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Match Each Item to Financial Statement Section

Question 83

Matching

Match each item to financial statement section.

Premises:

Responses:

Declared cash dividends for the first time in the history of the corporation

Income from continuing operations section of the income statement

Realized a gain on the sale of four Preston franchise stores, but held onto the Little Steps chain

Discontinued operations section of the income statement

Incurred a casualty loss

Cumulative effect of a change in accounting principle section of the income statement

Recorded interest income for the year

Statement of shareholders’ equity

Incurred $14,000 to replace the company’s office products (letterhead, envelopes, pens, etc.) with a new logo to promote a new product line

Balance sheet

Not necessary to report on a financial statement

Premises:

Declared cash dividends for the first time in the history of the corporation

Realized a gain on the sale of four Preston franchise stores, but held onto the Little Steps chain

Incurred a casualty loss

Recorded interest income for the year

Incurred $14,000 to replace the company’s office products (letterhead, envelopes, pens, etc.) with a new logo to promote a new product line

Responses:

Income from continuing operations section of the income statement

Discontinued operations section of the income statement

Cumulative effect of a change in accounting principle section of the income statement

Statement of shareholders’ equity

Balance sheet

Not necessary to report on a financial statement

Correct Answer:

Premises:

Responses:

Income from continuing operations section of the income statement

Discontinued operations section of the income statement

Cumulative effect of a change in accounting principle section of the income statement

Statement of shareholders’ equity

Balance sheet

Not necessary to report on a financial statement

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