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Janson Corporation Co.'s trial balance included the following account balances at December 31, 2013:
Accounts receivable $13,200
Inventories 41,000
Patent 13,900
Investments 30,800
Prepaid insurance 7,900
Note receivable, due 2016 51,800
Investments consist of treasury bills that were purchased in November and mature in January. Prepaid insurance is for the next two years. What amount should be included in the current assets section of Janson's December 31, 2013, balance sheet?
Janson Corporation Co.'s trial balance included the following account balances at December 31, 2013:
Accounts payable $26,400
Bond payable, due 2020 23,700
Salaries payable 16,300
Note payable, due 2014 20,000
Note payable, due 2016 41,100
What amount should be included in the current liability section of Janson's December 31, 2013, balance sheet?
An entity normally presents notes in the following order
I. Summary of significant accounting policies applied
II. Other disclosures
III. Statement of compliance with PFRSs
IV. Supporting information for items presented in the other financial statements
a. I, III, IV, II
b. III, IV, I, II
c. III, I, IV, II
d. I, II, III, IV
On March 21, year 2, a company with a calendar year end issued its year 1 financial statements. On February 28, year 2, the company's only manufacturing plant was severely damaged by a storm and had to be shut down. Total property losses were $10 million and determined to be material. The amount of business disruption losses is unknown. How should the impact of the storm be reflected in the company's year 1 financial statements?
Provide NO information related to the storm losses in the financial statements until losses and expenses become fully known.
Accrue and disclose the property loss with NO accrual or disclosure of the business disruption loss.
Do NOT accrue the property loss or the business disruption loss, but disclose them in the notes to the financial statements.
Accrue and disclose the property loss and additional business disruption losses in the financial statements.
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