Reference no: EM132595762
Questions -
Q1. ABC, Inc. reported the following amounts in 10K 2020:
Sales revenue $800
Selling and administrative expenses 380
Restructuring charges twenty
Loss on discontinued operations (55)
The company's tax rate is 25%.
Determine ABC's income from continuing operations for 2020.
a. $380
b. $315
c. $300
d. $510
Q2. Which of the following is a feature of a contract for revenue recognition purposes?
It has a commercial substance.
It has a reasonable gross profit.
It is notarized by an attorney.
It is a written contract.
Q3. The difference between single-step and multi-step income statement is primarily a matter of
Consistency
Presentation
Measurement
Evaluation
Q4. The "Reporting Comprehensive Income" theme code in FASB coding is
505
220
225
260
Q5. On 1/1/20, ABC, Inc. is analyzing the possible purchase of machinery that costs $ 50,000. ABC wants to know the amount it must pay at the beginning of each month if the provider finances the transaction for 3 years at 15%. Payments would start on the 1st of the following month of purchase. To determine the monthly payments for this transaction, a table of
Present Value of an annuity due of $ 1 to 1.25%.
Future Value of an ordinary annuity of $ 1 at 1.25%.
Present Value of an ordinary annuity of $ 1 to 1.25%.
Present Value of a $ 1 to 15% ordinary annuity.
Q6. An annuity is a series of equal payments that are always made at the end or the beginning of each year.
True
False