sept18 - the Income Statement and past year’s amounts...

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Michael McCormick CA4-3 1. Extraordinary. Rare indicates unusual and infrequent. 2. Not extraordinary. Not uncommon in business. 3. Extraordinary. Only if crop damage is not unusual or infrequent. 4. Not extraordinary. Selling securities in business is common. 5. Not extraordinary. Has sold land in the past. 6. Not extraordinary. In the practice of buying bonds. 7. Not extraordinary. Happens every 3 to 4 years. 8. Extraordinary. Sold the only land the company owned P4-3 Tony Rich Inc. Income Statement Year ending 12,31,2007
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Michael McCormick P4-6
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Michael McCormick CA4-8 1. Placed in Retained Earnings. Item is prior period. 2. Placed in the Income statement under revenue. The dealer is in the business of selling cars. 3. Placed in Retained Earnings/Income Statement. Depreciation for current year will go into
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Unformatted text preview: the Income Statement, and past year’s amounts into Retained Earnings. 4. Placed in The Income Statement. Item is a change in estimate. 5. Placed in the Income Statement as discontinued operations. 6. Placed in the Income Statement for current year. The item is a change in estimate, and must restate prior year’s income statements. 7. Placed on the Income Statement as unusual loss 8. Placed on the Income Statement as unusual loss 9. Place in the Retained Earnings, and restate prior year’s income statements. 10. Placed in the Income Statement under as Extraordinary item 11. Placed in the Income Statement under other loss/gain. Michael McCormick...
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This note was uploaded on 07/04/2011 for the course ACG 101 taught by Professor Burnett during the Spring '09 term at Edison State College.

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sept18 - the Income Statement and past year’s amounts...

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