Which of the following situation can be related to accrual concept while presentation of financial reports? I Depreciation charged on property plant and equipment under straight line method at 12% and presented in the income statement. II. Provision for warranty claims presented in the financial statements. III. Dividend received from investments made in other company equity shares presented as per IAS 7. IV. Prepaid expenses paid and made necessary adjustment in the books of accounts. I and II only III and IV only I, II and IV only I, II, III and IV only EN

Which of the following situation can be related to accrual concept while presentation of financial reports? I Depreciation charged on property plant and equipment under straight line method at 12% and presented in the income statement. II. Provision for warranty claims presented in the financial statements. III. Dividend received from investments made in other company equity shares presented as per IAS 7. IV. Prepaid expenses paid and made necessary adjustment in the books of accounts. I and II only III and IV only I, II and IV only I, II, III and IV only EN

Name: Which of the following situation can be related to accrual concept wh
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Which of the following situation can be related to accrual concept while presentation of financial reports?I Depreciation charged on property plant and equipment under straight line method at 12% and presented in the incomestatement.II. Provision fo

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 41E

See similar textbooks

Similar questions

Financial statements Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a. Accounts payable b. Cash equivalents c. Crude oil inventory d. Equipment e. Exploration expenses f. Income taxes payable g. Investments h. Long-term debt i. Marketable securities j. Notes and loans payable k. Operating expenses l/ Prepaid taxes m. Retained earnings n Sales o Selling expenses
Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31: Instructions 1. Journalize the entries to record these transactions. 2. Prepare the investment-related current asset balance sheet presentation for Rios Financial Co. on December 31, Year 2. 3. How are unrealized gains or losses on trading investments presented in the financial statements of Rios Financial Co.?
Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the year: Required Use the previous information to answer the following questions. What is Prestiges net income for the year? What is Prestiges Retained Earnings balance at the end of the year? What is the total amount of Prestiges assets at the end of the year? What is the total amount of Prestiges liabilities at the end of the year? How much owners equity does Prestige have at the end of the year? What is Prestiges accounting equation at the end of the year?
Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term liability (LTL). ______ 1. Inventory ______ 2. Accounts payable ______ 3. Cash ______ 4. Patents ______ 5. Notes payable, due in six months ______ 6. Taxes payable ______ 7. Prepaid rent (for the next nine months) ______ 8. Bonds payable, due in ten years ______ 9. Machinery
Which of the following situation can be related to accrual concept while presentation of financial reports? I. Depreciation charged on property plant and equipment under straight line method at 12% and presented in the income statement. II. Provision for warranty claims presented in the financial statements. III. Dividend received from investments made in other company equity shares presented as per IAS 7. IV. Prepaid expenses paid and made necessary adjustment in the books of accounts. a- III and IV only b- I, II, III and IV only c- I, II and IV only d- I and II only
Assume that Fielder Enterprises uses the following headings on its balance sheet. a.    Current assets. b.    Investments. c.    Property, plant, and equipment. d.    Intangible assets. e.    Other assets. f.    Current liabilities. g.    Long-term liabilities. h.    Capital stock. i.    Equity attributed to noncontrolling interest. j.    Paid-in capital in excess of par. k.    Retained earnings. Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter “N” to indicate this fact. If an item need not be reported at all on the balance sheet, use the letter “X.” 1.    Prepaid insurance. 2.    Stock owned in affiliated companies. 3.    Unearned service revenue. 4.    Advances to suppliers. 5.    Unearned rent revenue. 6.    Preferred stock. 7.    Additional paid-in capital on preferred stock. 8.    Copyrights. 9.    Petty cash fund. 10.    Sales taxes payable. 11.    Accrued…
Presented below are the captions of Faulk Company’s balance sheet. a.    Current assets. b.    Investments. c.    Property, plant, and equipment. d.    Intangible assets. e.    Other assets. f.    Current liabilities. g.    Noncurrent liabilities. h.    Capital stock. i.    Additional paid-in capital. j.    Retained earnings. Instructions Indicate by letter where each of the following items would be classified. 1.    Preferred stock. 2.    Goodwill. 3.    Salaries and wages payable. 4.    Accounts payable. 5.    Buildings. 6.    Equity investments (to be sold within one year). 7.    Current maturity of long-term debt. 8.    Premium on bonds payable. 9.    Allowance for doubtful accounts. 10.    Accounts receivable. 11.    Cash surrender value of life insurance. 12.    Notes payable (due next year). 13.    Supplies. 14.    Common stock. 15.    Land. 16.    Bond sinking fund. 17.    Inventory. 18.    Prepaid insurance. 19.    Bonds payable. 20.    Income taxes payable.
Assume that the Current Assets for Rain Co. as of Decebmer 31, 20Y8, are listed below. A. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8? B. Assume further that the total Current Liabilites on the same date are $75,000. What is the amount of the working capital for Rain Co. on December 31, 20Y8? ASSETS Current assets:    Cash $   17,500 Temporary Investments 15,000   Accounts Receivable (net) 42,500   Inventories 72,000   Prepaid Expenses 3,000 Total current assets $150,000
Hi pls, make income statement, statement of retained earnings, and ending trial balance. Trial balances (amount in Php) Particulars Debit amount Credit amount Accounts payable Accounts receivable Share capital, common stock Cash Notes payable Property, plant and equipment Accumulated depreciation Allowances for doubtful debts Inventories Prepaid expense Goodwill Estimated tax liability Marketable securities Accrued expense Patents and trademarks Bonds payable Investments Deferred revenue Other liabilities(long term) Retained earnings - 4325 - 11660 - 6200 - - 1750 1250 100 - 1750 - 500 - 1500 - - - 1965 - 9990 - 800 - 3100 540 - - - 750 - 1000 - 2000 - 1650 1000 6240 29035 29035
(Classification of Balance Sheet Accounts) Assume that Fielder Enterprises uses the following headings on its balance sheet. a. Current assets.b. Long-term Investments.c. Property, plant, and equipment.d. Intangible assets.e. Other assets.f. Current liabilities.g. Long-term liabilities.h. Capital stock.i. Paid-in capital in excess of par.j. Retained earnings. Instructions:Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter “N” to indicate this fact. If an item need not be reported at all on the balance sheet, use the letter “X.” 1. Prepaid insurance.2. Stock owned in another company.3. Unearned service revenue.4. Advances to suppliers.5. Unearned rent revenue.6. Preferred stock.7. Additional paid-in capital on preferred stock.8. Copyrights.9. Petty cash fund.10. Sales taxes payable.11. Accrued interest on notes receivable.12. Twenty-year issue of bonds payable that will mature within…
Which of the following statements regarding the income statement are true? Group of answer choices A. The net income from the income statement is included on the asset section of the balance sheet. B. The income statement shows the cash flows from operations during a period of time. C. Net income or loss from the income statement is included in the calculation of ending retained earnings on the Statement of Retained Earnings. D. The income statement shows how much the company owes.