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- Merchandise sold by Lang Company to its customers last year amounted to $13,720,000; sales returns and allowances were $370,000, sales discounts were $175,000, and freight-out was $140,000. Net sales last year for Lang Company were a. b. C. d. Select one: a. $13,350,000. b. $13,720,000. C. $13,175,000. d. $13,035,000.Which of the following transaction costs will not be included in the pro-forma adjustment to net earnings? Debt refinancing premium Other transaction costs Equity financing fees Amortization of debt financing feesThe account Unrealized Gain (Loss) on Trading Investments should be included on the
- 14) Which of the following is the least liquid current asset? A) Accruals B) Accounts receivable C) Marketable securities D) InventoryWhere are changes in fair value for available for sale securities reported? Group of answer choices as a prior period adjustment to retained earnings on the balance sheet as a component of accumulated other comprehensive income on the balance sheet as operating income or loss on the income statement as income or loss from peripheral activities on the income statementWhich item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt
- Items directly affecting Retained Earnings include all of the following Except Choices; Non-Current asset held for sale Prior period errors and Effect of change in accounting policy. Dividends declared Appropriation of retained earningsWhere on the financial statements is an unrealized holding gain or loss on available for sale debt investments reported?Which of the following is NOT a component of Accumulated Other Comprehensive Income? A. Gains or losses on Treasury Stock B. Unrealized holding gains or losses on available-for-sale securities C. Gains or losses from foreign currency translation adjustments D. Gains or losses related to post retirement benefit plans (pensions)
- For fi nancial assets classifi ed as held to maturity, how are unrealized gains and losses refl ected in shareholders’ equity?C . Th ey are a component of accumulated other comprehensive income.The balance sheet account that is usually reported at its fair market value is: a. Short-term marketable securities b. Accounts receivable c. Current liabilities d. InventoryWhen do companies recognize gains and losses from the extinguishment of debt? Where are the gains and losses disclosed on the income statement?