Under SFAS 130, Reporting Comprehensive Income, corrections of errors are reported in
Q: Business combination achieved in stages 2. Angry Co. acquired 20% interest in Misery Co. many years ...
A:
Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...
A: Net income is also referred to as net earnings. Net income means deducting all the expenses (Costs) ...
Q: EG Corporation redeemed 200 shares of stock from one of its shareholders in exchange for $210,000. T...
A: Solution:- Given, EG Corporation redeemed = 200 shares of stock in exchange of $210,000. The redempt...
Q: PROBLEM 3: FOR CLASSROOM DISCUSSION Share-for-share exchanges 1. Frown Co. issued shares in exchange...
A: In business combination one company issue share at fair market value to acquire other company.
Q: New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer...
A: Meaning: The direct method is one of two accounting treatments used to generate a cash flow statemen...
Q: Part 1 What is a "brand"? Why is it imporțant for companies to establish a brand identity? Part 2 Ho...
A: Brand: A brand is an intangible marketing or commercial idea that allows people to recognize a firm,...
Q: arter 2, 43,400 bags. Selling price i re requires 4 pounds of Gumm at a
A: Direct materials Budget - Gumm : CRANE FARM SUPPLY COMPANY Direct materials Budget - Gu...
Q: he cost per unit of inventory is P5, and the carrying cost is 10% of the average value c ory. The an...
A: The cost of carrying the inventory is cost of storing the inventory and carrying the inventory. Is t...
Q: CCT 328, HW 2 Due no later than Mar 13, 2022 11:55 PM:
A: RRSP means Registered Retirement Saving Plan. A taxpay...
Q: describe the objectives behind FASB ASC Topic 740, Income Taxes, and the income tax provision proces...
A: The FASB Accounting Standards Codification seems to be the definitive source of generally accepted a...
Q: The Intra-company basis compares data ______ that are often useful to detect changes in financial re...
A: Solution Intra company transactions involves different subsidiaries within a single legal entity , s...
Q: Liabilities Liquid assets Monthly credit payments Monthly savings $ 8,000 $5,000 $ 668 $ 150 Net wor...
A: Formula: Debt ratio = Liabilities / Net worth
Q: A firm has directly placed an issue of commercial paper that has a maturity of 60 days. The issue so...
A: Formula: Maturity value = Commercial paper value + Interest amount
Q: 8. SAN JOSE Company, non vat registered subject to 3% OPT under sec 116, had the follov data in the ...
A: Percentage tax due is the amount of tax which is calculated on gross receipts. It is type of sales t...
Q: Part 1 of 18 Marginal corporate tax rates Using the corporate tax rate schedule given here 1. perfor...
A: Marginal tax rate for the levels of corporate earnings before taxes. Marginal tax rates measured aga...
Q: Wildhorse Enterprises purchased equipment on March 15, 2021, for $70,220. The company also paid the ...
A: Introduction:- A cost is the value of money spent on creating something or delivering a service that...
Q: atement 1:A spiit up increases the he cost per share. Statement 2: A stock
A: In this question, there are two statements We have to decide which statements are correct or which ...
Q: I REALLY NEED HELP ON THIS, PLEASE DON'T REJECT Ed Company acquired the assets and assumed ...
A:
Q: verage corporate tax rates Ordinary income in 2017 was taxed subject to the rates shown in the accom...
A: Total tax liability = Base tax + Marginal tax Marginal tax = Marginal rate * amount over bracket low...
Q: 1. A is a non-VAT registered tax payer with a grocery store. The following data are available for 20...
A: Percentage Tax due: Total sales for the first quarter = 300,000 + 400,000 = 700,000 Vat/Percentage T...
Q: On July 1, 2021, Whiskey Company had an equipment with cost of P5,000,000 and accumulated depreciati...
A: Impairment of assets means reducing the book value of assets when carrying amount is more than high...
Q: 5. For common-size statement of comprehensive income , _______________ is set 100% a. Net Sales b....
A: Common size statement shows vertical analysis of the items of financial statements with respect to o...
Q: Prepare a cost of production report for April. Prepare journal entries to record: (1) The trans...
A: Desert File Cabinet U.S.A., a manufacturer of metal filing cabinets, uses a process cost system. The...
Q: (LG 7.3) Which of the following is a capital cost? a. Anew printer. b. Paper for a new printer. c. C...
A: Capital costs seem to be funds used by an organization to acquire, enhance, or maintain long-term as...
Q: Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct la...
A:
Q: What is National's estimated annual usage in units? * Format: 1,111,111 National Co. has determined ...
A: Order size (Q) = 10,000 units Total order cost in year (TC) = P20,000 Cost per order (O) = P100
Q: Riverbed Corp. uses the direct method to prepare its statement of cash flows. Riverbed trial balance...
A: The cash flow statement, also known as the statement of cash flows, helps creditors determine how mu...
Q: Why should a company prepare a bank reconciliation for each account every period? What types of issu...
A: Bank reconciliation is process to check and assure that entity's bank statement matches bank account...
Q: National Co. needs to borrow P300,000 for the next 6 months. The company has a line of credit with a...
A: Introduction: Borrowing is quite prevalent in adulthood. Almost everyone will need a loan at some ti...
Q: 1. Statement 1: A split up increases the number of shares held and decreases the cost per share. Sta...
