Losses on its current receivables

Assignment Help Accounting Basics

Reference no: EM13158377

In its December 31, 2009 financial statements, E-Z Prices estimated that losses on its current receivables would be $10.2 million. During 2010, E-Z Prices determined that the losses on the Dec. 31, 2009, receivables were actually $12.4 million. Ignoring taxes, E-Z Prices would report, in its 2010 financial statements, the additional $2.2 million loss on receivables as:

A. An extraordinary item.

B. A prior period adjustment.

C. A retroactive adjustment.

D. A current year's expense.

Reference no: EM13158377

Questions Cloud

Explain reaction speed increase if the concentration of no : How much will the reaction speed increase if the concentration of NO is increased from exactly 0.35 moles/liter to exactly 1.51 moles/liter while the concentration of oxygen

What is sustainable marketing : What is sustainable marketing? Explain how sustainable marketing concept differs from the marketing concept and the societal marketing concept.

Should you play your nash equilibrium strategy : Suppose that your opponent is not playing her Nash equilibrium strategy. Should you play your Nash equilibrium strategy? why or Why not?

What will be the volume at the top of a mountain : Assuming the bag does not break, what will be its volume at the top of a mountain where the pressure is 436 mmHg and the temperature is 9.00 C?

Losses on its current receivables : In its December 31, 2009 financial statements, E-Z Prices estimated that losses on its current receivables would be $10.2 million.

How the principle of independent segregation accounts : Four sisters begin attending your school. One has brown hair and brown eyes. Another has brown hair and blue eyes. The third also has blue eyes, but blond hair.

What is the primary goal of monetary policy : What is the primary goal of monetary policy and what are the three primary tools available to the Federal Reserve to meet this goal?

Introductory paragraph-advantages of hydrogen cars : I want to write an introductory paragraph for my ESSAY about advantages of hydrogen cars, please you write a thesis statement which was included introductory paragraph.

C programme to find the minimum and maximum value : write a c programme to find the minimum and maximum value each elements in each row ,to create table b,having 5 rows and 2 coloums,the first coloum of table b is the maximumvalue and thye second coloum is the maximum value in each row.

User Account

All Pages