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ACCT 304 DeVry Week 3 Complete Work Latest
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ACCT 304 DeVry Week 3 DQ 1 Income Statement
Students often refer to an income statement as the statement that shows how much money a company has made. Money, by definition, is something that is generally accepted as a medium of
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Students often refer to an income statement as the statement that shows how much money a company has made. Money, by definition, is something that is generally accepted as a medium of exchange or means or payment. Keeping that definition in mind, an income statement is not a measure of money, but rather it is a measure of net income (or loss) also known as profit (or loss). Select a publicly held company like Apple, Microsoft, IBM, Hewlett Packard, Home Depot (Note: do not select a company already chosen by your classmate). Go to their website and select Investor Relations and there you will find the company’s annual report. Provide the link to that annual report and based on what you have read about income statements in this chapter and in the Becker materials, tell us what you have learned about the company from reviewing its income statement.
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ACCT 304 DeVry Week 3 DQ 2 Cash-Flow Statement
The Statement of Cash Flows has historically given students a lot of heartburn, but it really isn't that scary. A cash-flow statement, simply stated, reports the uses (where the cash was spent) and the sources (where the cash came from) of cash during a period. Let's start with a very simplistic set of facts. I run a CPA firm, and I billed my clients $50K during the month of February. To earn that $50K, I incurred $20K of wage expense and another $10K of overhead (rent, utilities, insurance, etc.). So I made $20K profit, right? So I am sitting pretty? Not necessarily. What if I now tell you that $40K of my billings have yet to be collected? And my E&O insurance carrier increased my premium and I had to pre-pay $10K of premiums this month. How does my cash flow differ from my profit? Will these transactions appear on my income statement? My cash-flow statement?
ACCT 304 DeVry Week 3 Quiz
(TCO 5) The difference between single-step and multiple-step income statements is primarily an issue of
Question 2. Question : (TCO 5) On August 1, 2011, Rocket Retailers adopted a plan to discontinue its catalog sales division, which qualifies as a separate component of the business, according to GAAP, regarding discontinued operations. The disposal of the division was expected to be concluded by June 30, 2012. On January 31, 2012, Rocket's fiscal year end, the following information relative to the discontinued division was accumulated:
In its income statement for the year ended January 31, 2012, Rocket would report a before-tax loss on discontinued operations of
Question 3. Question : (TCO 5) Changes in accounting estimates are reported
currently and prospectively.
retroactively and currently.
retroactively, currently, and prospectively.
by restating prior years.
Question 4. Question : (TCO 5) Which of the following is added to net income as an adjustment under the indirect method of preparing the statement of cash flows?
Salaries payable decrease
Gain on the sale of land
Loss on the sale of equipment
Accounts receivable increase
Question 5. Question : (TCO 5) Review Rowdy's Restaurants cash flow (in millions):
Rowdy's would report net cash inflows (outflows) from financing activities in the amount of