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The following are partial income statement account balances taken from the December 31, 2016, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000; before-tax loss on discontinued operations, $400,000; and loss on sale of investments, $50,000. Income tax expense has not yet been recorded. The income tax rate is 40%. Prepare the lower portion of the 2016 income statement beginning with $850,000 income from continuing operations before income taxes. Include appropriate basic EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year
On November 4, 2012, Blue Company acquired an asset (27.5-year residential real property) for $200,000 for use in its business. In 2012 and 2013, respectively, Blue took $642 and $5,128 of cost recovery. These amounts were incorrect; Blue applied the..
Explain how should the company recognize the sales price of $300,000 upon the delivery and the completion of the installation?
Inc report revenues of $14,892,615, net operating profit after tax of $987,625, net operating assets of $6,124,587. The fiscal 2009 balance sheet reports net operating assets of $5,995,633. Illustrate what is Neptune’s 2010 net operating profit m..
The following bond investment transactions were completed during 2014 by starks company: Jan 31: purchased 75, $1,000 government bonds at 100 plus 30 days' accrued interest. The bonds pay 6% annual interest on July 1 and January 1.
Prior to install a JIT system, Plasticize Company used machine hours to assign maintenance costs to it three products of 3-inch, 5inch and 7-inch plastic tubing. The maintenance costs totaled 120,000 per year. After installing JIT, three manufacturin..
Wiley Company had total revenues of $300,000 for a recent month. During the month the company incurred operating expenses of $205,000 and purchased land for $45,000. Compute amount of Wiley's net income for the month.
You are to explore the annual report disclosures for one of the NZX 50companies for 2012. You are required to choose the company. The annual reports areavailable online.
For investments in available-for-sale securities, how are unrealized (holding) gains and losses reported?
T. Wells Appeasement Group’s defined benefit pension plan specifies annual retirement benefits according to the following pension formula: 1.3% x service years x final year’s salary Benefits are payable at the end of each year in retirement. Provide ..
Saluki, Inc. constructed a machine. Depreciation was computed using the sum-of-the-years'-digits method. At the beginning of 2014, Saluki decided to change to the straight-line method.Cost of machine320,000$ Placed in service on1/1/2012Useful life10 ..
Payment of cash dividends are recorded as a decrease in cash and an increase in expenses a decrease in cash and a decrease in retained earnings an increase in dividend expense and a decrease in cash a decrease in cash and a decrease in..
The division is dropped, the staff will be laid-off, with the exception of one person who will be assigned to another job. Her salary is $45,000. Should the division be dropped?
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