In Class work: Chapter 4
cfw_Tax Forms Marc and Michelle are married and earned salaries this year of $64,000 and
$12,000, respectively. In addition to their salaries, they received interest of $350 from
municipal bonds and $
Chapter 4: The Income Statement, Comprehensive Income, and Statement of Cash Flows
Income statement (statement of operations, statement of earnings): summarizes profitgenerating activities that occurred during a particular reporting period.
1. A company leases the following asset:
Fair value of $200,000.
Useful life of 5 years with no salvage value.
Lease term is 4 years.
Annual lease payment is $30,000 and the lease rate is 11%.
The company's overall borrowing rate is 9.5%.
49. [LO 1] Whitney received $75,000 of taxable income in 2014. All of the income was salary
from her employer. What is her income tax liability in each of the following alternative
a. She files under the single filing status.
1. The market price of a bond issued at a discount is the present value of its principal amount at the market (effective) rate of
1. Less the present value of all future interest payments at the rate of interest stated on the bond.
1. Wolf Inc. began a defined benefit pension plan for its employees on January 1, 2013. The following
data are provided for 2013 as of December 31, 2013:
What amount should Wolf report as a net pension liability at December 31, 2013?
1. $ 0
2. $ 45
THE INCOME STATEMENT, COMPREHENSIVE INCOME, AND THE
STATEMENT OF CASH FLOWS
The purpose of the income statement is to summarize the profit-generating activities that
occurred during a particular reporting period. Comprehensive income in
THE BALANCE SHEET AND FINANCIAL DISCLOSURES
Chapter 1 stressed the importance of the financial statements in helping investors and creditors
predict future cash flows. The balance sheet, along with accompanying disclosures, provides
TOWN OF BLACKSBURG, VIRGINIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
June 30, 2012
DEPARTMENT OF FINANCIAL SERVICES
TOWN OF BLACKSBURG, VIRGINIA
TABLE OF CONTENTS
Letter of Transmittal. i
Certificate of Ac
Interest and Penalties on Taxes
Licenses and Permits
Fines and Forfeits
Charges for Services
Expenditures and Encumbrances
Altira Corporation uses a periodic inventory system. The following information related to its
merchandise inventory during the month of August 2011 is available:
Aug 1 Inventory on hand - 2,000 units; cost $6.10 each.
Aug 8 Purchased 10,000 units fo
Preparing and Organizing Yourself
After reading this chapter, you should be able to:
for Success in College
L.O.1 Use cost-volume-prot (CVP) ana
CHAPTER 3 COST-VOLUME-PROFIT ANALYSIS 3-1
Cost-volume-profit (CVP) analysis examines the behavior of total revenues, total costs, and operating income as changes occur in the output level, selling price, variable costs per unit, and/or fixed costs of a pr
ESQUIRE COMIC BOOK COMPANY
For the Year Ended December 31, 2003
Income from continuing operations * .
Income from operations of discontinued component
(including loss on disposal of $350,000) .
TIME VALUE OF MONEY CONCEPTS
Time value of money concepts, specifically future value and present value, are essential in a
variety of accounting situations. These concepts and the related computational procedures are
the subjects of thi
The following is a December 31, 2011, post-closing trial balance for Culver City Lighting, Inc.
Student Name: Instructor
at December 31, 2003
Cash and cash equivalents
Accounts receivable, net of allowance for
Chapter 10: Property, Plant, and Equipment and Intangible Assets: Acquisition and Disposition
Property, plant, and equipment: land, buildings, equipment, machinery, autos, and trucks. Natural
resources also included
Intangible assets: lack physical substa
Chapter 9 - Inventories: Additional Issues
Lower-of-cost-or-market (LCM): required by GAAP, initially valued at historical cost, but a
departure is warranted when the utility of an asset is no longer as great as its cost. Losses are
recognized in the peri
Chapter 7: Cash and Receivables
Cash: currency and coins, balances in checking accounts, and items acceptable for deposit in
these accounts such as checks and money orders received from customers. Readily available to
pay off debt or use in operations wit
Chapter 1: Environment and Theoretical Structure of Financial Accounting
Financial Accounting: concerned with providing financial information to external users.
Primary focus is profit-oriented companies providing information to present and potential
Chapter 8: Inventory
Inventory: represents the quantities of goods acquired, manufactured, or in the process of being
Cost of goods sold: cost of inventory sold during the period
Merchandise inventory: cost includes the purchase price plus a
Chapter 3: The Balance Sheet and Financial Disclosures
Balance sheet (statement of financial position): reports companys financial position on a
Book value: assets minus liabilities.
- Doesnt portray the market value of the e
External and internal economic events
Accounting equation: Assets = Liabilities + Owners Equity
Shareholders equity from 2 sources: Paid in capital - amounts invested by shareholders in the
corporation, and retained earnings - amounts earned by the corpor
1. Inventory turnover
2. Return on assets
a. Net income divided by net sales.
b. Defers recognition until cash collected equals
Return on shareholders' equity
Allowance for uncollectible accounts
Land, held for investment
Note payable, due in 5 years
Unearned rent revenue
Note payable, due in 6 months
Income less dividends
Midterm Exam #1 Winter 2009
1. Please observe the Portland State University Code of Conduct.
2. This exam packet should have 11 pages. Please confirm that you have all of the pages.
3. Review the compl
ACCT 201 Pre-Quiz #3 (Ch. 5 and 6) - Professor Farina
True / False Questions: Circle True or False.
1. Revenue is not recognized under the realization principle unless the earnings process is complete or
virtually complete and ther
The Esposito Import Company had 1 million share of common stock outstanding during 2013.
Its income statement reported the following items: income from continuing operation, $5 million;
loss from discontinued operations, $1.6 million; extraordinary