Intermediate Accounting Week 2 Hw

Homework Assignment 2 March 6, 2012 Exercise 4-8 (a) BROKAW CORP. Income narration For the Year stop declination 31, 2012 ____________________________________________________________ ___________ Sales gross crystallise Sales ...$1,200,000 Cost of Goods change..780,000 Gross Profit 420,000 operate Expenses Selling Expenses...65,000 Administrative Expenses..48,000 113,000 Income from trading operations .307,000 Other Revenues and Gains Dividend Revenue 20,000 Interest Revenue..7,000 27,000 334,000 Other Expenses and Losses admit of list due to Obsolescence....80,000 Income from Continuing Operations before Income revenue sweetening ..254,000 Income valuate .. 86,360 Income from Continuing Operations . 167,640 curious Item injure party Loss .50,000 Less: Applicable Income Tax...17,000 33,000 lolly Income. 134,640 Per role of Common Stock Income from Continuing Operations ($167,640/60,000) ...2.79 Extraordinary Loss, Net of Tax...0.55 Net Income ($134,640/60,000) .. 2.24 (b) BROKAW CORP. maintained Earnings contestation For the Year Ended December 31, 2012 ____________________________________________________________ ____________ Retained Earnings, Jan 1, as inform ...$980,000 Correction for Overstatement of depreciation Expense in introductory Period depreciation error (net of tax).. 26,400 Retained Earnings, January 1, as modify..953,600 Add: Net Income..134,640...If you want to cast a adequate essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay