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(Irregular Items) Maher Inc. reported income from continuing operations before taxes during 2010 of $790,000. Additional transactions occurring in 2010 but not considered in the $790,000 are as follows. 1. The corporation experienced an uninsured flood loss (extraordinary) in the amount of $90,000 during the year. The tax rate on this item is 46%. 2. At the beginning of 2008, the corporation purchased a machine for $54,000 (salvage value of $9,000) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2008, 2009, and 2010 but failed to deduct the salvage value in computing the depreciation base. 3. Sale of securities held as a part of its portfolio resulted in a loss of $57,000 (pretax). 4. When its president died, the corporation realized $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000 (the gain is nontaxable). 5. The corporation disposed of its recreational division at a loss of $115,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. 6. The corporation decided to change its method of inventory pricing from average cost to the FIFO method. The effect of this change on prior years is to increase 2008 income by $60,000 and decrease 2009 income by $20,000 before taxes. The FIFO method has been used for 2010. The tax rate on these items is 40%.
Instructions Prepare an income statement for the year 2010 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 120,000
The actual cost for plane operating costs in September was $214,430. The activity variance for plane operating costs in September would be closest to:
a company issued 10 10-year bonds payable with a par value of 720000. the bonds pay interest on july 1 and january 1.
Henry transfers property with an adjusted basis of $90,000 and a FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80,000 and a short-term note with a $20,000 FMV. Henry's recognized gain is ..
chateau beaune is a family-owned winery located in the burgundy region of france which is headed by gerard despinoy.
The company reported estimated Returns and allowances in 2003 of $200,000. Burghoff actually purchased 11,000 units of its product from its manufacturer in 2003 at an average cost of $300 per unit.
bob and lisa must replace their old car as soon as possible. they have found a new one that meets their needs and have
Xenon Corporation has $112,000 of regular taxable income, $68,000 of preference items, $98,000 of positive adjustments, and $36,000 of negative adjustments that affect its determination of alternative minimum taxable income. What is Xenon's altern..
Specific identification method (62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1).
Determine the direct materials price variance, assuming that all materials costs are the responsibility of the materials purchasing manager. Determine the direct materials price variance, assuming that all materials costs are the responsibility of..
On November 25, 2012 Marquez Golf Co. received a special order for 5,000 three-wood golf club sets. These golf clubs will be marketed in Japan. Ito Imports, Inc.
there are two types conservative and aggressive so please give me the answers for both. conservative the end of period-
explain the concept of family life cycle and its use in marketing. choose one stage and give 4 products that might be
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