Reference no: EM13863770
A review of the December 31, 2014, financial statements of Somer Corporation revealed that under the caption "extraordinary losses," Somer reported a total of $1,130,000. Further analysis revealed that the $1,130,000 in losses was comprised of the following items:
(1) Some recorded a loss of $300,000 incurred in the abandonment of equipment formerly used in the business.
(2) In an unusual and infrequent occurrence, a loss of $600,000 was sustained as a result of hurricane damage to a warehouse.
(3) During 2014, several factories were shut down during a major strike by employees, resulting in a loss of $170,000.
(4) Uncollectible accounts receivable of $60,000 were written off as uncollectible.
Ignoring income taxes, what amount of loss should Somer report as extraordinary on its 2014 income statement?
|
Create a weighted ranking according to your own evaluation
: Create a weighted ranking according to your own evaluation of the features and specifications of each software package.
|
|
Explain about the hierarchical model
: Explain about the Hierarchical Model, Network Model, Relational Model and Object-Oriented Model
|
|
Explain how you would judge how far is too far
: Risk can be minimized, but not eliminated. Give an example of a risk management solution being taken too far, and explain how you would judge how far is too far
|
|
Compute the net futa tax since first pay period of the year
: Compute the Net FUTA tax. Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee's gross earnings is subject to the FUTA tax.
|
|
What amount of loss should somer report as extraordinary
: A review of the December 31, 2014, financial statements of Somer Corporation revealed that under the caption "extraordinary losses," Somer reported a total of $1,130,000. Ignoring income taxes, what amount of loss should Somer report as extraordinary..
|
|
Describe an effective employee onboarding program
: Describe an effective employee onboarding program and the importance of employee socialization to an organization
|
|
How will this affect the future development of the apn role
: Submit a 2-3 page paper, in APA format with a minimum of 3 references properly cited, to the following question. The role of the APN has changed drastically over the last 5 years. How will this affect the future development of the APN role? Defend yo..
|
|
Net cash flow from operating activities
: An analyst compiled the following information for Maccs Inc. for the year ended December 31, 2010: Using the indirect method, what was Maccs Inc.'s net cash flow from operating activities for the year ended December 31, 2010?
|
|
Aircraft manufacturer has noticed an increase in inventory
: A supplier of aircraft parts to an aircraft manufacturer has noticed an increase in inventory. As a result of this, will absorption costing or variable costing income be greater for the supplier? Explain why?
|