Intermediate Accounting Week 2 Hw

Homework Assignment 2 jar against 6, 2012 Exercise 4-8 (a) BROKAW CORP. Income Statement For the Year dot declination 31, 2012 ____________________________________________________________ ___________ Sales tax clear Sales ...$1,200,000 Cost of Goods variegate..780,000 Gross Profit 420,000 in operation(p) Expenses Selling Expenses...65,000 Administrative Expenses..48,000 113,000 Income from avocation operations .307,000 another(prenominal) Revenues and Gains Dividend Revenue 20,000 Interest Revenue..7,000 27,000 334,000 Other Expenses and Losses admit of Inventory due to Obsolescence....80,000 Income from Continuing trading operations onward Income revenue enhancement ..254,000 Income assess .. 86,360 Income from Continuing Operations . 167,640 unholy Item injured company Loss .50,000 Less: relevant Income impose...

17,000 33,000 Net Income. 134,640 Per contribution of Common Stock Income from Continuing Operations ($167,640/60,000) ...2.79 Extraordinary Loss, Net of Tax...0.55 Net Income ($134,640/60,000) .. 2.24 (b) BROKAW CORP. maintained earnings Statement For the Year Ended declination 31, 2012 ____________________________________________________________ ____________ kept up(p) Earnings, Jan 1, as describe ...$980,000 Correction for Overstatement of depreciation Expense in Prior utmost depreciation error (net of tax).. 26,400 Retained Earnings, January 1, as Adjusted..953,600 resume: Net Income..134,640...If you want to clay sculpture a full essay, outrank it on our website: Ordercustompaper.com

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