Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Im getting some wrong, I did the first one as a refrence Listed below are some financial statement classifications coded with letters and, below them,

image text in transcribedimage text in transcribed

Im getting some wrong, I did the first one as a refrence

image text in transcribedimage text in transcribed
Listed below are some financial statement classifications coded with letters and, below them, selected transactions and/or account es. Code Financial Statement Classification Statement of Comprehensive Income Earnings/loss from continuing operations Earnings/loss from discontinued operations Other comprehensive income Earnings per share onm> Statement of Financial Position Current assets Noncurrent assets Current liabilities Noncurrent liabilities Shareholders' equity HID'I'IITI Statement of Changes in Shareholders' Equity Ne\" Beginning balance An adjustment (addition to or deduction from) beginning balance Change during the yearretained earnings Change during the yearinvested capital (not designated as a discontinued ope rat ion) Change during the yearitems of other comprehensive income Notes to the financial statements Required: For each transaction or account title, select code letters to indicate how that item will appear on the statements, either directly or implicitly. The rst item, "0," is shown as an example. 0. Accrued interest on long-ten'n receivables A, E 1. Provision for restructuring costs 2. Accrued liability for employee post-retirement benets 3. Factory equipment designated for sale 4. Translation gain on self-sustaining foreign subsidiary 5. Appropriation for plant expansion 6. Payment of $30,000 additional income tax assessment on prior year's income 7. Cash dividends declared; not yet paid 8. Estimated amount to be collected from a lawsuit against a competitor for patent infringement 9. Earnings from a subsidiary that was purchased with the explicit intent to resell it at a higher price 10. Exchange loss on accounts receivable balances in euros; the euro balances are hedged 11 Amount paid when the company purchased and retired some of its own common shares; the amount paid ' was in excess of the shares' original issue proceeds 12. Earnings after income tax from a division held for sale 13. Loss due to expropriation of a plant in a foreign country 14. Change in the translated net investment in a U.S. subsidiary 15. Interest paid during the year plus interest accrued on liabilities 16. Dividends received on shares held as an investment 17 Damages paid as a result of a lawsuit by an individual injured while shopping in the company's store; the ' litigation lasted three years 18. Cumulative effect of a change in accounting policy A $100,000 bad debt is to be written offthe receivable had been outstanding for nine months; the company estimates bad debts each year and has an allowance for bad debts 19. 2 ED >5. 4 20. Adjustment due to correction of an error during current year; the error was made two years earlier

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

9th edition

1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227

More Books

Students also viewed these Accounting questions

Question

history

Answered: 1 week ago

Question

Self-confidence

Answered: 1 week ago

Question

The number of people commenting on the statement

Answered: 1 week ago