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Yr ending Dec. 2012, abc Corp. had income from operations before taxes of 1200000 before considering the following. See also all transactions below are before taxes & amounts should be considered material. ** During 2012, one for ABC factories was damaged in an earthquake. The firm recognized a loss of 800,000. the event is considered unusual and infrequent. ** Nov. 2012, ABC sold its waffle house restaurant that qualified as a component of an entity. The company adopted a plan to sell the chain in May 2012. The income from the chain from Jan. 1 2012 through November was 160,000 & the loss on sale of chain's assets was 300,000. ** In 2012,ABC sold one of its six factories for 1,200,000. At time of sale it had a carring value of 1,100,000. The factory was not concerned a component of the entity. ** in 2010, ABC accountant omitted the annual adj. for patent amortization expense of 120,000. The error was not discovered until dec. 2012. Questions: 1 - Need to prepare an income statement, beginning with income from continuing operations before taxes, for the yr. ended dec. 2012. Assume income tax rate of 30%. ???? not sure of layout
2 - Explain the motivation for segregating certain income statement events from income from continuing operations????
one client had indicated that they were interested in purchasing 42500 worth of products so the bookkeeper recorded the
an investment cost 80000 with no salvage value a 5 year useful life and had an expected annual increase in net income
Carleton Service Center just purchased an automobile hoist for $14,947. The hoist has a 5-year life and an estimated salvage value of $1,410. Compute the payback period for the new hoist.
suppose that you enter into a 6-month forward contract on a nondividend-paying stock when the stock price is 30 and
Calculate the receivables turnover ratio and the average collection period for 2009 for FedEx and evaluate the balance in FedEx"s allowance for doubtful accounts.
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robbins company is a wholesale distributor of professional equipment and supplies. the companys sales have averaged
Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating the allowance for doubtful accounts?
berg company incurs 320000 overhead costs each year in its three main departments setup 20000 machining 220000 and
cindy cpa completed field work on september 23 2008 and issued the following report to the directors of the cma
Prepare journal entries to record the following transaction: On June 1,2009 Kirby Inc. issued $600,000 6% bonds for $587,640 which includes accrued interest. interest is payable semiannually on February 1 and August 1 with the bonds maturing on Fe..
heckaman corporation produces and sells a single product. data concerning that product appear below. selling price per
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