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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%.
Terry Corporation had 300,000 shares of common stock outstanding at December 31, 2010. In addition, it had 90,000 stock options outstanding, which had been granted to certain execu
Activity Cost Drivers An element of measurement for the stage (or quantity) of an activity that is performed within a business company. Hence, a movement cost driver represen
LIQUIDATION OF COMPANIES (a) Methods of Winding Up: A company may be wound up:By the court, Voluntarily, either as a members' or a creditors' winding up; or Subject to the s
Prepare an Excel spreadsheet containing the following: - Construct the next five-year pro-forma statements (income statement and balance sheet). - Estimate annual F
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Which of the following transaction results in an increase in revenues? a. receipt of accounts receivable b. purchase of inventory c. receipt of principal from bank loan d. delivery
provide for depreciation at 10%p.a at cost for equipment and 15% at book value for vehicles
XYZ Enterprises manufactures tires for the Formula One motor racing circuit. For August 2011, XYZ budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire an
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