Select the best order for the following items in the income statement: 1. Income from continuing operations 2. Discontinued operations 3. Prior-period adjustments due to errors 4. Taxes on income from continuing operations 5. Dividends 6. Net Income 7. Revenues 8. Expenses 9. Income from continuing operations before income tax O 7-5-6-1-4 7-8-9-4-1-2-6 8-9-7-6-5-1-3 8-9-7-5-2-1-3

Select the best order for the following items in the income statement: 1. Income from continuing operations 2. Discontinued operations 3. Prior-period adjustments due to errors 4. Taxes on income from continuing operations 5. Dividends 6. Net Income 7. Revenues 8. Expenses 9. Income from continuing operations before income tax O 7-5-6-1-4 7-8-9-4-1-2-6 8-9-7-6-5-1-3 8-9-7-5-2-1-3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following expenses is usually listed last on the income statement? a. Advertising expense b. Income tax expense c. Salaries and benefits expense d. Cost of sales
How are discontinued operations reported in the income statement?
1.Which of the following would be the correct adjustment if there was an increase in an accrual? Select one: a. The amount of the increase is deducted (credited) from the expense on the income statement and the increase is added (debited) to the existing accrual in the balance sheet b. The amount of the increase is added (credited) to the expense on the income statement and the increase is deducted (debited) to the existing accrual in the balance sheet c. The amount of the increase is included as an expense (a debit) on the income statement and the increase is added (credited) to the existing accrual in the balance sheet d. None of the above statements are correct 2. If it is known that a debtor cannot pay because of bankruptcy, the amount to be written off is shown as: Select one: a. A credit on the income statement and as a debit on the balance sheet by increasing the amount shown for receivables b. A debit on the income statement and as a credit on the balance sheet by…
Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Click on the following icon in order to copy its contents into a spreadsheet.) Sales Cost of goods sold General and administrative expense Depreciation expense Interest expense Income taxes Complete the income statement below. (Round to the nearest dollar. NOTE: You may input expense acc as negative values.) Income Statement Gross profits Total operating expenses Operating income (EBIT) Earnings before taxes Net income $525,863 199,246 60,236 8,305 11,860 98,486 $ SS
Subject - account Please help me. Thankyou.
Calculate the EBIT which should be used for the EV / EBIT multiple given the information below: Net revenues Cost of sales Gross Profit Selling, general and administrative expenses Amortization expense Restructuring costs Acquisition-related costs Asset impairment charges Gain on sales of assets Operating income Interest expense, net Loss on early extinguishment of debt Other expense, net Income (loss) before taxes (Benefit) provision for income taxes Net income (loss) Select one: 1,394,8 1,444.4 1,474.3 S 1,419.6 5,248.1 1,746.0 3,502.1 2,027.8 During fiscal 2050, the company sold assets relating to the Cutey brand for a total disposal price of $29.2. The Company allocated $4.2 of goodwill to the brand as part of the sale. The Company recorded a gain of $24.8 which has been reflected in Gain on sales of assets in the Consolidated Statement of Operations for the fiscal year ended June 30, 2050. 79.5 86.9 174.0 5.5 (24.8) 1,153.2 81.9 3.1 30.4 1,037.8 (40.4) 1,078.2
View Policies Current Attempt in Progress Which of the following does not belong on a multi-step income statement? O Gross profit. O Net sales, Operating expenses. O Unearned revenue. Attempts: 0 of 1 used Submi Save for Later
Revenue Expenditures are Select one: O a. Short-life and must always be replaced to generate revenue for an accounting period O b. Reduces profit O c. All the above O d. Expenses are shown in Income Summary
5. The following items affect the retained earnings account, except Group of answer choices a. net income or loss for the period b. prior period errors c. realization of revaluation surplus d. effect of change in accounting estimate
Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic
Choose the best accounting treatment for each of the following items. Change from straight-line to sum of the year's digits depreciation A. Change in reporting entity reported prospectively B. Change in estimate reported prospectively Change from adjusting the valuation allowance for deferred tax assets Change from individual to consolidated financial C. Correction of an error reported prospectively statement Change as a result of a failure to record depreciation in a prior period Change from cash basis to accrual basis of D. Change in accounting principle reported retrospectively E. Change in accounting principle reported prospectively accounting Change from completed contract to percent of F. Correction of an error reported retrospectively completion Change from FIFO to LIFO method for inventory G. Change in estimate reported retrospectively valuation Change in the realizability of accounts receivable H. Change in reporting entity reported retrospectively
Generally accepted methods of accounting for a change in accounting principle include O ncluding the cumulative effect of the change in current period net income. restating prior years' financial statements presented for comparative purposes. O making a prior period adjustment. O prospective changes.