Please prepare an income statement, Financial Accounting

Assignment Help:

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 $34,500
2. 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%.


Related Discussions:- Please prepare an income statement

What is the present value, What is the present value of $500 per year for t...

What is the present value of $500 per year for ten years at 12 percent, assuming a regular, or ordinary annuity?

Simulate the robot on a computer, Assuming the robot is placed on track at ...

Assuming the robot is placed on track at the packing station facing away from the station) the robot traverses the entire track. During this step, the robot will follow a left-hand

The three certainties-express trusts-trust laws and accounts, The three cer...

The three certainties A trust will be valid only if the three certainties are present i.e. certainty of words, certainty of subject, and certainty of objects.   1. Certainty

Investments carried as trading securities, Did ford realize any gain or los...

Did ford realize any gain or loss from securty sales during 2009?

What are the cash collections in sept. from accounts rec.?, Wright Corporat...

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $243,339, $313,087, and $415,174, respectively

Resolution for voluntary winding up-liquidation of companies, Resolution Fo...

Resolution For Voluntary Winding Up A company may be put into voluntary liquidation: 1) By ordinary resolution: where any period fixed for the duration of the company has ex

Business start up accounting transactions, Business start up accounting tra...

Business start up accounting transactions: Jane Whitfield, a sole proprietor, established the JW Flower Shop on January 2, 2010. The following transactions have occurred during

How to determine the market economy, How to determine the market economy ...

How to determine the market economy Within a market economy there are strong competitive forces at work which ensure that failure to enhance owners' wealth won't be tolerated f

Funding the investment by an issue of ordinary shares, Funding the investme...

Funding the investment by an issue of ordinary shares could tender several advantages to Springbank plc. Gearing would drop to 47% (3·5/7·4) fewer than half of the sector average o

Illustrate the changing face of accounting, Illustrate the changing face of...

Illustrate the changing face of accounting Over past 25 years, environment within which businesses operate has become increasingly turbulent and competitive. Numerous reasons h

Write Your Message!

Captcha
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