If the Company has to prepare financial statements on March 31st, what would the entry be? A Debit to the Put Option and a a. Credit Unrealized holding gain – Income Statement $805 b. Credit Unrealized holding gain – OCI $805 c. Credit Unrealized holding gain – Income Statement $95 d. Credit Unrealized holding gain – OCI $95 e. None of the above 3. Good Citizen, Inc. incurred their first loss during this fiscal year on both their financial statements and tax returns.
Ch. 6: Continuing Problems 1–4, found at the beginning of the Problems section at the end of the chapter. For this assignment, use the CAFR your team selected in Week Two. Discussion Questions DQ1 What is the revenue recognition criteria used in government entities? What are some examples of government sources of revenue?
This is consistent with FASB codification ASC250-10-45-23 2. What effect, if any, does eVade’s decision to participate in the tax amnesty program have on the amount recognized as of March 31, 2012? According to ASC250-10-50-9 the participation in the tax amnesty program will cause a liability to be recorded in the current year statements and adjustments for prior periods. If comparative financial statements are issued, the prior year column will need to reflect the adjustment and a change in opening balance (retained earnings) for the current year. 3.
http://www.irs.gov/businesses/small/article/0,,id=146330,00.html.” Dividends, interest, annuities, and royalties not accumulated through the ordinary course of trade or business is Portfolio income, not passive income. The sales of stock and bonds are also portfolio income. 7-13) Martially participation is
Transfers between governmental and business type activities are eliminated and do not appear on the government-wide Statement of Activities. C. In the government-wide Statement of Activities, special items are those items that are both unusual, infrequent, and are not under the control of management. D. Taxes levied for specific functions may be reported as program revenue. 6. Which of the following choices regarding the proprietary fund financial statements is true?
Last, pick one of your course subjects and create a mock-up review schedule for a unit test. Estimate how many hours you will need to review for a test and block out units of time in your weekly schedule. Your plan should include daily and weekly reviews. Remember, your review schedule will vary from test to test, what’s important is that you learn to budget your time. Questions to Consider Learning Preferences • What did
| Deferrals are income items taxpayers realize in one year but include in gross income in a subsequent year. | | Exclusions are favorable because taxpayers never pay tax on income that is excluded. | | Interest income from municipal bonds is excluded from gross income. | | An income item need not be realized in order to qualify as an exclusion item. | MC Qu.
Reverta Wilson. Associate Level Material Appendix B Personal Financial Planning Worksheet Directions: Based on your readings and discussions in class this week, answer the following questions completely. 1. The process of creating a detailed plan to meet your financial needs and prepare for the future is called: a._ Developing goals. b.x_ Personal financial planning.