The occurrence which most likely would have no effect

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Intermediate Accounting: Reporting and Analysis
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Chapter 5 / Exercise 5-7
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
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35.The occurrence which most likely would have no effect on 2010 net income (assuming that all amounts involved arematerial) is thea.sale in 2010 of an office building contributed by a stockholder in 1983.b.collection in 2010 of a receivable from a customer whose account was written off in 2009 by a charge to the allowanceaccount.c.settlement based on litigation in 2010 of previously unrecognized damages from a serious accident which occurred in2008.d.worthlessness determined in 2010 of stock purchased on a speculative basis in 2006.
S36.The occurrence that most likely would have no effect on 2010 net income is the
P37.Which of the following is not a selling expense?
P38.The accountant for the Lintz Sales Company is preparing the income statement for 2010 and the balance sheet at December 31, 2010. The January 1, 2010 merchandise inventory balance will appear
39.In order to be classified as an extraordinary item in the income statement, an event or transaction should bea.unusual in nature, infrequent, and material in amount.b.unusual in nature and infrequent, but it need not be material.c.infrequent and material in amount, but it need not be unusual in nature.d.unusual in nature and material, but it need not be infrequent.
40.Classification as an extraordinary item on the income statement would be appropriate for the
41.Which of these is generally an example of an extraordinary item?
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Intermediate Accounting: Reporting and Analysis
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Chapter 5 / Exercise 5-7
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
Test Bank for Intermediate Accounting, Thirteenth Edition

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