Intermediate Accounting 4-8

EXERCISE 4-8 (3035 minutes) (a)BROKAW CORP.| Income assertion| For the Year finish dusk 31, 2012| Sales Revenue| | | make sales| | $1,200,000| Cost of goods miscellanea| | 780,000| Gross profit| | 420,000| | | | operating(a) Expenses| | | Selling expenses| $65,000| | Administrative expenses| 48,000| 113,000| Income from operations| | 307,000| | | | Other Revenues and Gains| | | Dividend revenue| 20,000| | absorb revenue| 7,000| 27,000| | | 334,000| Other Expenses and losings| | | Write-off of inventory overdue to obsolescence| | 80,000| Income forrader income evaluate and howling(a) item| | 254,000| Income levy| | 86,360| Income earlier extraordinary item| | 167,640| phenomenal item| | | Casualty expiration| 50,000| | Less: Applicable tax reduction| 17,000| 33,000| last income| | $ 134,640| Per persona of common stock:| | | Income in the first place extraordinary item ?($167,640 ÷ 60,000)| | $2.79*| phenomenal item, net of tax| | (0.

55)| bring in income ($134,640 ÷ 60,000)| | $2.24| *Rounded EXERCISE 4-8 (Continued) (b)BROKAW CORP.| bear allowance Statement| For the Year end December 31, 2012| kept up(p) earnings, Jan. 1, as reported| $ 980,000| Correction for magnification of net income in foregoing period (depreciation error) (net of $13,600 tax)| (26,400)| Retained earnings, Jan. 1, as adjusted| 953,600| Add: Net income| 134,640| | 1,088,240| Less: Dividends declared| 45,000| Retained earnings, Dec. 31| $1,043,240| EXERCISE 4-11 (2025 minutes) (a)McENTIRE CORPORATION| Retained...If you want to glamour a full essay, arrange it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper