Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Textbook Question
Chapter 16, Problem 2MC
A prior period adjustment should be reflected, net of applicable income taxes, in the financial statements of a business entity in the:
- a.
retained earnings statement after net income but before dividends - b. retained earnings statement as an adjustment of the opening balance
- c. income statement after income from continuing operations
- d. income statement as part of income from continuing operations
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It is required to present earnings per share for:
Select one:
a.income from continuing operations before the effect of discontinued operations.
b.the gross profit.
c.operating income.
d.Income before Other Comprehensive Income.
If it is impracticable to determine the cumulative effect of an accounting change to any of the prior periods, the accounting change should be accounted for
a. as a cumulative effect change on the income statement
b. as a prior period adjustment
c. on a prospective basis
d. as an adjustment to retained earnings
Which of the following events or transactions has NO effect on retained earnings?
a. Net income.
b. Dividends declared.
c. Other accumulated comprehensive income.
d. Earnings adjustment from previous periods. Prior period adjustments
Chapter 16 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 16 - What are the four important dates in regard to a...Ch. 16 - How does the ex-dividend date differ from the date...Ch. 16 - Prob. 3GICh. 16 - Prob. 4GICh. 16 - Prob. 5GICh. 16 - Prob. 6GICh. 16 - How does the accounting for a liquidating dividend...Ch. 16 - Prob. 8GICh. 16 - Prob. 9GICh. 16 - Prob. 10GI
Ch. 16 - What items might a corporation include in the...Ch. 16 - Prob. 12GICh. 16 - Prob. 13GICh. 16 - Prob. 14GICh. 16 - Prob. 15GICh. 16 - On what date are stock dividends and splits...Ch. 16 - Prob. 17GICh. 16 - What two earnings per share figures generally are...Ch. 16 - Prob. 19GICh. 16 - Prob. 20GICh. 16 - Prob. 21GICh. 16 - A company with potentially dilutive share options...Ch. 16 - Prob. 23GICh. 16 - Cash dividends on the 10 par value common stock of...Ch. 16 - A prior period adjustment should be reflected, net...Ch. 16 - Prince Corporations accounts provided the...Ch. 16 - Effective May 1, the shareholders of Baltimore...Ch. 16 - Kent Corporation was organized on January 1, 2014....Ch. 16 - For purposes of computing the weighted average...Ch. 16 - In determining basic earnings per share, dividends...Ch. 16 - Hyde Corporations capital structure at December...Ch. 16 - Iredell Company has 2,500,000 shares of common...Ch. 16 - Prob. 10MCCh. 16 - Prob. 1RECh. 16 - Prob. 2RECh. 16 - Prob. 3RECh. 16 - Use the same facts as in RE 16-3, but instead...Ch. 16 - Given the following current year information,...Ch. 16 - In Year 2, Adams Corporation discovered that it...Ch. 16 - Howard Corporal ion had 10,000 shares of common...Ch. 16 - Given the following year-end information for...Ch. 16 - Aiken Corporation has compensatory share options...Ch. 16 - Marlboro Corporation has 9% convertible preferred...Ch. 16 - Sarasota Corporation has 9% convertible bonds...Ch. 16 - Given the following year-end information, compute...Ch. 16 - Various Dividends Carlyon Company listed the...Ch. 16 - Dividends Andrews Company has 80,000 available to...Ch. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Stock Dividend Comparison Although Oriole Company...Ch. 16 - Prior Period Adjustments Scobie Company began 2019...Ch. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Shareholders Equity Herrera Manufacturing...Ch. 16 - Prob. 11ECh. 16 - Weighted Average Shares At the beginning of 2019,...Ch. 16 - Weighted Average Shares At the beginning of the...Ch. 16 - Earnings per Share The 2018 balance sheet for...Ch. 16 - Prob. 15ECh. 16 - Jumbo Corporation reported the following...Ch. 16 - Lucas Company reports net income of 5,125 for the...Ch. 16 - Monona Company reported net income of 29,975 for...Ch. 16 - Lyon Company shows the following condensed income...Ch. 16 - Extreme Company reported the following information...Ch. 16 - Mills Company had five convertible securities...Ch. 16 - Prob. 22ECh. 16 - Prob. 23ECh. 16 - Prob. 