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Discuss the appropriate treatment in the financial statement

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Reference no: EM131104498

Discuss the appropriate treatment in the financial statements of each of the following.

(a) An amount of $113,000 realized in excess of the cash surrender value of an insurance policy on the life of one of the founders of the company who died during the year.

(b) A profit-sharing bonus to employees computed as a percentage of net income. 

(c) Additional depreciation on factory machinery because of an error in computing depreciation for the previous year.

(d) Rent received from subletting a portion of the office space.

(e) A patent infringement suit, brought 2 years ago against the company by another company, was settled this year by a cash payment of $725,000. 

(f) A reduction in the Allowance for Doubtful Accounts balance, because the account appears to be considerably in excess of the probable loss from uncollectible receivables. 

Reference no: EM131104498

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