Which of the following would NOT be shown in the Statement of Profitor Loss?Expired portion of insuranceWithdrawal of supplies by the ownerDepreciation of fixed assets for the periodServices rendered to a customer on account

Income statement shows the income earned and loss incurred by the organization in the financial…

Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of insurance Withdrawal of supplies by the ow Depreciation of fixed assets for the period owner Services rendered to a customer on account

Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of insurance Withdrawal of supplies by the ow Depreciation of fixed assets for the period owner Services rendered to a customer on account

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 5DQ

See similar textbooks

Related questions

Q: When expertise in a field other than accounting or auditing is necessary to obtain sufficient…

A: Auditing is the verification of financial statements by the auditor who then provides judgmental…

Q: a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: The shareholders equity comprises of issued capital, retained earnings, etc. The total paid in…

Q: Assume that rent of P14,400 was paid on September 1, 2021 to cover a one-year period from that date.…

A: Prepaid rent is the amount of rent paid in advance. Rent of 14,400 is for 1 year paid in advance on…

Q: FDN Company sold goods to a customer with terms 3/10, 2/20 n/30, FOB Shipping Point amounting to…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: s enacted tax rate is 23% for 2017, and 27% for 2018. mount should ABC report in its 2017 balance…

A: Solution: Deferred tax liability is created for taxable temporary differences that results in future…

Q: True or False A firm should be able to trace amounts through the accounting records and back to…

A: Accounting books: Accounting books is one the important part of accounting process where many books…

Q: On December 31, 2017, Bulldog Company approved a restricted stock share plan for a number of…

A: The journal entries can be defined as the measure of recording the business transaction in the…

Q: harles had the following income during the year: a. 13th month pay, 18,000 b. SSS, Pag-ibig and…

A: Tax on Income: It is the tax on the income of the individuals/ company/ corporations/ firms levied…

Q: Long-term investments include cash that will be used to support current operations. True or False…

A: the correct answer with proper explanation are as follows

Q: True or False Transactions are recorded in either a journal or a ledger, but not in both.

A: Introduction:- An accounting cycle is a process of recording, identifying, and analyzing accounting…

Q: ) IDENTIFY THE REPORTING FINANCIAL STATEMENT (IS Income Stmt) OR S Balance Sheet). ) IDENTIFY…

A: Nature of Accounts : According to Traditional Approach there are three types of accounts that are:…

Q: A company had net income of $2,680,000, net sales of $25,100,000, and average total assets of…

A: calculation of return on total assets are as follows

Q: 1. 2. Statements 4. The case, a landmark case of liability under the Securities Act of 1933,…

A: Introduction; Securities act of 1933: (1933) required that a corporation issuing securities file…

Q: In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local…

A: Inventory- An essential current asset for a manufacturing company is its inventory. Inventory is the…

Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: The following information applies to the questions displayed below.] Simon Company’s year-end…

A: Solution: Days sales uncollected is computed as = Average accounts receivables * Nos of days in year…

Q: Use the following information for the Exercises below. (Algo) Skip to question [The following…

A: Introduction: A general ledger item made at the end of the accounting period to indicate any…

Q: The following information relates to three possible capital expenditure projects. Because of capital…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: please answet the following question thanks

A: Minimum transfer price is the amount which is paid to one division by the other after purchasing the…

Q: Cobe Company has already manufactured 18,000 units of Product A at a cost of $15 per unit. The…

A: The main objective of every business enterprises is to earn profit by satisfying the customers…

Q: 9 Asset-liability management (ALM) is the process of planning, organizing, and controlling asset and…

A: Assets- Assets are required for the company's survival. These assets are recorded in the balance…

Q: Anna has the following income for the quarter:

A: Assuming Anna is resident citizen of Phillipines :- As per…

Q: What is the difference between Operating and Investing Cash Flow? (one answer) What is the most…

A: Answer:- Operating cash flow comes from regular business, Investing cash flow goes into assets…

Q: On July 2, 2022, Howard Co. consigned 3,200 books costing P60 and retailing for P100 each to Ines…

A: The actual books sold by Ines Co. will be total sales divided by sales price after deducting…

Q: On January 1, 2022, Gobert Corp. leases equipment from Mitchell, Inc. The lease calls for annual…

A: Gobert Corp leases machine from Mitchell Inc.. According to IFRS 16, the lessee has to record the…

Q: An asset's book value or carrying value is its: Multiple Choice O accumulated depreciation. cost…

A: The book value or carrying value of the machine is the value that carries on the balance sheet of…

Q: Below you will find the closing stock prices for eBay over a three-week period. Calculate the simple…

A: 3 days moving average=(Today price + Yesterday price + Day before yesterday price)3 5 day moving…

Q: Which of the following descriptions could be applied to the IT costs in question four? ( previous…

A: Please see Step 2 for required information.

Q: all is wrong, but august...

