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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.)
he first year of depreciation on a residential rental building costing $200,000 purchased May 2, 2014. The second year of depreciation on a computer costing $3,000 purchased in May 2013, using half-year convection and accelerated depreciation.The thi..
Explain why investors buy at price higher than net asset value - explain theory that what factor affect prices, include net asset per share or other factor
Prepare the journal entries by Brainard Industries, Inc., necessitated by the restructuring of the debt
Prepare a statement of revenues and expenses and a statement of changes in net assets for Wise Owls for 20X1.
What would you recommend to Mr. Cartwright and to the banker and what would the income statement and balance sheet look like if he took the discounts for the entire 2004 year?
One reason accounting earnings might not be a realistic measure of economic income is the incentive and ability of business managers to manipulate reported pro?ts for their own bene?t. This may be particularly true when their company has an incentive..
Explain how the journal entries affect the balance sheet and income statement of ParentCo use examples to support your responses). Describe the effectiveness of the hedge. Show and explain all calculations.
After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. The firm has cash of $12,000 and office equipment of $13,000. The partners decide to liquidate the partnership. The office..
Which of the following is an example of a good internal control for the credit department?
Analyze financial accounting information from transactions through financial statement preparation for reporting results to internal and external users of information.
Compute cash flows from operating activities—indirect method-The accounting records of Michigan Fur Traders include these accounts:
Corporation makes a product whose direct labor standards are 0.8 hours per unit and $28 per hour. In April the company produced 7,350 units using 5,380 direct labor-hours. The actual direct labor cost was $112,980. The labor efficiency variance for A..
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