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Course 19606
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Based on the below task description, kindly choose the 5 correct statements.
Maher AG reported income before income tax for 2022 of €790,000. The following additional transactions occurred during 2022 but were not included in the €790,000 amount:
The company experienced an uninsured flood loss of €90,000 during the year.
At the beginning of 2020, the company purchased a machine for €54,000 with a residual value of €9,000 and a useful life of 6 years.
The bookkeeper used the straight-line depreciation method for 2020, 2021, and 2022 but failed to deduct the residual value when computing the depreciation base.
The sale of securities held as part of the company’s investment portfolio resulted in a gain of €47,000.
The company disposed of its recreational division at a loss of €115,000 before taxes.
Assume that this transaction meets the criteria for discontinued operations.
The company decided to change its inventory pricing method from the average-cost method to the FIFO method.
The effect of this change on prior years is as follows (before taxes):
2020 income increases by €60,000
2021 income decreases by €20,000
The FIFO method has been applied for 2022.
Instructions
Prepare an income statement for the year ended December 31, 2022, beginning with income before income tax.
Compute earnings per share as it should appear on the face of the income statement.
Assume:
Ordinary shares outstanding during the year: 120,000 shares
Tax rate: 30% on all items
Based on the below task description, kindly choose the 5 correct statements, out of the total 10 statements.
P4.1 (LO 2, 3, 5) – Income Components
Presented below are financial statement classifications for the Statement of Comprehensive Income and the Retained Earnings Statement.
For each transaction or account title listed, enter in the space provided the letter (or letters) that indicate the usual classification.
Statement of Comprehensive Income
A. Revenue B. Operating expense C. Other income or expense D. Discontinued operations E. Other comprehensive income
Retained Earnings Statement
F. An addition or deduction from beginning balance G. Additions to retained earnings H. Deduction from retained earnings I. Note classification
Transactions
______ Unrealized holding loss on non-trading equity securities.
______ Gain on sale of non-trading equity securities.
______ Sales revenue.
______ Loss on impairment of goodwill.
______ Sales salaries accrued.
______ Net income for the period.
______ Loss on sale of investments.
______ Depreciation on equipment used in operations.
______ Cash dividends declared and paid.
______ Correction of an error due to expensing the cost of equipment in a previous year.
______ Insurance gain on flood loss — insurance proceeds exceed the carrying amount of assets destroyed.
______ The company has decided to stop production of its candy division and suffered a loss on the sale of this division.
Kindly pick the only 5 correct statements out of the following 10, based on the below problem description.
In which accounts should the following items be classified?
a. Coins and currency b. Government bonds c. Certificate of deposit (maturing in 5 months) d. Cash in a bank that is in receivership e. NSF check (returned with the bank statement) f. Deposit in a foreign bank (with limited exchangeability) g. Postdated checks h. Cash designated for the retirement of long-term bonds i. Deposits in transit j. 100 shares of Daimler (Germany) intended to be sold within one year or less k. Savings and checking accounts l. Petty cash m. Postage stamps n. Travel advances
Kindly pick the only 5 correct statements out of the following 10, based on the below problem description.
What may be included under the heading of “cash”?