24ECh. 16 - Prob. 25ECh. 16 - Tama Companys capital structure consists of common...Ch. 16 - Percy Company has 15,000 shares of common stock...Ch. 16 - Prob. 28ECh. 16 - Keener Company has had 1,000 shares of 7%, 100 par...Ch. 16 - Otter Tail, Inc., began operations in January 2015...Ch. 16 - On January 1, 2019, Kittson Company had a retained...Ch. 16 - Prob. 4PCh. 16 - Alert Companys shareholders equity prior to any of...Ch. 16 - Prob. 6PCh. 16 - Oakwood Inc. is a public enterprise whose shares...Ch. 16 - Prob. 8PCh. 16 - Prob. 9PCh. 16 - Prob. 10PCh. 16 - Raun Company had the following equity items as of...Ch. 16 - Prob. 12PCh. 16 - Prob. 13PCh. 16 - Gray Company lists the following shareholders...Ch. 16 - Included in the December 31, 2018, Jacobi Company...Ch. 16 - Prob. 16PCh. 16 - Graham Railways Inc. is evaluating its operations...Ch. 16 - Prob. 18PCh. 16 - Anoka Company reported the following selected...Ch. 16 - Winona Company began 2019 with 10,000 shares of 10...Ch. 16 - Waseca Company had 5 convertible securities...Ch. 16 - Roseau Company is preparing its annual earnings...Ch. 16 - Prob. 23PCh. 16 - Frost Company has accumulated the following...Ch. 16 - The controller of Red Lake Corporation has...Ch. 16 - Prob. 26PCh. 16 - Problems may be encountered in accounting for...Ch. 16 - Stock splits and stock dividends may be used by a...Ch. 16 - Earnings per share (EPS) is the most featured...Ch. 16 - The earnings per share data required of a company...Ch. 16 - Prob. 5CCh. 16 - Public enterprises are required to present...Ch. 16 - Prob. 7CCh. 16 - Ryan Company has as a goal that its earnings per...
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- The cumulative effect of an accounting change should generally be reported as an adjustment to the beginning balance of retained earnings in tin period in which the change is made for a:arrow_forwardWhich of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPSarrow_forwardA loss from the sale of a component of a business enterprise is reported separately as a component of income: a. after income from continuing operations b. in income from continuing operations c. after income tax expense d. before income from continuing operationsarrow_forward
- If a company capitalizes costs that should be expensed, how is its income statement for the current period impacted? A. Assets understated B. Net Income understated C. Expenses understated D. Revenues understatedarrow_forwardThe retained earnings statement should be prepared a. before the income statement and balance sheet b. after the income statement and before the balance sheet C. before the income statement and after the balance sheet d. after the income statement and balance sheetarrow_forwardAn unrealized holding gain or loss on a company’s equity investment at fair value through other comprehensive income should be reflected in the current year financial statement as direct adjustment to the retained earnings account. income or loss on the statement of comprehensive income. a disclosure in the notes to the financial statements. Other comprehensive income in the equity section of the statement of financial position.arrow_forward
- can refer to a company's remaining revenues after paying all expenses and taxes. Select one: a. Income b. Revenue C. Assets and Liabilities d. Taxarrow_forwardfrom an analysis of the retained earnings columns, compute the net income or net lossarrow_forwardIt is added to income received to determine the total income for the year that is recorded under the accrual basis of accounting: a. deferred income - ending b. prepaid expense - beginning c. accrued income - beginning d. deferred income - beginningarrow_forward
- The amount of income a company reports in its financial statements is known as ________. Group of answer choices revenue income net operable income book income taxable incomearrow_forwardNet income appears on which financial statement(s)?a. Balance sheetb. Income statementc. Statement of retained earningsd. Both b and carrow_forwardBriefly explain the following: Balance Sheet Income Statement Statement of Changes in Financial Position Statement of Retained Earningsarrow_forward
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