Analyzing and Interpreting Income Components and Disclosures
The income statement for Xerox Corporation follows.

(a) Which of the following best describes how sales, service, and finance revenues should be recognized?

Sales, service, and finance revenues should be recognized when cash is collected.

Sales, service, and finance revenues are recognized when earned, regardless of when cash is collected.

Sales and service revenues are recognized when the sale is made or the service is performed. Finance revenues are recognized when the loan is initially made.

Sales and finance revenues are generally recognized when the sale is made and the loan is extended to the customer. Service revenues are deferred until the end of the service contract, at which time they are recognized in full.

Mark 1.00 out of 1.00

(b) Compute the relative size of Sales revenue (total) and of revenue from Service, outsourcing and rentals. Hint: Scale each type of revenue by Total revenue.

Round percentage answers to one decimal place (ex: 0.2345 = 23.5%).

(c) Which of the following best summarizes our conclusion about the potential use of "other expense" accounts to obscure actual financial performance.

We need not worry about the reporting of "other expense" accounts because the threshold for materiality is so low that the majority of items are not classified in such accounts.

Companies are not allowed to commingle income increasing and income decreasing accounts as this would reduce the usefulness of such an account.

Companies are not required to separately disclose revenue and expense items unless they are deemed to be material. Such aggregation may reduce the usefulness of income statements.

GAAP does not permit the use of "other expense" accounts because they are not specific enough.

need help solving this .. thank you

What are the performance obligations in the contract?

On January 1, 2020, Tamarisk Company acquires $110,000 of Spiderman Products, Inc., 9% bonds at a price of $99,611. Interest is received on January 1 of each year, and the bonds mature on January 1, 2023. The investment will provide Tamarisk Company a 13% yield. The bonds are classified as held-to-maturity.

Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the straight-line method. (Round answers to 0 decimal places, e.g. 2,500.)

Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the effective-interest method. (Round answers to 0 decimal places, e.g. 2,500.)

(Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

1. What type of account is Accumulated depreciation? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of accumulated depreciation? Your choices are Debit or Credit.

3. Which financial statement does accumulated depreciation appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

What type of account is Cash? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Cash? Your choices are Debit or Credit.

3. Which financial statement does Cash appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

What type of account is Fees Earned? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Fees Earned? Your choices are Debit or Credit.

3. Which financial statement does Fees Earned appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

What type of account is Bonds Payable? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of bonds payable? Your choices are Debit or Credit.

3. Which financial statement does bonds Payable appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

1. What type of account is Cost of Goods Sold? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of cost of goods sold? Your choices are Debit or Credit.

3. Which financial statement does cost of goods sold appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

1. What type of account is Retained Earnings? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Retained Earnings? Your choices are Debit or Credit.

3. Which financial statement does Retained Earnings appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

What type of account is Depreciation Expense? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Depreciation Expense? Your choices are Debit or Credit.

3. Which financial statement does Depreciation Expense appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

1. What type of account is Insurance Expense? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense.

2. What is the normal balance of Insurance Expense? Your choices are Debit or Credit.

3. Which financial statement does Insurance Expense appear on? Your choices are Income Statement, Statement of Retained Earnings, or Balance Sheet.

1. Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019, the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance:

   Pitman Company
   Unadjusted Trial Balance
   October 31, 2019
   	Debit Balances		Credit Balances
   Cash	3,610
   Accounts Receivable	32,760
   Prepaid Insurance	6,110
   Supplies	1,670
   Land	96,330
   Building	253,810
   Accumulated Depreciation—Building			117,710
   Equipment	115,760
   Accumulated Depreciation—Equipment			83,840
   Accounts Payable			10,270
   Unearned Rent			5,830
   Jan Pitman, Capital			268,800
   Jan Pitman, Drawing	12,770
   Fees Earned			277,610
   Salaries and Wages Expense	165,460
   Utilities Expense	36,370
   Advertising Expense	19,430
   Repairs Expense	14,710
   Miscellaneous Expense	5,270
   	764,060		764,060

   The data needed to determine year-end adjustments are as follows:

   Required:

   • Unexpired insurance at October 31, $4,090.
   • Supplies on hand at October 31, $500.
   • The systematic periodic transfer of the cost of a fixed asset to an expense account during its expected useful life.Depreciation of building for the year, $2,710.
   • Depreciation of equipment for the year, $2,350.
   • Unearned rent at October 31, $1,520.
   • Accrued salaries and wages at October 31, $2,650.
   • Fees earned but unbilled on October 31, $15,550.

