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Following are three requirements that affect certain assets:
1. the lower of cost and net realisable value rule;
2. accounting for depreciation by means of an accumulated depreciation account; and
3. accounting for doubtful debts by means of an allowance for doubtful debts account.
Required:
a) Which three accounting assumptions enable these three requirements to be used? Explain your answer.
b) Explain why we use these three requirements. (Hint: discuss how the relevant accounts, and the corresponding accounts, for each of the three requirements effect aspects of the Balance Sheet and Income Statement, in terms of overstatements or understatements.)
c) Explain what the collective impact is of these three requirements on the quality of the resulting accounting information provided to users.
Show the tax issues that are raised and the relevant sections of the legislation.
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Bear Corporation has a net short-term capital gain of $35,000 and a net long-term capital loss of $200,000 during 2011. Bear Corporation has taxable income from other sources of $600,000.
Provide the necessary journal entries to record the transactions for Wilcox for the period January 2, 2011 through December 31, 2012.
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1. Aall events occurred in "the current taxable year;"
Prepare an income statement for the year 2012 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement.
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