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The preliminary 2013 income statement of Alexian Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2013 ($ in millions, except earnings per share) Revenues and gains: Net sales $ 460 Interest 16 Other income 180 Total revenues and gains 656 Expenses: Cost of goods sold 300 Selling and administrative 156 Income taxes 60 Total expenses 516 Net Income $ 140 Earnings per share $ 4.00 Additional information: 1. Selling and administrative expenses include $39 million in restructuring costs. 2. Included in other income is an extraordinary gain of $170 million. The remaining $10 million is from the gain on sale of investments. 3. Cost of goods sold was increased by $5 million to correct an error in the calculation of 2012's ending inventory. The amount is material.
Which of the following is the correct entry to record the payment by Underwood Inc., within the 10 days if the company uses the periodic inventory system and the gross method to record purchases?
How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?
Meyer Corporation uses the percentage-of-completion method to account for work performed under long-term construction contracts.
Allocation and proration of overhead. Tamden, Inc., prints custom marketing materials. The business was started January 1, 2010. The company uses a normal-costing system. It has two direct cost pools, materials and labor and one indirect cost pool..
A government accounts for a municipal landfill in an enterprise fund. How will it determine how much to charge as an expense (and add to a liability) each year that the landfill is in use? Suppose, instead, that it accounts for the landfill in a g..
Analyze the risks in the systems that your team analyzed. Identify all risks and internal control points by incorporating the controls and risks into the flowcharts.
What is the amount of contract costs incurred during the year ended December 31, 2012?
Calculate the annual income of the company using (1) the percentage-of-completion method and (2) the completed-contract method.
Suppose that nominal accounts are not closed out at the end of the fiscal period. Explain how this affects account data for the next fiscal period. Use a company or industry to help explain your answer.
Diversification in an investment portfolio is a significant concept for creating the highest return for the least amount of risk. To create this diversification portfolio managers consider the covariance and correlation of investments. Explain how..
Becky uses the 200% declining balance method for regular income tax purposes. What is the amount of Becky's AMT adjustment?
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
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