   1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; The portion of the cost of a fixed asset that is recorded as an expense each year of its useful life.Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense.

   a.	Accounts Payable Cash Insurance Expense Insurance Payable Prepaid Insurance
   	Accounts Payable Cash Insurance Expense Insurance Payable Prepaid Insurance Prepaid Receivable
   b.	Accounts Payable Cash Supplies Expense Supplies Payable Supplies
   	Accounts Payable Cash Supplies Expense Supplies Payable Supplies
   c.	Accounts Payable Accumulated Depreciation-Building Building Expense Building Depreciation Expense-Building Depreciation Payable-Building
   	Accounts Payable Accumulated Depreciation-Building Building Expense Building Depreciation Expense-Building
   d.	Accounts Payable Accumulated Depreciation-Equipment Depreciation Expense-Equipment Depreciation Payable-Equipment Equipment Expense Equipment
   	Accounts Payable Accumulated Depreciation-Equipment Depreciation Expense-Equipment Equipment Expense Equipment
   e.	Cash Prepaid Rent Rent Expense Rent Revenue Unearned Receivable Unearned Rent
   	Cash Prepaid Rent Rent Expense Rent Revenue Unearned Rent
   f.	Accounts Payable Cash Fees Earned Salaries and Wages Expense Salaries and Wages Payable
   	Accounts Payable Cash Fees Earned Salaries and Wages Expense Salaries and Wages Payable
   g.	Accounts Payable Accounts Receivable Cash Fees Earned Unearned Fees
   	Accounts Payable Accounts Receivable Cash Fees Earned Fees Payable Unearned Fees

   Feedback

   1. Journalize the adjusting entries using the following additional accounts, Salaries and Wages Payable, Rent Revenue, Insurance Expense, The portion of the cost of a fixed asset that is recorded as an expense each year of its useful life.Depreciation Expense—Building, Depreciation Expense—Equipment, and Supplies Expense.

   Pitman Company
   Adjusted Trial Balance
   October 31, 2019
   	Debit Balances	Credit Balances
   Accumulated Depreciation-Building Cash Fees Earned Rent Revenue Salaries and Wages Payable Supplies Payable Unearned Rent
   Accounts Payable Accounts Receivable Jan Pitman, Drawing Fees Earned Insurance Payable Rent Revenue Salaries and Wages Payable Supplies Revenue
   Advertising Expense Accumulated Depreciation-Building Fees Payable Insurance Expense Insurance Payable Miscellaneous Expense Prepaid Insurance Rent Revenue
   Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Fees Earned Rent Revenue Salaries and Wages Payable Supplies Unearned Rent
   Accounts Payable Accumulated Depreciation-Equipment Fees Earned Land Salaries and Wages Receivable Unearned Rent
   Accounts Payable Building Fees Earned Fees Payable Insurance Payable Rent Revenue Salaries and Wages Payable Supplies Expense
   Accumulated Depreciation-Building Depreciation Expense-Building Fees Earned Miscellaneous Expense Repairs Expense Utilities Expense
   Accounts Payable Equipment Fees Earned Insurance Payable Rent Revenue Salaries and Wages Payable Supplies Expense Unearned Rent
   Accounts Payable Advertising Expense Accumulated Depreciation-Equipment Depreciation Expense-Equipment Fees Earned Rent Revenue
   Accounts Payable Accounts Receivable Accumulated Depreciation-Building Building Cash Equipment Fees Earned Land
   Accumulated Depreciation-Building Accumulated Depreciation-Equipment Building Cash Fees Earned Prepaid Insurance Rent Revenue Unearned Rent
   Advertising Expense Accounts Receivable Land Prepaid Insurance Rent Revenue Salaries and Wages Payable Supplies Unearned Rent
   Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Equipment Building Equipment Fees Earned Land Jan Pitman, Capital
   Advertising Expense Fees Earned Jan Pitman, Drawing Rent Revenue Salaries and Wages Expense Utilities Expense
   Accounts Payable Accounts Receivable Accumulated Depreciation-Building Building Cash Fees Earned Prepaid Insurance Salaries and Wages Payable Unearned Rent
   Accumulated Depreciation-Equipment Building Equipment Land Rent Revenue Salaries and Wages Expense Supplies Expense Unearned Rent
   Accounts Receivable Building Jan Pitman, Capital Land Salaries and Wages Expense Salaries and Wages Payable
   Building Jan Pitman, Capital Land Salaries and Wages Payable Unearned Rent Utilities Expense
   Advertising Expense Building Jan Pitman, Capital Salaries and Wages Payable Unearned Rent Utilities Expense
   Advertising Expense Jan Pitman, Capital Land Repairs Expense Salaries and Wages Payable Unearned Rent
   Accumulated Depreciation-Building Depreciation Expense-Building Equipment Jan Pitman, Capital Salaries and Wages Payable Unearned Rent
   Accumulated Depreciation-Equipment Depreciation Expense-Equipment Equipment Jan Pitman, Capital Salaries and Wages Payable Unearned Rent
   Accounts Receivable Insurance Expense Jan Pitman, Capital Land Salaries and Wages Payable Unearned Rent
   Accumulated Depreciation Expense-Building Accumulated Depreciation Expense-Equipment Land Prepaid Insurance Salaries and Wages Payable Supplies Supplies Expense Utilities Expense
   Accumulated Depreciation Expense-Building Accumulated Depreciation Expense-Equipment Land Miscellaneous Expense Prepaid Insurance Salaries and Wages Payable Supplies Utilities Expense

Long-term liabilities typically include: a. Salaries Payable b. Unearned Revenue c. Mortgage Payable d. Treasury Stock

Which of the following accounts should be closed to the capital account at the end of the year?

Information about Energy Storage Market in UK. Show different revenue stream of energy storage market.(about 200 words)

24. Explain the purpose of the accumulated-earnings tax, when it is imposed, and the rate at which it is imposed. Include the Internal Revenue Code Section

Assume the government has a balanced budget and that the economy is experiencing a recession, the tax revenue collected by the government is likely to ________, which would lead to a ________.