Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
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.)
Concept Introduction:
Normal Recurring items: Normal recurring items are all those items which incur in business.
Unusual Items: Those items which are incurs rarely are called unusual items. These items are not incurred in business on periodical basis it happens rarely which means 1 or 2 times in a period.
To Indicate:
Normal recurring or Unusual items.
| a. Interest revenue on notes receivables | Normal Recurring item because interest revenue on note receivable is a day to day part of the business. |
| b. gain on sale segment of the company's operations that manufactures bottling equipment. | Unusual Item because sale of a segment of company is not normal it happens after a time period. |
| c. Loss on sale of investment in stocks and bonds... |
Chapter 9 Solutions
Additional Business Solutions
Find more solutions based on key concepts
Show solutions addCassien Inc. manufactures products that pass through two or more processes. During June, equivalent units were ...
Managerial Accounting: The Cornerstone of Business Decision-Making
Bond discount, entries for bonds payable transactions On July 1, 20Y1, Livingston Corporation, a wholesaler of ...
Corporate Financial Accounting
The schedule of accounts payable lists each creditors account balance, and the total equals the _______________...
College Accounting (Book Only): A Career Approach
If inventory is being valued at cost and the price level is decreasing, which of the three methods of costingFI...
Financial And Managerial Accounting
Long-term solvency analysis The following information was taken from Charu Company's balance sheet: Fixed asset...
Financial & Managerial Accounting
You work for Gregory Plumbing Supply. You are responsible for training a new accounting clerk. She has the foll...
College Accounting (Book Only): A Career Approach
How does the use of a perpetual inventory system affect the accounts on the work sheet?
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Verizon Communications Inc. is a major telecommunications company in the United States. Two recent balance shee...
Financial Accounting
Net present value method, internal rate of return method, and analysis The management of Style Networks Inc. is...
Accounting (Text Only)
Decision on accepting additional business A manager of Varden Sporting Goods Company is considering accepting a...
Financial & Managerial Accounting
What is the purpose of a statement of cash flows? What information does it provide? Identify at least one type ...
Intermediate Accounting: Reporting And Analysis
Discuss the key aspects of the following five seal-granting organizations: BBB, TRUSTe, Verisign, Inc, ICSA, an...
Accounting Information Systems
Describe how each of the following accounts is used: (1) Purchases, (2) Purchases Returns and Allowances, (3) P...
College Accounting, Chapters 1-27
The following errors took place in journalizing and posting transactions: a. Insurance of 18,000 paid for the c...
Financial Accounting
Every year, the U.S. Coast Guard collects data and compiles statistics on reported recreational boating acciden...
STATISTICS F/BUSINESS+ECONOMICS-TEXT
What is SQL? In general terms, how can it be used?
Accounting Information Systems
Enterprise Risk Management is a process for organizational governance. Discuss why this might be correct and wh...
Pkg Acc Infor Systems MS VISIO CD
How is a marketing-oriented firm different from a production-oriented firm or a sales-oriented firm?
Foundations of Business (MindTap Course List)
FormaI Business Report: Gathering Data for International Expansion. U.S. businesses are expanding into foreign ...
Essentials of Business Communication (MindTap Course List)
The classical principle of monetary neutrality states that changes in the money supply do not influence _______...
Principles of Macroeconomics (MindTap Course List)
Every year, the U.S. Coast Guard collects data and compiles statistics on reported recreational boating acciden...
Statistics for Business & Economics, Revised (MindTap Course List)
Contrast the focus of marketing activities during the five eras of marketing history.
Contemporary Marketing
The great 18th-century economist Adam Smith wrote, Little else is requisite to carry a state to the highest deg...
Principles of Macroeconomics (MindTap Course List)
REQUIRED INVESTMENT Tannen Industries is considering an expansion. The necessary equipment would be purchased f...
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
AFN EQUATION Refer to Problem 16-1 and assume that the company had 3 million in assets at the end of 2014. Howe...
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
EXPECTED RETURNS Suppose you won the lottery and had two options: (1) receiving 0.5 million or (2) taking a gam...
Fundamentals of Financial Management (MindTap Course List)
In the debate about clean air standards, we have often heard the statement a nation as rich as the United State...
Exploring Economics
For each of the following items, circle either (a) or (b). In some cases, both (a) and (b) may apply to you. Yo...
Management, Loose-Leaf Version
Why dont banks hold 100-percent reserves? How is the amount of reserves banks hold related to the amount of mon...
Brief Principles of Macroeconomics (MindTap Course List)
What is the role of the financial system? Name and describe two markets that are part of the financial system i...
Principles of Economics (MindTap Course List)
Using Past Information to Estimate Required Returns Use online resources to work on this chapter's questions. P...
Fundamentals of Financial Management (MindTap Course List)
Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends...
Essentials of Economics (MindTap Course List)
Identify and understand the social factors that affect consumer buying decisions
MKTG 12:STUDENT ED.-TEXT
(Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more elastic over a ...
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
You win 100 in a basketball pool. You have a choice between spending the money now and putting it away for a ye...
Principles of Microeconomics (MindTap Course List)
What is a testable strategy?
Cornerstones of Cost Management (Cornerstones Series)
Under the FLSA, what information concerning employees wages earned must be maintained by the employer?
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Classification of Cash Flows Stanfield Inc. reported the following items in its statement of cash flows present...
Cornerstones of Financial Accounting
Describe the difference between an account receivable and an account payable.
Corporate Financial Accounting
What happens to the supply curve if each of the following occurs? a. The number of sellers decreases. b. A per-...
Macroeconomics
What are the different venues available for arbitration settlements?
Purchasing and Supply Chain Management
A bank is trying to determine which of two machines to rent for check processing. Machine 1 rents for 10,000 pe...
Practical Management Science
Which of the following can create demand-pull inflation? a. Excessive aggregate spending b. Sharply rising oil ...
Economics For Today
Key Concept: Lorenz Curve When the Lorenz curve lies above the diagonal, the poorest 20 percent of the populati...
Micro Economics For Today
The quantity demanded of good X rises from 130 to 145units as income rises from 2,000 to 2,500 a month. What is...
Economics (MindTap Course List)
