Accounting Information Might Be Separately Reported in Any of the Following

question 81

Short Answer

Accounting information might be separately reported in any of the following components of the income statement or statement of retained earnings and their supporting schedules and footnotes:
a. income from continuing operations or supporting schedules
b. disclosure
c. statement of retained earnings
d. results from discontinued operations
Several items of accounting information are listed below.
____ 1. Loss on sale by a highly diversified company of one of its four manufacturing plants
____ 2. Dividends to shareholders declared by the corporation during the year
____ 3. Operating loss of the current period of a component sold late in the year
____ 4. Total amount of cash paid to employees during the year
____ 5. Total selling expenses incurred by a producer of farm equipment during the year
Required:
Identify where the items of accounting information shown above would be most appropriately reported by placing the letters a-e) in the space provided. If the information would not appear in any of the above components, place an
X) in the space. Items may be reported in more than one location.

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Definitions:

French Revolution

A period of radical social and political upheaval in France from 1789 to 1799 that significantly affected the course of French and world history.

Alien and Sedition Acts

A series of laws passed in 1798 by the Federalist Congress and signed by President Adams, which made it harder for immigrants to become citizens and allowed for the imprisonment and deportation of those deemed dangerous or from enemy nations, and criminalized making false statements that were critical of the federal government.

Thomas Jefferson

An American Founding Father, the principal author of the Declaration of Independence (1776), and the third President of the United States (1801–1809).

Salem Witch Trials

A crisis of trials and executions in Salem, Massachusetts, in 1692 that resulted from anxiety over witchcraft.