A: Stock Prices are given and three months simple moving average is required. It is calculated by…

Q: On 2/1/2012, the Union Company issued an amount of 1,500,000 dinars in the form of bonds with a…

A: Callable bonds are those bonds which can be called by the company, at any time prior to maturity,…

Q: Alexandra, single with no dependents, has waterfront rental property in Maine, but she is a…

A: Income Taxes- Taxes at the federal and state levels are imposed on the income of people, businesses,…

Q: Water Works Plumbing Company is a small owner-managed plumbing services company that serves the…

A: Fixed cost refers to those cost which remains same at each level i.e. fixed cost doesn't changes…

Q: Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current…

A: Given that, Current assets for the year ending december 31, 2021 = $62,574 2020 = $41,881 2019 =…

Q: Nissan Inc. prepared an aging of its accounts receivable at December 31,2020 and determined that the…

Q: related to making this part are $89,000 per year, and allocated fixed costs are $76,000 per year.…

A: calculation of above requirement are as follows

Q: Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: The journal entry to record the sale of services on credit should include: a debit to Cash and a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: On June 1, 2022, FDN Company sold merchandise to ABC Trading worth P40,000 with credit term of 2/10,…

A: The 2/10 n/30 is a term that is used by the company to calculate the amount of the discount under…

Q: Cathy Company sold a segment of its business at a gain of $150,000 on December 31, 2021. Cathy…

A: In the income statement, revenue from discontinued operations is shown along with its corresponding…

Q: 1) The following accounts and normal balances existed at year-end. Make the four journal entries…

A: A journal entry is the act of recording any transaction, whether one that is commercial or not. An…

Q: Based on experience, Margenta Bhd estimates that stages up to wiring, plumbing and door frame can be…

A: Here discuss about the details of the revenue recognition whether to incurred the point in time or…

Q: The carrying amount of an item of property, plant and equipment shall be derecognized 1. On disposal…

A: Assets- A company has a lot of resources, both monetary and non-monetary. However, only resources…

Q: Marshall Company purchases a machine for $240,000. The machine has an estimated residual value of…

A: Residual value, also referred to as salvage value, is the value of an asset at the end of its…

Q: A company acquired equipment for $150,000 by signing a $150,000 note payable. The $150,000 is…

A: Introduction: Financing activities include deals involving long-term liabilities, owner ’s equity,…

Q: Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash…

A: Introduction: A stockholder is also referred to as a shareholder or an individual who owns at least…

Q: Ines Company consigned twenty five (25) calculators, with cost of P800 each, to Hola Company for a…

A: Under consignment sales one party gives their goods to another party for selling. The one who gives…

Q: The amount of cash received by Faura is

A: Consignment refers to an agreement between two parties in which the goods or merchandise are…

Q: At his bank, Davide put $25,000 into his Registered Retirement Savings Plan (RRSP). He lives in…

A: A retirement funds plan, or RRSP, is one that you create, which we then register, and to which you,…

Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…

A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…

Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

Which of the following would NOT be shown in the Statement of Profit
or Loss?
Expired portion of insurance
Withdrawal of supplies by the owner
Depreciation of fixed assets for the period
Services rendered to a customer on account

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Explanation -

VIEW

Solution -

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Current liabilities, Provisions and Contingencies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

explain the impact on the balance sheet and income statement, specifying which accounts are affected and whether the balance is over or understated, if adjustments to recognize prepaid insurance as being expired and unearned revenue as being earned, are not recorded.
Which accounting concept is applied when an entry is made for provision for bad debts? A. Going- concern B. Materiality C. Accruel D. Historic cost
When a loss contingency is recognized, where is it reported on the income statement?
Which accounting concept is applied when an entry is made for bad debts? A. Going-concern B. Materiality C. Accruel D. Historic cost
What is the required adjusting entry (show journal entry) for accrued liabilities and for accrued receivables? What is the effect on net income, assets, liabilities and shareholder's equity of not recording a required adjusting entry for accruals? (overstated or understated)
Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset account d. Liability account
Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current amounts owed to suppliers of inventory.c. Expenses incurred, but not paid at the end of theaccounting period.d. Revenues that have been collected but not earned
What is the required adjusting entry for accrued liabilities and for accrued receivables? What is the effect on net income, assets, liabilities and shareholder's equity of not recording a required adjusting entry for accruals?
no need to explain In the preparation of a schedule of safe payments, cash withheld for future liquidation expenses, and unrecorded liabilities that may be discovered is treated as: a. Operating expenses b. Other Expense c. Loss on realization d. Possible loss
If the statement of financial position error is discovered in the year of error, what action is to be done by the entity? Ignore the Reclassify the item to its proper real account. Adjust the effect to the retained earnings account. Reclassify the item to nominal account.
Describe when and how a net operating loss carryforward and a net operating losscarryback are recognized in the financial statements
Which of the following is true about plan assets? Any excess return on plan assets are earned to the benefit of the company Includes qualifying insurance policies None of the statements are correct These are assets held for short-term purpose in the event of employee retirement during the year