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On its 200 4financial accounting income statement, the green corp reported " net operating income of 900000. Additional information considered not considered in the 900000 is shown below a) the company reviewed it Dec 31 2004 account receivable balance and determined that 26000 of these receivables would never be collected. Theses receivables were written off. b) In late 2004 green reclassified machinery from property plant equipment to long term investment recording a 20000 loss on impairment of machinery removed from use . This loss is tax deductible at 25% tax rate c) in 2004 the sum of 100000 was received as part of lawsuit settlement . No receivable had been previously created for this lawsuit d) in 200 , green won 80000 in lottery . The lottery ticket was acquired with petty cash fund, this gain which is taxes at normal rates is considered extraordinary. e) During 2004 , the company sold some temporary investment at a 150000 loss . This loss was taxes 15% f) in 2004 , an internal audit determined that amortization of intangibles has been misrecorded . Intangible amortization was understated by 60000 in 2002 and 2003 when tax rate was 30% and by 30000 in the current period. a correction was made in 2004 g) in early 2004 green sold land held for resale at 80000 gain h) the company discontinued one of its operation in 2004 at loss of 200000 before taxes . This 200000 was taxes at normal rates and consists of 120000operation loss and 80000 losses from the disposal. i) The company had 75000 loss in 2004 from restructuring charges. This loss was a result of incurring cost to restructure the organizations of the company in order to increase efficiencies. Because of current tax laws green is not able to deduct these cost for taxes purposes. Green 's 2004 effective taxes rate on normal earning is 35% Prepare a 2004 multiple step income statement for green beginning with " net operating income" . But omitting any earning per share information.
at a level of 24600 units sold gail corp has sales of 639600 a contribution margin ratio of 45 and a profit of 108810.
on january 1 2010 jacob issues 800000 of 9 13-year bonds at a price of 96 12. six years later on january 1 2016 jacob
many companies publish their annual reports on their website usually in an investor relations section. visit several
When Nils dies this year, the $50,000 cash is still in a savings account. The consideration offset when computing Nil's gross estate is :
Overhead is applied on the basis of direct labor hours. Three direct labor hours are required for each product unit. Planned production for the period was set at 8,000 units. Manufacturing overhead for the period is budgeted at $204,000, of which ..
warren corporations stock sells for 42 per share. the company wants to sell some 20-year annual interest 1000 par
killroy company owns a trade name that was purchased in an acquisition of mcclellan company. the trade name has a book
maria turner has just graduated from college with a degree in accounting. she had planned to enroll immediately in the
Evanston?s accountant insists that he keep a detailed record of money and merchandise that he takes out of the business for his personal use. Why?
how much should you pay in ten equal annual end of year payments starting two years from now in order to repay a 30000
on january 1 2012 huber co. sold 12 bonds with a face value of 800000. the bonds mature in five years and interest is
Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2010.
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