Problem #1. Given the following list of reporting items, indicate, by number, in the chart provided how each item would be shown in the interim financial statements.

                       1.Entire Amount Not Reported in Quarter of In Interim Occurrence Reports,  

                       2. Allocated equally over current and remaining quarters in fiscal year

                       3. Allocated equally all over all quarters in fiscal year. 

 

Quarters in Fiscal Year          

Example: Depreciation

2

Major repair
Probable Contingent Loss
Planned material variances
Amortization
Insurance
Property Taxes
Unplanned material variances
Revenues
Gain on Sale of Equipment
Annual Bonus paid on June 30
Estimate for Uncollectible Accounts for the year

Answer rating: 100% (QA)

Reporting Item Placement in Interim Financial Statements Reporting Item Quarter of Occurrence Interi... View the full answer