answerstoquizch4

answerstoquizch4 - View Attempt 1 of 1 Title quiz 5chapter4...

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View Attempt 1 of 1  Title: quiz 5-chapter4 Started: February 11, 2010 10:09 PM Submitted: February 11, 2010 10:38 PM Time spent: 00:28:24  Total score: 110/110 = 100%   Total score adjusted by 0.0  Maximum possible score: 110  1. Question 1   The financial statement presentation of a change in depreciation methods is most similar to that of reporting:    Student Response Value Correct Answer Feedback 1.  Changes in  accounting estimates.  100%       2.  Prior period  adjustments.       3.  Correction of errors.       4.  Extraordinary items.       Score: 10/10    2. Question2   Louie's Construction Co.'s 2003 income from continuing operations before income taxes was $280,000. Louie's  reported a before-tax extraordinary gain of $50,000. All tax items are subject to a 40% tax rate. In its income  statement for 2003, Louie's would show the following line-item amounts for net income and income tax  expense:   
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