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On December 31, 2010, the Adandt Company listed the following items in its adjusted trial balance:
Extraordinary loss (pretax) ................ $ 8,000Interest revenue ..................... 2,500Sales returns and allowances ................ 3,000Selling expenses .................... 14,000Cost of goods sold ................... 95,000Loss on sale of equipment (pretax) ............... $ 2,000General and administrative expenses ............... 17,000Sales .......................... 163,000Unrealized decrease in value of available for sale securities.... 1,800
Additional data:1. Seven thousand shares of common stock have been outstanding the entire year.2. The income tax rate is 30% on all items of income.Required:1. Prepare a 2010 multiple step income statement.2. Prepare a 2010 single step income statement.3. Prepare a 2010 statement of comprehensive income.
calculation of average issue price of stock.the information below relates to question no. 1the stockholders equity
On January 1, 2010, Yeargan Company obtained an $88,000, seven year 5% installment note from Farmer's Bank. The note requires annual payments of $15,208 with the first payment occuring on the last day of the fiscal year.
USA Airlines is a major airline carrier for both domestic and international travel. The company guarantees the “lowest price” ticket for travel within the United States. In order to get the lowest price airfare, the customer needs to book a flight wi..
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Using the accural basis revenue on the income statement was $124,320. Accounts receivable were $3,320 on January 1 and $3,600 on December 31. Unearned revenue was $1,040 on January 1 and $1,690 on December 31. Calculate the revenue for the year on a ..
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Considering only profit, what is minimum quantity of thermostats in the special order that would make it profitable assuming capacity is available?
Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2013 and LIFO method instead of the average cost method during the years 2010-2012. In 2013, Garner changed to the FIFO method
Montoini Company purchases equipment on January 1, year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000. Compute amount of depreciation for each of years 1 through 3 using the strai..
Create a contribution margin format income statement
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