ced the following transactions during the year ended December 31, 2020 ent for the year ended Dd ples used in accounting - X More Info br principle in prep: a me statement for the ye of the statement. (Rou het loss.) b C Suppose the division provided copy services to a customer for the discounted price of $260,360. Under normal conditions, Allen would have provided these services for $283,000. Other revenues totalled $56,000 Salaries cost the division $26,000 to provide these services. The division had to pay employees overtime Ordinarily, the salary cost for these services would have been $23,400 Other expenses totalled $250,000 Income tax expense was 29% of income before tax Allen has two operating divisions. Each division is accounted for separately to indicate how well each is performing At year-end, Allen combines the statements of divisions to show results for Allen as a whole Inflation affects the amounts that Allen must pay for copy machines. To show the effects of inflation, net income would drop by S6,000 If Allen were to go out of business, the sale of its assets would bring in $150,000 in cash d. e f Print Done ds and then continue to the next question. Assume that the Special Contract Division Allen experienced the following transactions during the year ended December 31, 2020 (Click the icon to view the transactions.) Requirements 1. Prepare the Special Contracts Division income statement for the year ended December 31, 2020 2 Identity the accounting concepts, assumptions, or principles used in accounting for the items described in a through f State how you have applied the concept, assumption, or principle in preparing the Division's income statement Requirement 1. Prepare the Special Contracts Division income statement for the year ended December 31, 2020 Begin by completing the header, and then complete the body of the statement. (Round amounts to the nearest whole dollar. Use parentheses or a minus sign to indicate a net loss.) Revenue Total revenue Expenses Total operating expenses Assume that the Special Contract Division of Allen experienced the following transactions during the year ended December 31, 2020 Click the icon to view the transactions.) Requirements 1. Prepare the Special Contracts Division income statement for the year ended December 31, 2020 2 Identify the accounting concepts, assumptions or principles used in accounting for the items described in a through State how you have applied the concept assumption, or principle in preparing the Division's income statement Total operating expenses Net income (los) Requirement 2. Identify the accounting concepts assumptions principles used in accounting for the items described in a through Stafe how you have applied the concept, assumption, or principle in preparing the Division's income statement Identify the accounting assumption or characteristic that provides guidance in accounting for the item described. How have you applied the assumption or characteristics in preparing the special contracts division income statement? Begin with transactiona Report revenues at their value because that amount is supported by data What management believes the goods are worth is based on V and V to dispute b Account for expenses C. Account for y because Assume that the Special Contract Division of Allen expenenced the following transactions during the year ended December 31, 2020 Click the icon to view the transactions.) Requirements 1. Prepare the Special Contracts Division income statement for the year ended December 31, 2020 2 Kentify the accounting concepts, assumptions, or principles used in accounting for the items described in a through f State how you have applied the concept, assumption, or principle in prepaning the Division's income statement Net income doss) Requirement 2. Identify the accounting concepts, assumptions, or principles used in accounting for the items described in a through t State how you have applied the concept, assumption or principlen preparing the Division's income statement Identily the accounting assumption or characteristic that provides guidance in accounting for the item described How have you applied the assumption or characteristics in preparing the special contracts division income statement? Begin with transaction a Report revenues at their value because that amount is supported by data What management believes the goods are worth is based on and dispute b Account for expenses C Account for because d Each operating division of the company is Allen as a whole tor accounting purposes e. Accounting in Canada the effect of 7 f. There is no evidence that Allen so it seems Therefore the potential sale value of Alien assets is not recorded Requirements 1. Prepare the Special Contracts Division income statement for the year ended December 31, 2020 2. Identify the accounting concepts, assumptions, or principles used in accounting for the items described in a through is statement Net income (loss) Requirement 2. Identify the accounting concepts, assumptions, or principles used in accounting for the items described in a Identify the accounting assumption or characteristic that provides guidance in accounting for the item described How have a. Report revenues at their value because that amount is suppo dis b. it for expenses c. it for because Faithful representation characteristic Going concern assumption Historical-cost assumption Relevance and materiality characteristics Separate entity assumption Stable-monetary-unit concept d. perating division of the company is with e. iting in Canada the effect of f. There is no evidence that Allen is so it seems