finantialaccounting課件ch04（更新）-全文預(yù)覽
【正文】 4 , 00 0 I nc o m e f ro m c o nt inui ng o p e ra t io ns 55 , 00 0 D is c o nt inue d o p e ra t io ns :L o s s f ro m o p e ra t io ns , ne t o f t a x 315 L o s s o n d is p o s a l, ne t o f t a x 189 To t a l l o s s o n d is c o nt inue d o p e ra t io ns 504 I nc o m e b e f o re e x t ra o rd ina ry i t e m 54 , 49 6 E x t ra o rd ina ry l o s s , ne t o f t a x 539 N e t i nc o m e 53 , 95 7$ I n c o me S t a t em ent ( i n t h o us a n d s )Sa les 2 8 5 , 0 0 0$ Co s t o f g o o d s s o l d 1 4 9 , 0 0 0 Reporting when both Discontinued Operations and Extraordinary Items are present. Discontinued Operations Extraordinary Item LO 4 Explain how to report irregular items. Chapter 427 Irregular transactions such as discontinued operations and extraordinary items should be reported separately in a. both a singlestep and multiplestep ine statement. b. a singlestep ine statement only. c. a multiplestep ine statement only. d. neither a singlestep nor a multiplestep ine statement. Review Reporting Irregular Items LO 4 Explain how to report irregular items. Chapter 428 Unusual Gains and Losses Material items that are unusual or infrequent, but not both, should be reported in a separate section Examples can include: Writedowns of inventories Foreign exchange transaction gains and losses The Board prohibits oftax treatment for these items. Reporting Irregular Items LO 4 Explain how to report irregular items. Chapter 429 Changes in Accounting Principles Retrospective adjustment Cumulative effect adjustment to beginning retained earnings Approach preserves parability Examples include: ? change from FIFO to average cost Reporting Irregular Items LO 4 Explain how to report irregular items. Chapter 430 Changes in Estimate Accounted for in the period of change and future periods Not handled retrospectively Not considered errors or extraordinary items Examples include: ? Useful lives and salvage values of depreciable assets ? Allowance for uncollectible receivables Reporting Irregular Items LO 4 Explain how to report irregular items. Chapter 431 Arcadia HS, purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been recorded for 7 years on a straightline basis. In 2022 (year 8), it is determined that the total estimated life should be 15 years with a salvage value of $5,000 at the end of that time. Questions: ? What is the journal entry to correct the prior years’ depreciation? ? Calculate the depreciation expense for 2022. No Entry Required Change in Estimate Example LO 4 Explain how to report irregular items. Chapter 432 Equipment $510,000 Fixed Assets: Accumulated depreciation 350,000 Net book value (NBV) $160,000 Balance Sheet (Dec. 31, 2022) Change in Estimate Example After 7 years Equipment cost $510,000 Salvage value 10,000 Depreciable base 500,000 Useful life (original) 10 years Annual depreciation $ 50,000 x 7 years = $350,000 First, establish NBV at date of change in estimate. LO 4 Explain how to report irregular items. Chapter 433 Change in Estimate Example After 7 years Net book value $160,000 Salvage value (new) 5,000 Depreciable base 155,000 Useful life remaining 8 years Annual depreciation $ 19,375 Depreciation Expense calculation for 2022. Depreciation expense 19,375 Accumulated depreciation 19,375 Journal entry for 2022 LO 4 Explain how to report irregular items. Chapter 434 Corrections of Errors Result from: ? mathematical mistakes ? mistakes in application of accounting principles ? oversight or misuse of facts Corrections treated as prior period adjustments Adjustment to the beginning balance of retained earnings Reporting Irregular Items LO 4 Explain how to report irregular items. Chapter 435 Relates the ine tax expense to the specific items that give rise to the amount of the tax expense. Ine tax is allocated to the following items: (1) Ine from continuing operations before tax (2) Discontinued operations (3) Extraordinary items (4) Changes in accounting principle (5) Correction of errors Intraperiod Tax Allocation LO 5 Explain intraperiod tax allocation. Chapter 436 I nt e re s t e x p e ns e ( 21 , 00 0) T o t a l o t h e r ( 4, 00 0) I nc o m e f ro m c o nt . o p e r.
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