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Simons Corp has unadjusted net income from continuing operations before tax of $168,000 before the following items were entered in the accounting records in 2013:1. Unrealized gains on an avilable-for-sale investment portfolio of $34,5002. A loss from an earthquake of $450,000 and gain from insurance proceeds of $250,000. Siimons has never suffered an earthquake before and it is not located on a faultline.3. A loss from a discontinued depratment of $165,000 and a gain of $70,000 from selling the department.4. Restructuring costs of $45,000.5. Depreciation of $50,000 and amortization of $30,000.6. A realized gain of $82,000 from securites sold out of the investment account.Please prepare an income statement with a proper heading starting with income from continuing operations for Simons in 2013. There tax rate is 30%.
A classmate is considering dropping his or her accounting class because he or she cannot understand the rules of debits and credits. Explain the rules of debits and credits in a wa
Inventories constitute a important portion of the current assets ranging from 40 percent to 60 percent for manufacturing companies. The manufacturing companies conduct investments
A 4 year project has an initial asset investment of 306600, and initial net working capital investment of 29200, and an annual operating cash flow of -46720. The fixed asset is ful
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how to record items on this account
THE TRUSTEE IN BANKRUPTCY 1) Appointment of trustee The trustee is appointed: By the creditors by ordinary resolution, or By the committee of inspection, if so
Suppose that Oxford Inc. is interested in the two new products, AME and CGK. Because of its capital budget constraint, it can only launch one new product line. Eric just graduated
Q.2 Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.
tutorials on sample qustion
Joe has two children, Sydney age 5 and William age 2, that he wants to provide for their education funding. Currently, tuition is $10,000 per year and tuition inflation is 6%. Jo
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