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Can I get help with these question? Ill thumbs up if correct :). Thanks so much beforehand. The following information is provided for PG&E, a
Can I get help with these question? Ill thumbs up if correct :). Thanks so much beforehand. The following information is provided for PG&E, a utility company that operates in California. (Gross) Sales $1,000,000 Rent expense 5,000 Restructuring expense 12,000 Sales returns 50,000 Interest revenues 1,000 Warranty expense 5,000 Interest expense 18,000 Loss contingency from wildfires 1,000 Income tax expense 30,000 Dividends paid 8,000 Discount forfeited 10,000 Salary expense 20,000 Depreciation expense 30,000 Cost of goods sold 300,000 Determine gross profit, operating income, and net income, $700,000 / $587,000 / $540,000 None of other answer choices is correct $660.000 / $587.000 / $540,000 5660,000 / $592.000 / $540,000 Throughout this quarter, we discussed that under current GAAP, managers can exercise their discretion (i.e., judgements and estimates) to varying degree in preparation for financial statements. Which of the following accounting treatment least likely allows managers to exercise their discretion? Adjusting journal entries for accrued interest expense and interest payable at the year end Adjusting journal entries for expected sales returns at the year end Determination of allowance for doubtful accounts at the year end Determination of loss contingency at the year end
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