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By Placing the Letters (A-E) in the Space Provided Above

Question 103

Matching

By placing the letters (a-e) in the space provided above, identify where the information would be most appropriately reported. If the information would not appear in any of the above components, place an (X) in the space. Items may be reported in more than one location.

Premises:
Earthquake damage to the only silo owned by a company in Kansas, when the damage caused a material loss to the company
Material effect of changing the estimated useful lives for a group of depreciable assets from 20 years to 12 years
Loss on sale by a highly diversified company of one of its four manufacturing plants
Dividends to shareholders declared by the corporation during the year
Operating loss of the current period of a component sold late in the year
Total amount of cash paid to employees during the year
Total selling expenses incurred by a producer of farm equipment during the year
Impact of a change in the method of valuing inventory from the first-in, first-out method (FIFO) to the average cost method
Responses:
income from continuing operations or supporting schedules
extraordinary gains or losses
footnote disclosure
statement of retained earnings
results from discontinued operations
X

Correct Answer:

Earthquake damage to the only silo owned by a company in Kansas, when the damage caused a material loss to the company
Material effect of changing the estimated useful lives for a group of depreciable assets from 20 years to 12 years
Loss on sale by a highly diversified company of one of its four manufacturing plants
Dividends to shareholders declared by the corporation during the year
Operating loss of the current period of a component sold late in the year
Total amount of cash paid to employees during the year
Total selling expenses incurred by a producer of farm equipment during the year
Impact of a change in the method of valuing inventory from the first-in, first-out method (FIFO) to the average cost method
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