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To convert an indirect statement of cash flows to a direct basis, the analyst would:

A. subtract write-offs of inventory advances from the cost of goods sold.
B. add increases in accounts receivables to net sales.
C. subtract decreases in accounts payable from the cost of goods sold.

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A project has the following estimated revenues of $10.0 million and estimated costs are $ 7.5 million. The table below provides information on amounts billed, cash received, and cost incurred for each year of the 3-year project(data is in millions of dollars). Year1 Year2 Year3 Amounts billed 4.0 3.5 2.5 Cash received 2.0 5.0 3.0 Cost incurred 3.0 3.0 1.5 Which of the following statements relating to the cumulative balance sheet and income statement at year-end is least accurate

A. Using the accounting method that smooths income, the company will recognize profit of $ 0.5 million in year 3.
B. Considering this project only, and using the percentage of completion method, total assets at the end of year 3 will be $ 2.5 million.
C. If ultimate payment is assured and the cost estimates are unreliable, the company will recognize profit of $1 million in year 2.

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For the year ended December 31,2007, Milan Company reported the following financial information : Gross profit from sales 600000 Operating expenses 100000 Unrealized loss from foreign currency translation 30000 Dividends received from available-for-sale securities 15000 Increase in minimum pension liability 45000 Interest expense 25000 Acquired treasury stock for $ 25000 more than original book value 75000 Unrealized gain from available-sale-securities 20000 Ignoring taxes, calculate Milan’ s net income and comprehensive income for 2007. Net income Comprehensive income ①A. $ 490000 $ 435000 ②B. $ 490000 $ 2000 ③C. $ 40000 $ 44000

A. ①
B. ②
C. ③

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Bug-Be-Gone is a residential pest control company that offers a 12 month home-service contract to eliminate insect infestation. Customers are required to prepay for the service at the beginning of each year. If Bug-Be-Gone erroneously records these payments as revenue and include the estimated cost of performing the service, what is the most likely effect on the firm’ s liabilities and equity compared to the correct treatment Liabilities Equity ①A. Understated Overstated ②B. Overstated Overstated ③C. Understated Understated

A. ①
B. ②
C. ③

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Where in the financial statements should a firm recognize the unrealized gains and losses on cash flow hedging derivatives and the unrealized gains and losses on available-for-sale securities Cash flow hedging derivatives Available-for-sale securities ①A. Other comprehensive income Other comprehensive income ②B. Other comprehensive income Net income ③C. Net income Other comprehensive income

A. ①
B. ②
C. ③

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To convert an indirect statement of cash flows to a direct basis, the analyst would:

A. subtract write-offs of inventory advances from the cost of goods sold. B. add increases in accounts receivables to net sales. C. subtract decreases in accounts payable from the cost of goods sold.

A. subtract write-offs of inventory advances from the cost of goods sold.
B. add increases in accounts receivables to net sales.
C. subtract decreases in accounts payable from the cost of goods sold.