Norse Manufacturing Inc. Prepares an annual single, continuous statement of income and comprehensive income. The following situations occurred during the company's 2013 fiscal year.;1. Restructuring costs were incurred due to the closing of a factory;2. Investments were sold, and a loss was recognized;3. Gains from foreign currency translation were recognized;4. Interest expense was incurred;5. A division was sold that qualifies as a separate component of the entity according to GAAP;6. Obsolete inventory was written off;7. The controller discovered an error in the calculation of 2012's patent amortization expense;8. A volcano destroyed a storage facility on a South Sea island. The event is considered to be unusual and infrequent in occurrence;Required;1. For each situation, identify the appropriate reporting treatment from the list below (consider each event to be material);a. As a component of operating income;b. As a non-operating income item (other income or expense);c. As a separately reported item;d. As an other comprehensive income item;e. As an adjustment to retained earnings;2. Identify the situations that would be reported net-of-tax;Please just put this into a word file and make it easily understandable and clear as I will be using this to study from. Thanks!
Paper#25233 | Written in 18-Jul-2015Price : $22