Questions from Intermediate Accounting

Q: Briefly describe FASB/IASB convergence process and the principles that guide

Briefly describe FASB/IASB convergence process and the principles that guide their convergence efforts.

Q: On January 30, 2011, a suit was filed against Frazier

On January 30, 2011, a suit was filed against Frazier Corporation under the Environmental Protection Act. On August 6, 2012, Frazier Corporation agreed to settle the action and pay $920,000 in damages...

Q: What major types of items are reported in the retained earnings statement

What major types of items are reported in the retained earnings statement?

Q: How should correction of errors be reported in the financial statements?

How should correction of errors be reported in the financial statements?

Q: What are the three ways that other comprehensive income may be displayed

What are the three ways that other comprehensive income may be displayed (reported)?

Q: Portman Corporation has retained earnings of $675,000 at January

Portman Corporation has retained earnings of $675,000 at January 1, 2012. Net income during 2012 was $1,400,000, and cash dividends declared and paid during 2012 totaled $75,000. Prepare a retained ea...

Q: Using the information from BE4-9, prepare a retained earnings

Using the information from BE4-9, prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $80,000 (net of tax) was charged to maintenan...

Q: On January 1, 2012, Richards Inc. had cash and

On January 1, 2012, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2012, it purchased for cash $20,000 o...

Q: Finley Corporation had income from continuing operations of $10,600

Finley Corporation had income from continuing operations of $10,600,000 in 2012. During 2012, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division o...

Q: Stacy Corporation had income before income taxes for 2012 of $6

Stacy Corporation had income before income taxes for 2012 of $6,300,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption. The corporation’s tax rate...