INTERMEDIATE ACCOUNTING
8th Edition
ISBN: 9780078025839
Author: J. David Spiceland
Publisher: McGraw-Hill Education
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Question
Chapter 4, Problem 4.28E
To determine
Interim financial statements:
An interim financial statement consists of the income statement,
To indicate: The amount to be reported in the quarterly income statements of Company S for the quarter ended March, 31, June, 30, September, 30 and October, 31.
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PTD adopts the calendar year as reporting period and publishes interim financial report for the quarter-ended June 30, 2021. Which among the following reports bears correct date/period?I. Statement of Financial Position as of June 30, 2021 and as at December 31, 2020II. Statement of Financial Position as of June 20, 2021 and as at June 30, 2020III. Statement of Comprehensive Income for quarter-ended June 30, 2021, and six months ended June 30, 2021 plus Statement of Comprehensive Income for the period-ended December 31, 2020 and six-months ended June 30, 2020IV. Statement of Changes in Equity for six months ended June 30, 2021 and period-ended December 31, 2020V. Statement of Cash Flows for the six months ended June 30, 2021 and six months ended June 30, 2020.
WHAT IS THE TOTAL REVENUE TO BE RECOGNIZED BY ENTITY A FOR THE PERIOD ENDED DEC;EMBER 31, 2021
tasks will provide further exposure to the year-end adjustments.
5.17.1 Enter the following year-end adjustments under the headings i
The first one has been done for you as an example. The year-end is 28 February
interest on capital
Ve covered some of these adjustments. Subsequent
The previous
iation accounts
Revision of adjustments & accounting equation
covered in Grade 10
TASK 5.17
el Agency on
s B. Bester and
Required:
the table below.
20.7.
GAAP
Account debited
Account credited
Name of
No. Description
Amount
Name of
concept
applicable
Section in
Section in
account
ledger
account
ledger
1. Correction of Business
entity rule
Drawings
Balance
Sheet
Sundry
Nominal
R3 000
expenses
error
following:
5472 For each of the adjustments indicate the effect on the accounting equation
A = 0 + L.
Information:
166750
in the ratio
1.
Correction of error:
The owner took stock for personal use at cost price, R3 000, but this has been deb-
ited to Sundry expenses.
2.
Omission:
A direct electronic…
Chapter 4 Solutions
INTERMEDIATE ACCOUNTING
Ch. 4 - The income statement is a change statement....Ch. 4 - What transactions are included in income from...Ch. 4 - Prob. 4.3QCh. 4 - The correction of a material error discovered in a...Ch. 4 - Prob. 4.4QCh. 4 - Prob. 4.5QCh. 4 - What are restructuring costs and where are they...Ch. 4 - Define intraperiod tax allocation. Why is the...Ch. 4 - How are discontinued operations reported in the...Ch. 4 - Prob. 4.9Q
Ch. 4 - Prob. 4.10QCh. 4 - Define earnings per share (EPS). For which income...Ch. 4 - Prob. 4.13QCh. 4 - Describe the purpose of the statement of cash...Ch. 4 - Prob. 4.15QCh. 4 - Explain what is meant by noncash investing and...Ch. 4 - Distinguish between the direct method and the...Ch. 4 - Prob. 4.19QCh. 4 - Prob. 4.18QCh. 4 - Prob. 4.20QCh. 4 - Prob. 4.1BECh. 4 - Prob. 4.2BECh. 4 - Prob. 4.3BECh. 4 - Multiple -step income statement LO41, LO43 The...Ch. 4 - Prob. 4.5BECh. 4 - Prob. 4.6BECh. 4 - Prob. 4.7BECh. 4 - Prob. 4.8BECh. 4 - Prob. 4.9BECh. 4 - Prob. 4.10BECh. 4 - Prob. 4.11BECh. 4 - Prob. 4.12BECh. 4 - Prob. 4.13BECh. 4 - Prob. 4.1ECh. 4 - Prob. 4.2ECh. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Prob. 4.10ECh. 4 - Prob. 4.11ECh. 4 - Prob. 4.12ECh. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - E 4–16
