In U.S. GAAP, which of the following accurately describes the effects of transactions involving investments on the statement of cash flows using the fair value method for securities available for sale and cash flow hedges?
a. Realized gains and losses appear in Retained Earnings. Unrealized gains and losses appear in net income.
b. Realized gains and losses appear in Other Comprehensive Income. Unrealized gains and losses appear in net income.
c. Realized gains and losses appear Shareholders' equity. Unrealized gains and losses appear in Other Comprehensive Income.
d. Realized gains and losses appear in Retained Earnings. Unrealized gains and losses appear in Other Comprehensive Income.
e. Realized gains and losses appear in net income. Unrealized gains and losses appear in Other Comprehensive Income.
E
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On June 8, Alton Co issued an $80,000, 6%, 120-day note payable to Seller Co Assume that the fiscal year of Seller Co ends June 30. Using the 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year?
A) $1,200.00 B) $1,208.89 C) $1,306.67 D) $1,600.00
Amounts received in advance from customers for future products or services:
A. Require an outlay of cash in the future. B. Increase income. C. Are revenues. D. Are not allowed under GAAP. E. Are liabilities.
If a firm has excess capacity, this is an example of what reason for producing in-house?
a. No competent supplier b. Better quality control c. Use of idle capacity d. Protect proprietary technologies
Did the fact that there was a seven-month hiatus between the shutdown of Sterlingwale and the start-up of Fall River demonstrate that Fall River was not a successor?