Prepare single step income statement for the year

Assignment Help Accounting Basics
Reference no: EM132988943

Question - The Data is extracted from the books of Dalda Corporation for the year ending December 31, 2010,

Cost of goods sold $250,000

Net sales 450,000

Other expenses and losses 9,600

Other revenues and gains 5,600

Selling and administrative expenses 1,00,000

Income from operations 60,000

Loss from disposal of a business division 400,000

Analysis reveals that:

1. All items are before the applicable income tax rate of 40%.

2. The division was sold on July 1.

Required -

a) Prepare single step income statement for the year.

b) Convert the dollar amount of given Income statement into percentage and comment.

Reference no: EM132988943

Questions Cloud

Compute the amount of sales tax payable by miyoteko sdn bhd : Compute the amount of sales tax payable by Miyoteko Sdn Bhd in respect of the above transaction (if any). (Sales tax is at 10%)
Contingency planning is risk mitigation process : Contingency planning is a risk mitigation process for developing back-up plans in anticipation of events (scenarios) that might disrupt ‘business as usual'.
Which should be treated as incremental cash flows : As the CFO of your company, you are considering a potential new project that lasts for 5 years. Which should be treated as incremental cash flows
Find some data set where regression analysis : Find some data set where regression analysis would be appropriate. Preferably the data set should be from your place of employment,
Prepare single step income statement for the year : Prepare single step income statement for the year. Convert the dollar amount of given Income statement into percentage and comment
How could christian perspectives prevent an employee : How could Christian perspectives prevent an employee from performing their required duties? As an HR representative, what legal and ethical responsibilities
Discuss what power in context of leadership : Discuss what power in the context of leadership is and how it relates to bullying within organizations. Also note how this impacts productivity.
Discuss three factors that need to be considered : Discuss three (3) factors that need to be considered if Syarikat Diamond City wants to finance the acquisition either in cash or shares
Determine weaknesses-areas of improvement in data : Determine weaknesses/areas of improvement in the data. Identify what research is based off this data. Summarize how the data are structured/stored.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

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

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

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.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd