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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.
Determine the specific citation for accounting for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables. 2. T
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On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
BUS ADM-201 Fall 2012 EXTRA CREDIT 2 - Due in DS week of November 26 GRADING: Worth 15 points. Partially credit will only be given if you attempt all requirements a through g lis
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discuss the features of unincoporated associations
Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,0
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