Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
INCOME STATEMENT PRESENTATION
Each of the following situations occurred during 2011 for one of your audit clients:
1-The write -off inventory due to obsolence.2-Discovery that depreciation expenses were omitted by accident from 2010'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-Ten million dollars face value of bonds payable were repurchased (paid off) prior to maturity resulting in a material loss of $ 500,000.The Company considers the event unusual and infrequent.6-Restructuring costs were incurred.7-The Maryland Company, a manufacturer of shoes, sold all of its retail outlets. It will continue to manufacture and sell its shoes to other retailers. A loss was incurred in the disposition of the retail stores. The retail stores are considered components of the entity.8-The inventory costing method was changed from FIFO to average cost.
Required:
• 1-For each situation, identify the appropriate reporting treatment from the list below( consider each event to be material):a- As an extraordinary item.b- As an unusual of infrequent gain or loss.c- As prior period adjustment.d- As a change in accounting principle.e- As a discontinued operation.f- As a change in accounting estimate.g- As a change in accounting estimate achieved by a change in accounting principle.
• 2-Indicate whether each situation would be included in the income statement in continuing operations (CO) or below continuing operation (BC), or if it would appear as an adjustment to retained earnings(RE). Use the format show below to answer requirements 1 and 2.
Intel Inc. is the pioneer in the manufacture of microprocessor for computers. The company's fiscal year runs from April 1 to March 31. On 4/1/2013, Intel Issued $5,000,000 of 11% Bonds due in 10 years. The interest is payable annually on April 1.
If customers attempt to sell more shares of a stock or spend more money than they have in their account, what would be best control method to prevent this problem?
What is this contract worth today if the firm can earn 7.2 percent on its money?
Prepare a trial balance at March 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet - Earned but unbilled revenue at March 31 was $865
using the finance or similarly named department link of a citys web site download either the citys entire comprehensive
Calculate the amount that the company will actually receive from the sale of the bonds, and the amount of both the quarterly and the total annual cash interest that the company will be required to pay.
By using the regulatory discussions and relevant international accounting standards (IASs) which are taught in the module APC311, you are required to provide a critical evaluation of the following areas of financial reporting.
For a plant size equal to 150,000 kilowatts, determine the output level that minimizes short-run average variable costs. E. Determine short-run average variable cost and marginal cost at the output level obtained in Part (D).
analysis of overheads and calculation of under or over application of overheads.1. woodman company uses a predetermined
Show what information Captain Peachfuzz may provide to the auditor about Baddenoff possible claim against Natasha. (Assume that the amount involved is material to Natasha.)
Analyze the fine points of portfolio theory and determine which single point is the most difficult for investors to understand, and then explain it in a way that your grandmother would understand (assuming she is not a financial analyst).
The company's current and total liabilities were $267,000 and $600,000, respectively. Compute the amount of working capital and the current ratio using this information.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd