Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity. ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures. To explain: The recognition of revenue, product cost, gains, and losses for interim periods.

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Answer 1

Question

Chapter 13, Problem 13.2C

a

To determine

Introduction:

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The recognition of revenue, product cost, gains, and losses for interim periods.

b

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The difference in determination of cost of goods sold and inventory for interim period report versus annual reports.

c

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The interim accounting treatment of period costs such as depreciation.

d

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The treatment of long-term contracts, advertising, seasonable revenue flood loss, and annual major repair and maintenance to plant and equipment during the last two weeks in December.

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OLX Enterprises purchased a machine for $325,000 on October 1, 2010. The estimated service life is ten years with a $32,600 residual value. OLX records partial-year depreciation based on the number of months in service. Depreciation expense for the year ended December 31, 2010, using straight-line depreciation, is?

Answer 2

Question

Chapter 13, Problem 13.2C

a

To determine

Introduction:

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The recognition of revenue, product cost, gains, and losses for interim periods.

b

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The difference in determination of cost of goods sold and inventory for interim period report versus annual reports.

c

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The interim accounting treatment of period costs such as depreciation.

d

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The treatment of long-term contracts, advertising, seasonable revenue flood loss, and annual major repair and maintenance to plant and equipment during the last two weeks in December.

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Answer 3

Question

Chapter 13, Problem 13.2C

a

To determine

Introduction:

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The recognition of revenue, product cost, gains, and losses for interim periods.

b

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The difference in determination of cost of goods sold and inventory for interim period report versus annual reports.

c

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The interim accounting treatment of period costs such as depreciation.

d

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The treatment of long-term contracts, advertising, seasonable revenue flood loss, and annual major repair and maintenance to plant and equipment during the last two weeks in December.

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Answer 4

Question

Chapter 13, Problem 13.2C

a

To determine

Introduction:

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The recognition of revenue, product cost, gains, and losses for interim periods.

b

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The difference in determination of cost of goods sold and inventory for interim period report versus annual reports.

c

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The interim accounting treatment of period costs such as depreciation.

d

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The treatment of long-term contracts, advertising, seasonable revenue flood loss, and annual major repair and maintenance to plant and equipment during the last two weeks in December.

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Answer 5

Chapter 13, Problem 13.2C

a

To determine

Introduction:

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The recognition of revenue, product cost, gains, and losses for interim periods.

b

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The difference in determination of cost of goods sold and inventory for interim period report versus annual reports.

c

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The interim accounting treatment of period costs such as depreciation.

d

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The treatment of long-term contracts, advertising, seasonable revenue flood loss, and annual major repair and maintenance to plant and equipment during the last two weeks in December.

Answer 6

Chapter 13, Problem 13.2C

a

To determine

Introduction:

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The recognition of revenue, product cost, gains, and losses for interim periods.

Answer 7

Chapter 13, Problem 13.2C

a

To determine

Introduction:

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The recognition of revenue, product cost, gains, and losses for interim periods.

Answer 8

b

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The difference in determination of cost of goods sold and inventory for interim period report versus annual reports.

Answer 9

b

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The difference in determination of cost of goods sold and inventory for interim period report versus annual reports.

Answer 10

c

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The interim accounting treatment of period costs such as depreciation.

Answer 11

c

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The interim accounting treatment of period costs such as depreciation.

Answer 12

d

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The treatment of long-term contracts, advertising, seasonable revenue flood loss, and annual major repair and maintenance to plant and equipment during the last two weeks in December.

Answer 13

d

To determine

Interim reporting: Interim report cover a time period of less than a year, interim report can be far a week, a month, a quarter, or more than one quarter. Many companies prepare monthly financial statements for internal management purposes. It presents a number of conceptual and measurement issues. Most of these are related to accounting concepts of periodicity and the division of the annual periods. ASC 250 requires three categories of accounting changes: (1) change in accounting principle, (2) change in an accounting estimate, and (3) change in reporting entity.

ASC 270 issued guidelines for the standardization of interim income statements. The standard also defines the income and measurement of costs on an interim basis. It provides guidelines for the annual report disclosures and interim disclosures and adjustments required to make interim figures to annual figures.

To explain: The treatment of long-term contracts, advertising, seasonable revenue flood loss, and annual major repair and maintenance to plant and equipment during the last two weeks in December.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 13 - Prob. 13.1Q Ch. 13 - Prob. 13.2Q Ch. 13 - What are the three 10 percent significance tests...Ch. 13 - Prob. 13.4Q Ch. 13 - A company has 10 industry segments, of which the...Ch. 13 - Prob. 13.6Q Ch. 13 - Prob. 13.7Q Ch. 13 - Prob. 13.8Q Ch. 13 - Prob. 13.9Q Ch. 13 - Prob. 13.10Q

Solution Summary: The author explains ASC 250's requirements for the standardization of interim income statements, including the recognition of revenue, product cost, gains, and losses.

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Chapter 13 Solutions