Statement of cash flows; directly from...Ch. 4 - Prob. 4.17ECh. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Prob. 4.22ECh. 4 - Prob. 4.23ECh. 4 - Concepts; terminology LO41, LO42, LO43, LO44,...Ch. 4 - Prob. 4.25ECh. 4 - Prob. 4.26ECh. 4 - Prob. 4.27ECh. 4 - Prob. 4.28ECh. 4 - Prob. 1CPACh. 4 - Prob. 2CPACh. 4 - Prob. 3CPACh. 4 - Prob. 4CPACh. 4 - Prob. 5CPACh. 4 - Prob. 6CPACh. 4 - Prob. 7CPACh. 4 - Prob. 1CMACh. 4 - Prob. 2CMACh. 4 - Prob. 4.1PCh. 4 - Prob. 4.2PCh. 4 - Prob. 4.3PCh. 4 - Prob. 4.4PCh. 4 - Prob. 4.5PCh. 4 - Prob. 4.6PCh. 4 - Prob. 4.7PCh. 4 - Prob. 4.8PCh. 4 - Prob. 4.9PCh. 4 - Prob. 4.10PCh. 4 - Prob. 4.11PCh. 4 - Interim financial reporting Appendix 4 Branson...Ch. 4 - Prob. 4.1BYPCh. 4 - Judgment Case 42 Restructuring costs LO43 The...Ch. 4 - Prob. 4.3BYPCh. 4 - Prob. 4.4BYPCh. 4 - Prob. 4.5BYPCh. 4 - Prob. 4.6BYPCh. 4 - Prob. 4.7BYPCh. 4 - IFRS Case 48 Statement of cash flows;...Ch. 4 - Prob. 4.9BYPCh. 4 - Prob. 4.10BYPCh. 4 - Prob. 4.12BYPCh. 4 - Prob. 4.13BYPCh. 4 - Prob. 1AFKC
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Similar questions
- Current Attempt in Progress GAAP requires that all companies that issue an annual report should issue interim financial reports. O the three basic financial statements should be presented each time an interim period is reported upon. O the discrete view is the most appropriate approach to take in preparing interim financial reports. O the same accounting principles used for the annual report should be employed for interim reports.arrow_forward11. A company is issuing its comparative financial statements for years 2021 and 2022. If the company is required to issue an additional statement of financial position, such statement should be dated a. as of Jan. 1, 2021 b. as of Dec. 31, 2021 c. as of Dec. 31, 2022 d. as of Jan. 1, 2022arrow_forwardWhat four financial statements are typically included in the annual report?arrow_forward
- Interim financial reports should be published a. Within a month of the half year-end b. Once a year at any time in that year c. Whenever the entity wishes d. On a quarterly basisarrow_forwardTOPIC: INTERIM FINANCIAL REPORTING Preparation of Interim Income Statement- Prepare an income statement for the second quarter ended June 30, 2021arrow_forwardAn entity uses a calnedar period for is financial reporting. Its current financial statements are authorized for issue on March 1, 20x2. An entity's event after reporting period are those events that occur* from January 1, 20x2 to Macrh 1, 20x2 O from December 31, 20x2 to March 1, 20x2 from January 1, 20x1 to March 1, 20x2 from January 1, 20x2 to March 31, 20x2arrow_forward
- Intraperiod Tax Allocation Wright Company reports the following information for the year ended December 31, 2019: Required: 1. Prepare the year-end journal entry necessary to record the 2019 intraperiod income tax allocation in regard to the preceding information. 2. Prepare Wrights 2019 income statement and statement of retained earnings.arrow_forwardINTERIM FINANCIAL REPORTING HIH Company reported the following information relevant to its quarterly reporting for the year 2021: How much is the net income for the second quarter?arrow_forwardDeferred tax accounting adjustments are recorded at what point in time? a. At the end of each month b. At balance date c. As each transaction arises or is incurred d. As the cash flows from each transaction occurarrow_forward
- TOPIC: INTERIM FINANCIAL REPORTING Compute for the net income/(loss) for the second and third quarter of 2021.arrow_forwardHow much uncollectible accounts expense should be presented on the statement of comprehensive income for the year ended December 31, 2018? a. 160,600 b. 194,000 c. 240,600 d. 254,600 e. None of the choicesarrow_forwardRequired: Prepare: a. the Statement of Comprehensive Income for the year ended 31 December2020. b. the Statement of Financial Position as at 31 December 2020.arrow_forward
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