Kagawas effective tax rate is 40 percent and is based in an

Assignment Help Accounting Basics
Reference no: EM13600766

Following is information taken from the accounting records of Kagawa Company at the end of 2009.
- Net Sales $660,000
- Operating Income (from discontinued operations), $64,000
- Cost of Goods Sold, $370,000
- Gain on Sale of Assets (from discontinued operations), $55,000
- Operating Expenses, $134,000
- Flood Loss, $167,000
- Kagawa had 150,000 shares of common stock issued and outstanding throughout the year.
Kagawa's effective tax rate is 40 percent and is based in an area that does not normally experience floods. Kagawa's taxable income from the tax return is $100,000.

Prepare an income statement for Kagawa Company for 2009, including an earnings-per-share section.

Reference no: EM13600766

Questions Cloud

The embroidery shoppe had beginning retained earnings of : the embroidery shoppe had beginning retained earnings of 18670. during the year the company reported sales of 83490
At december 31 2010 braddock company had a balance of 15090 : at december 31 2010 braddock company had a balance of 15090 in the allowance for doubtful accounts. during 2011
It is december 3120xxand wallys watches is beginning the : it is december 3120xxand wallys watches is beginning the process of closing the books at the end of the year. the cfo
Liquidating partnerships need solution to question prior : liquidating partnerships. need solution to question. prior to liquidating their partnership. quinn and kestner has
Kagawas effective tax rate is 40 percent and is based in an : following is information taken from the accounting records of kagawa company at the end of 2009. - net sales 660000 -
Comprehensive the following information for 2010 is : comprehensive the following information for 2010 is available for the marino company1. the beginning inventory is
Prepare a statement of partnership liquidation covering the : statement of partnership liquidation. on june 3 2012 the firm of lyon malone and chen divided to liquidated their
Ruvolo jeep tours operates jeep tours in the heart of the : turiano corporation bases its budgets on machine-hours. the companys static planning budget for november appears
Under the indirect method of preparing a statement of cash : under the indirect method of preparing a statement of cash flows why do gains and losses affect new income when

Reviews

Write a Review

Accounting Basics Questions & Answers

  Managers should arbitrate decisions when employees cannot

1.during the stage of team development team members shift their attention away from task orientation to a relationship

  Indy sport and hobbys allowance for doubtful accounts had

1. when using a periodic inventory method which account is increased when you buy merchandise inventory?a. cost of

  The manufacturing overhead budget at cutchin corporation is

the manufacturing overhead budget at cutchin corporation is based on budgeted direct labor-hours. the direct labor

  Umanzor corporation uses activity-based costing to assign

umanzor corporation uses activity-based costing to assign overhead costs to products. overhead costs have already been

  Calculate the equivalent units of production for the first

the colorado company manufactures a product that goes through three processing departments. information relating to

  Determining accrued interest payable

The first payment for interest and principal was made on September 1, 2011. At December 31, 2011, Lowe should record accrued interest payable of

  Mitchell decides to continue using departmental overhead

mitchell decides to continue using departmental overhead rates. if a job spends 4 hours in assembly and 3 hours in

  The gourmand cooking school expects to run four courses

the gourmand cooking school runs short cooking courses at its small campus. management has identified two cost drivers

  Harrington precision parts repaired one of its boeing 737

harrington precision parts repaired one of its boeing 737 aircrafts at a cost of 150000. harrington precision parts

  The potter company reported net income of 225000 for the

the potter company reported net income of 225000 for the current year. depreciation recorded on buildings and equipment

  What is the total value of the finished goods inventory at

techuxia corporation worked on four jobs during october job a256 job a257 job a258 and job a260. at the end of october

  Partnerships and consolidations

What are the issues related to goodwill valuation when comparing partnerships formation with companies consolidations?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd