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    Polytechnic State University Sanluis
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Category > Accounting Posted 24 May 2017 My Price 8.00

Accounting, Analysis, and Principles

 

Accounting, Analysis, and Principles

Counting Crows Inc. provided the following information for the year 2014.

 

Accounting

Prepare (a) a single-step income statement for 2014, (b) a retained earnings statement for 2014, and (c) a statement of comprehensive income using the two statement format. Shares outstanding during 2014 were 100,000.

 

Analysis

Explain how a multiple-step income statement format can provide useful information to a financial statement user.


Principles

In a recent meeting with its auditor, Counting Crows’ management argued that the company should be able to prepare a pro forma income statement with some one-time administrative expenses reported similar to extraordinary items and discontinued operations. Is such reporting consistent with the qualitative characteristics of accounting information as discussed in the conceptual framework? Explain.

 

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 24 May 2017 11:05 AM My Price 8.00

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file 1495625236-Answer.docx preview (307 words )
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