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- Communication (income statement): The balance of Interest Expense from accruing interest to be paid has what effect on the income statement in the current year? Multiple Choice A. Decreases net income. B. No effect. C. Increases net income.REQUIRED: How much purchases should be reported on the statement of comprehensive income for the year?choose: When a balance sheet amount is related to an income statement amount in comparing a ratio a. The ratio losses its historical perspective because at the beginning of the year amount is combined with an end of the year amount. b. The income statement amount should be converted to an average for the year. c. Comparisons should be converted to market value d. The balance sheet amount should be converted to an average for the year.
- REQUIRED: What is the net income for the current year?To calculate a year-to-year percentage change in any financial statement line item such as sales, you determine the current-year amount and prior-year amount and divide the difference by: A) Total assets B) Net income C) The current year’s amount D) The prior years amounta. What net amount should be reported as OCI for the current year?b. What amount should be reported as comprehensive income for the current year?
- Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Federal income tax due for the previous year is paid.It is added to income received to determine the total income for the year that is recorded under the accrual basis of accounting: a. deferred income - ending b. prepaid expense - beginning c. accrued income - beginning d. deferred income - beginningREQUIRED: PREPARE A STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR USING THE FOLLOWING METHOD: • NATURE OF EXPENSE WITH SUPPORTING NOTES
- The cumulative effect of an accounting change should generally be reported as an adjustment to the beginning balance of retained earnings in tin period in which the change is made for a:Which of the following items is generally a Schedule M-1 adjustment? a.Rent payments b.Gross sales c.Salaries paid d.Federal income tax expenseHow much purchases should be reported on the statement of comprehensive income for the year?