A: The stock split is defined as the process wherein any company divides its total number of shares out...
Q: before-tax yearly income of $203,000 and has no debt outstanding. Expanding Hemingway Corporation is...
A: The formula to calculate tax liability is - Tax liability = EBT * Tax rate where, EBT is Earning bef...
Q: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chl...
A: Remaining income allocation = Total income - Salaries
Q: Net Profit Percentage margin Current Ratio Acid Test
A: 1. All values are given in the question. So, directly taken from there except liquid assets. It's c...
Q: Problem 4-2 – Current and non-current liabilities Grill Company is selling audio and video appliance...
A: Current and non-current liabilities of a company refers to short term and long term obligations of t...
Q: can you help me make Trial Balance for Lowe's Repair Services june 1. A. lowe invested 7000 cash a...
A: A trial balance is an accounting worksheet that aggregates all ledger balances into equal debit and ...
Q: Question 21, Warm-Up 1-6 (algorithmic) For 2020, Ross Corporation had pretax ordinary income of $501...
A: Calculation of Tax Liability For Calculating the tax liability which is consider the fact of the tax...
Q: At the start of the current year, Violet Company held 30% of ABC Company's 150,000 outstanding share...
A: Dividend Income: Dividend income is paid out of the profits of a corporation to the stockholders. I...
Q: a) Statement of Retained Earnings for the year ending December 31, 2020 b) Statement of Cash Flows f...
A: Statement of Cash Flow Cash flow statement which is consist of three main parts. The details are gi...
Q: 5. You deposit PHPI,500 in your bank account. If the bank pays 4% simple interest, how much interest...
A: Simple Interest = P * R *T Where P = Principal = PHP1,500R = Rate of Interest = 4%T = Time = 10 Year...
Q: Nguyen Company has purchased a stone quarry for $8 million. Nguyen must now estimate the fair values...
A: fair value of an asset at a particular time is calculated by subtracting the annual accumulated depr...
Q: Trial Balance for Lowe's Repair Services june 1. A. lowe invested 7000 cash and 5000 worth of repai...
A: Trail balance for the june 2022
Q: ASSIGNMENT #3 – Determine the missing amounts in cells numbered 1– 12. Ensure equality of the First ...
A: The accounting equation states that assets equal to sum of liabilities and equity. Every transaction...
Q: Lenox Manufacturing Co. produces and sells specialized equipment used in the petroleum industry. The...
A: Calculation of all above requirement are as follows.
Q: Chimco is a limited company operating in the Hat making industry in East England. Below is a cost b...
A: A budget refers to a predetermined plan which is quantifiable and estimates the revenues and expendi...
Q: Nozama.com Inc. sells consumer electronics over the Internet. For the next period, the budgeted cost...
A: Order processing systems, in some form or another, have been a part of doing business for millennia,...
Q: The tax liability this year is $ (Round to the nearest dollar.)
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...
Q: Interest versus dividend expense Derwent Ltd., has announced that the eamings before income and taxe...
A: Income statement means the statement which show the cost of goods sold and selling price and give ou...
Q: The following are facts about a company's activities: Cash flows from operating activities was $33,0...
A:
Q: Maximum Annual Contributions to IRAS. H and W file a joint tax return. W is a lawyer with current-ye...
A: Contribution to IRA [Individual Retirement Accounts] are done for two purposes i.e. for retirement b...
Q: Soya's consolidated statement of financial position shows inventories with a carrying amount of £36,...
A: In indirect method of cash flow statement when inventory increase or decrease shall be adjusted to ...
Please answer correct with reason
Under SFAS 130, Reporting Comprehensive Income, corrections of errors are reported in
- Other comprehensive income.
- Other income/(expense).
Retained earnings .Stockholders’ equity
Step by step
Solved in 2 steps
- What data flows from the statement of retained earnings to the balance sheet?a. Net incomeb. Cashc. Ending retained earningsd. AssetsWhich characteristic is applicable to financial statements when provision is made for all known expenses and losses, whether the amount is known for certain or just an estimate? O A. Completeness OB/Reliability O/C. Relevance OD. Prudence. RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) Provisions
- The expense recognition principle (“matching”) controlsa. Where on the income statement expenses should bepresented.b. When revenues are recognized on the incomestatement.c. The ordering of current assets and current liabilities onthe balance sheet.d. When costs are recognized as expenses on the incomestatement.Net income appears on which financial statement(s)?a. Balance sheetb. Income statementc. Statement of retained earningsd. Both b and cIf total expenses exceed total revenue a net loss is reported on an income statement Select one: O True O False
- Corrections of errors in prior period are included inA. Other comprehensive incomeB. Net incomeC. Retained earningsD. Share premiumA change from cash basis to accrual basis should be reported A. Retroactively as a correction of errorB. Retroactively as a change in accounting policyC. As component of income from continuing operationsD. As component of other comprehensive incomeA debit balance in the Income Summary account represents a net loss. O True False
- Which of the following elements of financial statements is most closely related tomeasurement of financial position?a. Equityb. Revenuec. ExpensesA debit balance in the Retained Earnings accounts is reported as a (an) a. assetb. contra-liabilityc. liabilityd. contra-equitySpecific financial statements (e.g. Income Statement, Balance sheet, etc, state all) that are impacted and how they are affected (sections e.g Current assets, gross profit) of the statement that increase or decrease), by the shenanigan