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Question - Various Reporting Format
The following information was taken from the records of Gibson Inc. for the year 2012. Income tax applicable to income from continuing operations $119,000; income tax applicable to loss on discontinued operations $25,500; income tax applicable to extraordinary gain $32,300; income tax applicable to extraordinary loss $20,400; and unrealized holding gain on available-for-sale securities $15,000.
Extraordinary gain
$95,000
Cash dividends declared
$150,000
Loss on discontinued operations
75,000
Retained earnings, January 1, 2012
600,000
Administrative expenses
240,000
Cost of goods sold
850,000
Rent revenue
40,000
Selling expenses
300,000
Extraordinary loss
60,000
Sales
1,700,000
Shares outstanding during 2012 were 100,000.
(a) Prepare a single-step income statement for 2012.
(b) Prepare a retained earnings statement for 2012.
(c) Show how comprehensive income is reported using the second income statement format.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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Distinguish between liquidity and profitability.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
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