Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31. 2010 an analysis of the accounts and discussions with company officials revealed the following information:
Sales
$1,100,000
Purchase discounts
18,000
Purchases
642,000
Earthquake loss (net of tax) (extraordinary item)
42,000
Selling expenses
128,000
Cash
60,000
Accounts receivable
90,000
Common stock
200,000
Accumulated depreciation
180,000
'Dividend revenue
8,000
Inventory, January 1, 2010
152,000
Inventory, December 31, 2010
125,000
Unearned service revenue
4,400
Accrued interest payable
1,000
1.aml
370,000
Patents
100,000
Retained earnings, January 1, 2010
290,000
Interest expense
17,000
General and administrative expenses
150,000
Dividends declared
29,000
Allowance for doubtful accounts
5,000
Notes payable (maturity 7/1113)
Machinery and equipment
450,000
/Materials and supplies
40,000
Accounts payable
The amount of income taxes applicable to ordinary income was $48,600, excluding the tax effect of the earthquake loss which amounted to $18,000.
Instructions
(a) Prepare a multiplc-step income statement.
(b) Prepare a retained earnings statement.
There are no complex corporate transactions in this practice set beyond the calculation and payment of company tax. No dividends were paid during the period and tax effect accounting is beyond the scone of this nractice set.
the four seasons resort community is an stylish thriving four-season resort and a community of over 1200 single family
question in 2013 ginger graham age 46 and spouse of greg graham engaged in the transactions given below. evaluate
cost - volume - profit analysisarrange contribution margin income statements.western travel uses contribution margin
Calculate Tim's Australian taxable income and Australian tax payable for the year ending 30.06.2013
What part of that distribution was a dividend and How much of each of their distribution will be taxed as a dividend?
you are a cpa in new jersey and a client of yours asked for a meeting to discuss tax issues and to have you prepare
determine Emily’s itemized deductions. Which of these items can and cannot be listed as medical deductions? Why? What is her 2011 taxable income?
What is the appropriate balance for the Allowance for Doubtful Accounts at year-end and show how accounts receivable would be presented on the balance sheet - what is the dollar effect of the year-end bad debt adjustment on the before-tax income?
What is the ABC Partnerships required tax year and Do the allocations have Substantial Economic Effect?
question juan luan social security number 454-11-7000 is a single taxpayer and is employed as an administrative help at
Migor Company (MC)-a Canadian company whose shares trade on a Canadian stock exchange-designs and builds custom-ordered precision machinery. MC is a publicly accountable enterprise adhering to IFRS. Its 2013 income statement will report "Incom..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd