How does percentage depletion affect financial statement presentations? (a) Continues after cost recovery (b) Limited to 50% of taxable income (c) Based on actual extraction only (d) Stops when cost is recovered. MCQ Related to Financial Accounting 4 PTS
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- 22. Which situation indicates a loss on the income statement when preparing worksheet?A. Total debits equal total credits.B. Total credits exceed total debitsC. Total debits exceed total creditD. None of the choices 23. Which of the following is not shown in the Balance Sheet?A. RevenueB. CashC. LandD. Accounts Payable 24.In which columns of a worksheet would the adjusted balance of accumulated depreciation appear?A. Adjusted trial balance credit, Balance Sheet debit.B. Adjusted trial balance credit, income statement creditC. Adjusted trial balance debit, balance sheet debitD. Adjusted trial balance credit, balance sheet credit 26. If total credits exceed total debits in the Balance Sheet columns of a worksheet:A. A loss has occurred.B. A mistake has been made.C. A profit has occurredD. No conclusion can be drawn. 27. The components of the balance sheet equation are:A. Assets, income and owner's equity.B. Assets, liabilities and owner's equity.C. Income, expenses and profit.D.…Pat Colt is auditing the financial statements of Manning Company. The following is a summary of the uncorrected misstatements that Colt has identified during the past three years. These misstatements are immaterial and have related to isolated matters. In this summary, parentheses imply that the misstatements would have reduced balances if they had been corrected (e.g., in 2020, the misstatements would have reduced net income by $82,500, assets by $100,000, liabilities by $17,500, and equity by $82,500 if corrected). Year Effect on Net Income 2020 2021 2022 $ (82,500) (22,000) 30,000 Effect on Assets $ (100,000) (25,500) 30,000 Effect on Liabilities $ (17,500) (3,500) Ө Effect on Equity $ (82,500) (22,000) 30,000 During the most recent audit, Colt concluded that expenses totaling $130,000 were recognized in January 2024 (when Manning paid them) but should have been recognized in 2023. Required: a. What is the dollar impact of the misstatement identified in 2023 on each of the following…Current Attempt in Progress Information for 2020 follows for Bramble Corp.: Retained earnings, January 1, 2020 Sales revenue Cost of goods sold Interest income Selling and administrative expenses Unrealized gain on FV-OCI equity investments (gains/losses not recycled) Loss on impairment of goodwill Income tax on continuing operations for 2020 (assume this is correct) Assessment for additional income tax for 2018 (normal, recurring, and not caused by an error) Gain on disposal of FV-NI investments Loss from flood damage Loss on disposal of discontinued division (net of tax of $66,000) Loss from operation of discontinued division (net of tax of $40,250) Dividends declared on common shares Dividends declared on preferred shares $2,020,000 36,800,000 28,734,000 162,000 4,650,000 281,000 494,000 661,400 573,000 103,000 374,000 264,000 161,000 286,500 60,600 Bramble decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On…
- Net Operating Income (-) Interest Expense (-) Cost Recovery Allowance (=) _________________ (or) NOI (minus) Interest Expense (minus) Cost Recovery Allowance (equals) ___________________ Group of answer choicesA decrease in Selling and Administrative Expenses woulddirectly impact what ratio?a. Fixed asset turnover ratio. c. Current ratio.b. Times interest earned. d. Gross profit percentage.which of the following transactions and events would result in animprovement in Interest Coverage Ratio?A. receiving cash for unearned sales revenueB. a payment of income tax owing from the previous periodC. an adjustment for accrued interest revenueD. A and B onlyE. A and C onlyF. B and C onlyG. All of the aboveH. None of the above
- Need help completing thisA-1. What is the NET EFFECT of the errors in PERFECT’s 2020 net income? (After your numerical figure, immediately write OVER if overstated or UNDER if understated, example: XXX-OVER or XXX-UNDER)Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail 140 units @ $6.00 = $ 840 Jan. 1 Beginning inventory Jan. 10 Sales 100 units @ $ 15 Jan. 20 Purchase 60 units @ $5.00 = Jan. 25 Sales 80 units @ $15 Jan. 30 Purchase 180 units @ $4.50 = 380 units Totals Sales Cost of goods sold Gross profit The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Expenses Income before taxes Income tax expense Net income Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250 and that the applicable income tax rate is 40%. (Round your…
