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CHAPTE CHAPT OTHER ITEMS ITE MS THAT A NET INCOME AND OWNER’S EQ Changes from Eleventh Edition
Updated from Eleventh Edition. Approach
This chapter contains contains several topics that instructo instructors rs may wish to emphasize emphasize in varying de particular, the rather detailed rules on extraordinary items, discontinued operations, change in ac principles, and correction of errors may be more than students can readily assimilate; they refer bac to the rules if this becomes necessary.
!imilarly, some instructors prefer not to get into foreign currency matters at all in an introductor some cover transactions but not translation; and others cover both, perhaps because of the i emphasis on covering international issues in the overall core curriculum.
"ith respect to personnel costs, the important point is the difference between transactions that are the company and those that result from the company serving as a collection agency for the govern my own view, any details of pension accounting can be withheld for an intermediate course, bu students to have an overview of the issues and complications of pension accounting.
I spend the most time on deferred taxes, both because virtually every set of financial statements are liely to see will contain this item and because it always seems to be a difficult topic for stu master. The ease of teaching this sub#ect diminished even further when $%&'! allowances rep usual tax deprecatio deprecation n illustra illustrations tions using using sum(of(the sum(of(the(ye (years)(di ars)(digits gits depreciati depreciation. on. FAS109, FAS109, in m further complicates matters.
Master your semester with Scribd Cases Read Free Foron 30this Days Sign up to vote title old, issues expense Norman Corporation Corporatio n (B) raises some new, and reviews some & The New York Times useful recognition. Useful inNot Cancel anytime.
Special offer for students: Only $4.99/month. Silver Appliance Company enables students to explore deferred tax accounting in the conte
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Accontin% $e't an# Cases 1e * !nstrctor+s anal
Anthony-.a/ins-erc
Problems
Problem 10-1
"ages ayable &ash 3I&% Taxes ayable "ithholding Taxes ayable %nd, to finish, payment to government5 3I&% Taxes ayable Unemployment Taxes ayable "ithholding Taxes ayable &ash
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Problem 10-2
dr. ension &ost........................................................................................................................................ 7/,--cr. &ash.................................................................................................................................................. 4-,+-ension 8iability................................................................................................................................ 44,6-Problem 10-3 Financial Statements (Accral !asis"
+666Reading a Preview --You're
--+ -'evenues................................................................................................................................................... 94/1,--9161,--974-,--907Unlock full access with a10,--free trial. Expenses.................................................................................................................................................... 0-,--067,--1+7 rofit before taxes.................................................................................................................................. +71,--4,--4,--+1 Tax provision :2-<.................................................................................................................................. //,7-- With Free 0,-+,1-47 Download Trial #a$ %etrn (Cash !asis"
+666 ----+ -Master your semester with Scribd 'eceipts..................................................................................................................................................... 9221,--9121,--9764,--916Read Free Foron 30this Days Sign up to vote title =isbursements........................................................................................................................................... 77,--/7,--0/-,--1-1 & TheTaxable Newincome......................................................................................................................................... York Times Useful Not useful 47,--+-7,--+44,--74 Special offer for students: Only $4.99/month.
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Tax payment :2-<................................................................................................................................ +4,4-2,4-42,-/
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?et boo value of machinery for financial reporting purposes
'ear +660 +667 +666 ----+ --
Cost 9,0/-,--,0/-,--,0/-,--,0/-,--,0/-,--,0/-,---
epreciation E$pense 90/,--//-,--//-,--//-,--//-,--0/,---
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?et tax basis of machinery for tax purpose.
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epreciation #a$ !asis edction 9,0/-,--9//-,--,0/-,--77-,--,0/-,--/7,--,0/-,--You're Reading2+1,/a Preview ,0/-,--2+1,/,0/-,--+/6,/-Unlock full access with a free trial.
Cmlative epreciation edction 9 //-,--+,42-,--+,6/7,--,04,/,/6-,/-,0/-,---
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*et #a$ !asis ifference 9,--,--90/,--+,2-,--1-/,--Read Free Foron 30this Days Sign up to vote title 06,--/72,--Not useful Useful 246,/40/,0/Cancel anytime. +/6,/-++/,/--
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Accontin% $e't an# Cases 1e * !nstrctor+s anal
Anthony-.a/ins-erc
/ncome #a$ Provisions 'ear +660 +667 +666 ----+ --
Profit before epreciation 9+,/--,--+,/--,--+,/--,--+,/--,--+,/--,--+,/--,---
epreciation 90/,--//-,--//-,--//-,--//-,--0/,---
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In +666 the deferred tax liability account reverses. You're Reading a Preview
% T(account tracing of the +660 ( -- tax payments, provision Unlock full accesstax with a free trial.and deferred tax liability balance can be constructed from the above schedules. Tax payments reduce cash. The deferred tax portion of th total tax provision is initially a credit to the deferred tax liability account :+660 ( 67< and thereafter a debi Download With Free Trial entry. Problem 10-
+. A&B that in Scribd order to *ualify as an extraordinary item, an event must 4pinion No" 50 re*uires Master your semester with satisf Read Free Foron 30this Days Sign up to vote title two criteria5 & The New York Times Useful Not useful
Cancel anytime. +. The event must be unusual; it should be highly abnormal and unrelated to, or only incidentall related to, the ordinary activities of the entity.
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>00 c2ra/3.ill-!r/in
.
Income before extraordinary item................................................................... 9CCC,CCC Extraordinary item, net of applicable income taxes :96-,---<........................................................................ +-,-- ?et income 9CCC,CCC
Problem 10-
a. and b.
c.
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2. %ccount receivable :year end<........................................................................... 916,2-7 Master your semester with Scribd Read Free For 30this Days %ccount receivable :transaction date<............................................................... 0-,--Sign up to vote on title Exchange loss................................................................................................ 9 0,16 & The New York Times Not useful Useful Special offer for students: Only $4.99/month.
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?o exchange gain or loss. Exchange rate unchanged.
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