ACCT 304 Week 3 Quiz Complete A+ Answers
1. (TCO 5) Popson Inc. incurred a material loss that was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as
2. (TCO 5) Provincial Inc. reported the following before-tax income statement items:
Operations income: $600,000Extraordinary loss: $ 100,000
Extraordinary gain: $60,000
Provincial has a 30% income tax rate.
Provincial would report the following amount of income tax expense as a separate item in the income statement3. (TCO 5) The financial statement presentation of a change in depreciation method is most similar to that of reporting
4. (TCO 5) Cash flows from financing activities include
5. (TCO 5) Review Rowdy’s Restaurants cash flow (in millions):
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