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Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.
Required:
1. What do you mean by the term pro forma earnings in this context? How do they relate to the concept of earnings quality?
2. Go to EDGAR and download the most recent 10-Q (quarterly report) to see if your company has a pro forma earnings announcement. If so, reconcile it to GAAP earnings.
3. Using 2009 data, what is the company's approximate income tax rate? What is the percentage of net income relative to revenue dollars?
Some company have haves unrealized gains and losses on certain investments in securities, foreign currency items, and certain pension liability adjustments, producing what is known as comprehensive income.
4. What is comprehensive income? How does it vary from net income? Where is it reported?
5. Access the FASB website. Justify the specific citation from the authoritative literature that explains the 3 alternative formats for reporting comprehensive income.
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what is the accounting concepts and conventions? and what is the procedure to follow the accounting formats
partner investments, journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 o
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Credit what comes in. Debit what goes out.
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