Kano and his wife Hoshi have been married for 10 years and have two children under the age of 1

Kano and his wife Hoshi have been married for 10 years and have two children under the age of 12. The couple has been living apart for the last two years and both children live with Kano. Kano has provided all the means necessary to support himself and his children. Kano and Hoshi do not file a joint return. a. What is Kano’s filing status? b. Assume the original facts except that Kano and Hoshi separated in May of the current year. What is Kano’s filing status? c. Assume the original facts except that Kano and Hoshi separated in November of this year. What is Kano’s filing status? d. Assume the original facts except that Kano’s parents, not Kano, paid more than half of the cost of maintaining the home in which Kano and his children live. What is Kano’s filing status?

L'Oréal reports the following income statement accounts for the year ended December 31, 2014 (euros in millions)

L'Oréal reports the following income statement accounts for the year ended December 31, 2014 (euros in millions). Prepare the income statement for this company for the year ended December 31, 2014, following usual IFRS practices.

Aviation Systems is involved in a $10 million lawsuit filed against one of its suppliers

Aviation Systems is involved in a $10 million lawsuit filed against one of its suppliers, Electronic Innovators. The litigation is in final appeal, and legal counsel advises that it is probable that Aviation Systems will win the lawsuit and be awarded somewhere between $6 and $10 million.

Which of the following statement is true?

A gain and an asset must be recorded for $10 million.

A gain and an asset must be recorded for $6 million.

A gain must be recorded for $6 million and an asset must be recorded for $10 million.

Gain contingencies are not recorded.

A gain must be recorded for $10 million and an asset must be recorded for $6 million.

Aviation Systems has a contingent gain that is probable and reasonably estimable, within a range between $6 and $10 million. Contingent gains are not recorded until the gain is certain. Though firms do not record contingent gains in the accounts, they sometimes disclose them in the notes to the financial statements.


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