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(solution) 4 easy accounting questions and a comfortable due date. Sorry I


4 easy accounting questions and a comfortable due date. Sorry I can't offer any more tutor credit. Thanks in advance! :-)


Question 1:

 

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

 

Operating expenses

 

Total expenses

 

Operating profit/(loss)

 

Identifiable assets B

 

C

 

$340,000

 

$120,000

 

195,000

 

95,000

 

60,000

 

50,000

 

255,000

 

145,000

 

65,000

 

85,000

 

(25,000)

 

15,000

 

126,000

 

30,000 D

 

E

 

$80,000 $20,000 $490,000

 

30,000 8,000 300,000

 

35,000 6,000 110,000

 

14,000 410,000

 

6,000 80,000

 

$52,000

 

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.

 

b)

 

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.

 

a.

 

b.

 

c.

 

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?

 


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