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The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on earnings per share using the FASB’s Codification Research System at the FASB website ( ). Identify the Codification topic number that provides the accounting for earnings per share. 2. What is the specific citation that describes the additional information for earnings per share that must be inc...

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Refer to the situation described in Exercise 4–18. Required: Prepare the cash flows from operating activities section of Tiger’s 2013 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. (Hint: Use T-accounts for the pertinent items to isolate the information needed for the statement.)

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On December 31, 2013, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2013 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 30%. Prepare the lower portion of the 2013 ...

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Refer to the situation described in BE 4–11 and BE 4–12. How might your solution to those brief exercises differ if Hilliard Healthcare Co. prepares its statement of cash flows according to International Financial Reporting Standards?

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Listed below are several terms and phrases associated with income statement presentation and the statement of cash flows. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.

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Refer to the situation described in BE 4–7. Assume that the semiconductor segment was not sold during 2013 but was held for sale at year-end. The estimated fair value of the segment’s assets, less costs to sell, on December 31 was $10 million. Prepare the lower portion of the 2013 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures

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The adjusted trial balance of Pacific Scientific Corporation on December 31, 2013, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,106; cost of goods sold, $1,240; selling expenses, $126; general and administrative expenses, $105; interest expense, $35; and gain on sale of investments, $45. Income tax expense has not yet been accrued. The income tax rate is 40%. Prepare a single-step income statement for 2013. Ignore EPS d...

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The following are partial income statement account balances taken from the December 31, 2013, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000; loss from earthquake (unusual and infrequent), $400,000; and loss on sale of investments, $50,000. Income tax expense has not yet been accrued. The income tax rate is 40%. Prepare the lower portion of the 2013 income statement beginning with $850,000 income before income taxes and extraordinary item...

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