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The occurrence that most likely wold have no effect on 2010 net

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The occurrence that most likely wold have no effect on 2010 net income is the;a)stock purchased in 1996 deemed worthless in 2010;b) correction of an error in the financial statements of a prior period discovered subsequent to the issuance;c) sale in 2010 of an office building contributed by a stockholder in 1961;d) collection in 2010 of a dividend from an investment;What might a manager do during the last quarter of a fiscal year if she wanted to decrease current annual net income?;a) delay purchases from suppliers until after the end of the fiscal year;b) pay suppliers all amounts owed;c)relax credit policies for customers;d) delay shipments to customers until after the end of the fiscal year;If a plant assests of a manufacturing company are sold at a gain of $820,000 less related taxes of $250,000, and the gain is not considered unusual or infrequent, the income statement for the period would disclose these effects as;a) operating income net of applicable taxes, $570,000;b) a gain of $820,000 and an increase in income tax expense of $250,000;c) an extraordinary item net of applicable taxes, $570,000;d) a prior period adjustment net of applicable taxes, $570,000

 

Paper#25342 | Written in 18-Jul-2015

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