Please prepare an income statement, Financial Accounting

Assignment Help:

Simons Corp has unadjusted net income from continuing operations before tax of $168,000 before the following items were entered in the accounting records in 2013:
1. Unrealized gains on an avilable-for-sale investment portfolio of $34,500
2. A loss from an earthquake of $450,000 and gain from insurance proceeds of $250,000. Siimons has never suffered an earthquake before and it is not located on a faultline.
3. A loss from a discontinued depratment of $165,000 and a gain of $70,000 from selling the department.
4. Restructuring costs of $45,000.
5. Depreciation of $50,000 and amortization of $30,000.
6. A realized gain of $82,000 from securites sold out of the investment account.
Please prepare an income statement with a proper heading starting with income from continuing operations for Simons in 2013. There tax rate is 30%.


Related Discussions:- Please prepare an income statement

The statement of affairs-bankruptcy accounts, The Statement of Affairs ...

The Statement of Affairs The statement of affairs sets out: (a) The various assets of the debtor, at the values they are expected to realise; (b) The creditors, classified acc

Explain why the operating cycle, The Operating Cycle Two Wheeler Cycle Shop...

The Operating Cycle Two Wheeler Cycle Shop buys all of its bikes from one manufacturer, Baxter Bikes. On average, bikes are on hand for 45 days before Two Wheeler sells them. The c

Income statement, how should i treat items in the additional information

how should i treat items in the additional information

Types of gift by way of a will-executorship laws and account, TYPES OF GIFT...

TYPES OF GIFT BY WAY OF A WILL (a) A special (or specific) legacy is a testamentary gift of a particular part of the property of the testator, which identifies that part by a s

IAS 40, Hi I am doing my thesis on IAS 40 and I''m sort of stuck with find...

Hi I am doing my thesis on IAS 40 and I''m sort of stuck with finding information. I need to find positive and negative international critique on the standard

Describe the effects of each transaction on assets, KAM Computer Timeshare ...

KAM Computer Timeshare Company entered into the following transactions durnig May 2014 Decribe the effects of each transaction on assets, liabilities, and owner's equity. 1. Purcha

Computation and purpose, A summary of management oriented activity ratio ar...

A summary of management oriented activity ratio are specified below. It describes the ratios and also their major purposes. Activity Ratios (Secondary Group) The numer

accounting, what organizations are responsible for governing financial rep...

what organizations are responsible for governing financial reporting? what is the role of each organiztion? how have the roles changed in the last 20 years? how might their roles c

Presumption of survivorship, PRESUMPTION OF SURVIVORSHIP Where two or m...

PRESUMPTION OF SURVIVORSHIP Where two or more persons have died in circumstances rendering it uncertain which of them survived the other or others, the deaths shall, for all pu

Ias1 contents of financial statements, IAS 1 contents of financial statemen...

IAS 1 contents of financial statements IAS 1 prescribes the contents of published financial statements. The major reports that are included as part of the published financial sta

Write Your Message!

Captcha
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