Determine firm should report each items as other expenses

Assignment Help Finance Basics

Reference no: EM131522447

Question: Game Time Sports owns a recreational facility with basketball courts, pitching machines, and athletic fields. Determine whether the firm should report each of the following items as discontinued operations, extraordinary items, or other expenses.

1. Due to insurance concerns, Game Time sells a trampoline basketball game for a loss of $1,500.

2. Game Time experiences water damage due to a flood. The company replaces the basketball floors at a cost of $75,000. Unfortunately, Game Time does not carry flood insurance.

3. Game Time has revenues from three sources: basketball, baseball, and football. It sells the baseball operations for a loss of $55,000 to focus on the more profitable basketball and football operations.

Reference no: EM131522447

Questions Cloud

Classify each of the given accounting practices : Change from declining-balance to straight-line depreciation in the second year of an asset depreciated over 20 years.

Analyze your behaviors during the event : Consider your own experiences with others. Have your actions ever been judged inaccurately by a person such as a boss, a peer, or a family member?

Compute all parts of the dupont ratio for past three years : Compute all parts of the DuPont Ratio for the past three years. Then, compare those numbers to the 2014 year ratios of one of the company's closest competitor.

Describe the cycles of four chemicals essential : Describe the cycles of four chemicals essential to life on earth: water, carbon, nitrogen and phosphorus. Be sure to use appropriate key terms.

Determine firm should report each items as other expenses : Game Time Sports owns a recreational facility with basketball courts, pitching machines, and athletic fields.

Onset of a major-medical incident : Is it possible for the onset of a major-medical incident to alter or impede a person's personality development? What does this say about the Big Five factor?

What are your principles of success in your life : horoughly stated one principle of success related to self-regulation. Thoroughly summarized the concept of self-regulation and explained its relationship.

Big five a factor analysis theory : Why do they call the Big Five a factor analysis theory? What are the actual "factors" within this personality theory?

Functions of the main organs found : Identify the structures and functions of the main organs found in your selected organism.

User Account

All Pages