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Duke Company’s records show the following account balances at December 31, 2016: Sales $ 15,600,000 Cost of goods sold 9,300,000 General and administrative expenses 1,030,000 Selling expenses 530,000 Interest expense 730,000 Income tax expense has not yet been determined. The following events also occurred during 2016. All transactions are material in amount. 1. $330,000 in restructuring costs were incurred in connection with plant closings. 2. Inventory costing $430,000 was written off as obsolete. Material losses of this type are considered to be unusual. 3. It was discovered that depreciation expense for 2015 was understated by $53,000 due to a mathematical error. 4. The company experienced a foreign currency translation adjustment loss of $230,000 and had unrealized gains on investments of $210,000. Required: Prepare a single, continuous multiple-step statement of comprehensive income for 2016. The company’s effective tax rate on all items affecting comprehensive income is 40%. Each component of other comprehensive income should be displayed net of tax. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.)
Assume Davis Consulting Inc has created a standard cost card for each job. Standard direct materials include 14 software packages at a cost of $900 per package. Calculate direct materials cost and efficiency variances. Calculate direct labor cost and..
If the inn plans on renting an average of 50 rooms per day (assuming a 30-day month), what is (1) the monthly margin of safety in dollars and (2) the margin of safety ratio
Prepare a table with the column headings. Use the table to show how to distribute net income of $450,000 for the calendar year under each of the alternative plans being considered(Round answers to the nearest whole dollar).
Please show me how to calculate it and explain. You are considering two investment plans. Plan A requires you to save $100 per month for 10 years. Plan B requires you to save $200 per month for 5 years. Assuming that both plans earn the same rate of ..
From the given information prepare the investments section of the statement of cash flows
What is the shareholder's debt basis at January 1,3012?
Assume that you want to make annual deposits in order to save $2million in 30 years, and you can achieve a 10% annual interest rate. Also assume that you can increase your annual deposit by 5% each year. What is your initial deposit amount
The total assets of Dain Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Dain Co.'s stockholders' equity?
All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Journalize the two entries to record the transactions summarized in the trial balance.
A lease agreement that qualifies as a capital lease calls for annual lease payments of $36,000 over a four-year lease term, with the first payment at January 1, the lease’s inception. If Lessee’s fiscal year is the calendar year, complete the amortiz..
Mr. Pitkin bought a farm and promised to pay $6500 in 8 years with 7% simple interest and $9725 in 16 years with 11.75% simple interest. Later, Mr. Pitkin met with the lender requesting to pay $6550 at the end of 6 years and to make a final payment a..
single-step income statement into a multiple-step income statement for the month ended October 31, 2015. Income Statement For the year ended October
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