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Neely Co. disclosed in the notes to its financial statements that a
significant number of its unsecured trade
account receivables are with companies that operate in the same
industry. This disclosure is required to
inform financial statement users of the existence of
Question 12:
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: