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bagirrra123 [75]
3 years ago
9

llini Inc. incurred a material loss that was unusual in character. This loss should be reported as: a. a line item between incom

e from continuing operations and income from discontinued operations. b. a line item within income from continuing operations. c. a line item in the retained earnings statement. d. a discontinued operation.
Business
1 answer:
Savatey [412]3 years ago
8 0

Answer:

The correct answer is letter "B": a line item within income from continuing operations.

Explanation:

Unusual items are those not inherent in the operations of a business. Examples of unusual in character items are plant shutdown costs, costs from acquiring other businesses, or losses due to ti natural disasters. Unusual items according to the Generally Accepted Accounting Principles (GAAP) must appear in the income statement. Though, they appear in separate lines like items to give a better idea of the transactions a company incurs given a period.

Thus, <em>losses incurred as an unusual character will have to be registered in the income statement in the operating income section.</em>

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For each of the following​ accounts, identify whether that item is an​ asset, liability, or equity account. Account Classificati
Ulleksa [173]

Answer:

a. Bonds payable   Liability account

b. Equipment   Asset account

c. Accounts payable    Liability account

d. Salaries payable   Liability account

e. Common stock   Equity account

f. Retained earnings    Equity account

g. Cash   Asset account

h. Accounts receivable   Asset account

i. Sales revenue   Equity account

j. Inventory  Asset account

Explanation:

All the assets account is debit in nature, so the equipment, cash, account receivable and Inventory accounts are debit in nature and these are classified as asset.

All the account with credit nature is either classified as Liability or Equity accounts. Equity accounts are common stock, retained earning and sales revenue. Liabilities accounts are bond payable, account payable and salaries payable.

8 0
3 years ago
1. What does reconciling an account involve?
kondaur [170]

1. The answer is<u> "A. checking one's financial records against the bank’s".</u>


Reconciling an account frequently implies demonstrating or reporting that a record balance is right. For instance, we accommodate the parity in the general record account Cash in Checking to the equalization appeared on the bank articulation. The goal is to report the right sum in the general record account Cash in Checking. You will regularly need to modify the general record account balance for things showing up on the bank explanation that were not entered in the general record account.  


2. The answer is <u>"b. They last for a set period of time".</u>


A certificate of deposit (CD) is a funds declaration with a settled development date and indicated settled financing cost that can be issued in any category beside least venture necessities. A CD confines access to the assets until the point that the development date of the venture. Certificates of deposit are for the most part issued by commercial banks and are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per person.  


5 0
3 years ago
Read 2 more answers
3. Columbia Corporation deposited $2,000 in an account that pays 12% interest annually. If the interest is compounded continuous
dangina [55]

Answer:

should be the letter B. $22,046

8 0
3 years ago
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets in exchange for i
hoa [83]

Answer:

$3,260

Explanation:

Preparation of December statement of cash flows for Ernst Consulting

ERNST CONSULTING Income Statement

For Month Ended October 31

REVENUES

Consulting fees earned $17,450

Total revenues $17,450

EXPENSES

Rent expense $4,530

Salaries expense $8,090

Telephone expense $880

Miscellaneous expenses $690

Total expenses $14,190

Net income $3,260

($17,450-$14,190)

Therefore December statement of cash flows for Ernst Consulting will be $3,260

5 0
2 years ago
List all the source documents in accounting
devlian [24]

Answer:

Canceled checks.

Invoices.

Cash register receipts.

Computer-generated receipts.

Credit memo for a customer refund.

Employee time cards.

Deposit slips.

Purchase orders

Explanation:

That is all i think

7 0
3 years ago
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