FASB codification research • LO19–2 The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on stock compensation using the FASB Accounting Standards Codification at the FASB website ( www.fasb.org ). What is the specific citation that describes the information that companies must disclose about the exercise prices for their stock option plans? 2. List the disclosure requirements.
FASB codification research • LO19–2 The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on stock compensation using the FASB Accounting Standards Codification at the FASB website ( www.fasb.org ). What is the specific citation that describes the information that companies must disclose about the exercise prices for their stock option plans? 2. List the disclosure requirements.
Solution Summary: The author explains that the Financial Accounting Standards Board (FASB) creates, develops and approves accounting standards and administers GAAP.
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted
accounting principles.
Required:
1. Obtain the relevant authoritative literature on stock compensation using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the information that companies must disclose about the exercise prices for their stock option plans?
We note the following adjusted trial balance totals:
Cash
$ 21,000
Accounts Receivable
$ 20,000
Allowance for Doubtful Accounts
$2,000
Merchandise Inventory
$ 20,000
Accounts Payable
$16,000
Capital
$ 3,000
Sales
Sales Returns
Cost of Goods Sold
Other Expenses
Gross profit is:
a. $56,000
b. $50,000
c. $80,000
d. $74,000
$ 80,000
$ 6,000
$ 24,000
$ 10,000
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