UMUC ACC311 Week 4 Homework

UMUC ACC311 Week 4 Homework in $21 only

B 21-10
B24 1, 3-7

BE 24-3 Morlan Corporation is preparing its December 31, 2014, financial statements. Two events that occurred between December 31, 2014, and March 10, 2015, when the statements were issued, are described below.

1. A liability, estimated at $160,000 at December 31, 2014, was settled on February 26, 2015, at $170,000.

2. A flood loss of $80,000 occurred on March 1, 2015.

What effect do these subsequent events have on 2014 net income?

BE 24-4 Tina Bailey, a student of intermediate accounting, was heard to remark after a class discussion on segment reporting, “All this is very confusing to me. First we are told that there is merit in presenting the consolidated results, and now we are told that it is better to show segmental results. I wish they would make up their minds.” Evaluate this comment.

BE 24-5 Foley Corporation has seven industry segments with total revenues as follows.

Penley $600 Cheng $225

Konami 650 Takuhi 200

KSC 250 Molina 700

Red Moon 275

Based only on the revenues test, which industry segments are reportable?

BE 24-6 Operating profits and losses for the seven industry segments of Foley Corporation are:

Penley $ 90 Cheng $ (20)

Konami (40) Takuhi 34

KSC 25 Molina 150

Red Moon 50

Based only on the operating profit (loss) test, which industry segments are reportable?

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