Explain your answer in terms of the outlook for 2021 Requirement 1. Prepare a multiple step income statement for the...
Question 4 0.25 pts 4. The consumer price index (CPI) is 150 in year 1, 156 in year 2, and 160 in year 3. What is the inflation rate for year 2? Round to nearest whole percentage. a. 3% b.4% O c.6% O d. 7% Question 5 0.25 pts 5. Which of the following is NOT a cost of inflation? a. unexpected redistribution of wealth and income b. reduction in the value of cash that is held c. higher real...
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