On January 16, Tree Co. paid $60,000 in property taxes on its factory
for the current calendar year. On April 2,
Tree paid $240,000 for unanticipated major repairs to its factory
equipment. The repairs will benefit
operations for the remainder of the calendar year. What amount of
these expenses should Tree include in its
third quarter interim financial statements for the three months ended
September 30?
Question 13:
For interim financial reporting, an extraordinary gain occurring in the
second quarter should be
Question 14:
Which of the following factors determines whether an identified
segment of an enterprise should be reported
in the enterprise’s financial statements under ASC Topic 280,
Segment Reporting?
Question 15:
Opto Co. is a publicly traded, consolidated enterprise reporting
segment information. Which of the following
items is a required enterprise-wide disclosure regarding external
customers?
Question 16:
On January 15, year 1, Forrester Company paid property taxes on its
factory building for calendar year 1 in
the amount of $60,000. The first week of April year 1 Forrester made
unanticipated major repairs to its plant
equipment at a cost of $240,000. These repairs will benefit operations
for the remainder of the calendar year.