open encumbrances at year-end reported in the financial statements
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How are open encumbrances at year-end reported in the financial statements?
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Solved in 2 steps
- a. What net amount should be reported as OCI for the current year?b. What amount should be reported as comprehensive income for the current year?How much purchases should be reported on the statement of comprehensive income for the year?Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or the other; if so, why?
- On which financial statement are permanent accounts reported?Indicate how a company computes the amount of interest and income taxes that it paid during the year.1. What net amount should be reported as OCI for the current year? 2. What amount should be reported as comprehensive income for the current year?