Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 13, Problem 9DQ
To determine
Indicate the method of reporting of the prior period adjustment on the current year financial statements.
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A prior period adjustment relates to the income of pastaccounting periods. Explain how such an item is shown inthe financial statements.
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Chapter 13 Solutions
Financial Accounting
Ch. 13 - Of two corporations organized at approximately the...Ch. 13 - A stockbroker advises a client to buy preferred...Ch. 13 - A corporation with both preferred stock and common...Ch. 13 - An owner of 2,500 shares of Simmons Company common...Ch. 13 - Prob. 5DQCh. 13 - A corporation reacquires 60,000 shares of its own...Ch. 13 - The treasury stock in Discussion Question 7 is...Ch. 13 - What are the three classifications of restrictions...Ch. 13 - Prob. 9DQCh. 13 - What is the primary purpose of a stock split?
Ch. 13 - National Furniture Company has 25,000 shares of...Ch. 13 - Prob. 1PEBCh. 13 - On August 26, Mountain Realty Inc. issued for cash...Ch. 13 - Entries for issuing stock On January 22, Zentric...Ch. 13 - The declaration, record, and payment dates in...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Olde Wine Corporation has 250,000 shares of 40 par...Ch. 13 - Entries for stock dividends Antique Buggy...Ch. 13 - Prob. 5PEACh. 13 - Prob. 5PEBCh. 13 - Using the following accounts and balances, prepare...Ch. 13 - Prob. 6PEBCh. 13 - Prob. 7PEACh. 13 - Prob. 7PEBCh. 13 - Prob. 8PEACh. 13 - Prob. 8PEBCh. 13 - Triple Z Inc., a developer of radiology equipment,...Ch. 13 - Dividends per share Lightfoot Inc., a software...Ch. 13 - On April 20, Gallatin County Rocks Inc., a marble...Ch. 13 - On May 15, Helena Carpet Inc., a carpet...Ch. 13 - On July 11, American Lift Corporation, a...Ch. 13 - Prob. 6ECh. 13 - Issuing stock Willow Creek Nursery, with an...Ch. 13 - Occupational Products Inc., a wholesaler of office...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Entries for stock dividends Senior Life Co. is an...Ch. 13 - Mystic Lake Inc. bottles and distributes spring...Ch. 13 - Prob. 12ECh. 13 - Treasury stock transactions Biscayne Bay Water...Ch. 13 - Reporting paid-in capital The following accounts...Ch. 13 - Stockholders Equity section of balance sheet The...Ch. 13 - Stockholders Equity section of balance sheet...Ch. 13 - Sumter Pumps Corporation, a manufacturer of...Ch. 13 - Stockholders Equity section of balance sheet List...Ch. 13 - The stockholders equity T accounts of I-Cards Inc....Ch. 13 - Prob. 20ECh. 13 - Prob. 21ECh. 13 - Selected dividend transactions, stock split...Ch. 13 - Prob. 23ECh. 13 - Pacific Gas and Electric Company is a large gas...Ch. 13 - For a recent year, OfficeMax and Staples are two...Ch. 13 - Sunbird Theatre Inc. owns and operates movie...Ch. 13 - Stock transactions for corporate expansion On...Ch. 13 - The following selected accounts appear in the...Ch. 13 - Morrow Enterprises Inc. manufactures bathroom...Ch. 13 - Selected transactions completed by Primo Discount...Ch. 13 - Prob. 1PBCh. 13 - Prob. 2PBCh. 13 - Selected stock transactions Diamondback Welding ...Ch. 13 - Nav-Go Enterprises Inc. produces aeronautical...Ch. 13 - Prob. 5PBCh. 13 - Prob. 1CPCh. 13 - Prob. 2CPCh. 13 - Prob. 3CPCh. 13 - Prob. 4CPCh. 13 - Prob. 5CP
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- Describe the effect on the financial statements when an adjustment is prepared that records (a) unrecorded revenue and (b) unrecorded expense.arrow_forwardtrue or false? Gains and losses are allocated over the interim period in the preparation of interim financial reports.arrow_forwardGenerally accepted methods of accounting for a change in accounting principle include restating prior years' financial statements presented for comparative purposes. making a prior period adjustment. prospective changes. including the cumulative effect of the change in current period net income.arrow_forward
- corrections of errors that occurred on a previous period’s financial statements are called?arrow_forwardGenerally accepted methods of accounting for a change in accounting principle include O ncluding the cumulative effect of the change in current period net income. restating prior years' financial statements presented for comparative purposes. O making a prior period adjustment. O prospective changes.arrow_forwardDescribe the three different methods used to calculate the periodic depreciation allowances for financial reporting?arrow_forward
- Using IFRS, how should prior period errors that are discovered in a subsequent reporting period be recognized in the financial statements? a. As an adjustment to beginning retained earnings for the reporting period in which the error was discovered. b. As a note in the financial statements that the error was previously made but has since been corrected. c. In the current period if it’s not considered practicable to report it retrospectively. d. In the statement of comprehensive income.arrow_forwardOutline revenue recognition criteria under modified accrual accountingarrow_forwardIf an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? a. Estimate b. Accruals c. Deferrals d. Provisionarrow_forward
- Sometimes financial statements contain errors. What type of liabilities may need correction as a prior period adjustment?arrow_forwardOn which financial statement are current liabilities reported?arrow_forwarddescribe the need for accruals and other adjustments in preparing fi nancial statementsarrow_forward
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