4 easy accounting questions and a comfortable due date. Sorry I can't offer any more tutor credit. Thanks in advance! :-)
A few years ago, a publishing company in the fourth quarter had a net profit figure that exceeded sales for that
quarter. Such a situation as this suggests that some difficult accounting issues are involved in interim reporting.
a. What is ?interim reporting?? a. What are the major accounting problems related to interim reports? a. What problem exists with income taxes in interim reports and how does GAAP recommend that taxes be
reported? What does GAAP require? Question 2:
Cola Corporation issued its financial statements for the year ended December 31, 2014, on February 25, 2015. The
following events took place early in 2015.
? On January 29, the company purchased 50,000 shares of its $1 par value common stock for $23per share.
On February 15, Cola determined after negotiations with the other party in a lawsuit that Cola
should pay $500,000. At December 31, 2014, a litigation liability was had been recorded for $200,000. a. What is meant by ?post-balance-sheet events?? a. Describe the two different types of post-balance sheet events. a. Indicate what needs to be done for the two transactions stated above. If any journal entries need to be
prepared, do so in proper form with explanations and computations. Question 3: Hazard Corporation is a diversified company that operates in five different
industries: A, B, C, D, and E. The following information relating to each segment is available for 2015.
A Sales revenue
Cost of goods sold
Identifiable assets B
$80,000 $20,000 $490,000
30,000 8,000 300,000
35,000 6,000 110,000
5,000 389,000 Sales of segments A and C included intersegment sales of $45,000 and $76,000, respectively.
Required: Show all computations.
a) Determine which of the segments are reportable based on the:
(1) Revenue test.
(2) Operating profit (loss) test.
(3) Identifiable assets test.
Explain the guidelines for determining the minimum number of operating segments to be shown.
Then determine if enough operating segments have been separately reported upon. Question 4:
The Form 10-K for Yahoo! Inc. as of and for the year ended December 31, 2013 is posted under APP8 on
myCourses. Use it to answer the following questions in complete sentences restating the question.
d. What is the footnote number in which the Summary of Significant Accounting Policies? is provided? What
does that footnote state the company?s mission is driven by?
What is the footnote number in which ?Transactions with Related Parties? is provided? What does that
footnote state about the effect of related party transactions on revenue?
What is the footnote number in which Segment information is provided? What are the names of the
segments on which the company reports?
What is the footnote number in which Subsequent Events are reported? What does that footnote state was
the subsequent event?
This question was answered on: Jan 30, 2021
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