Intermediate Accounting 4-8

EXERCISE 4-8 (3035 minutes) (a)BROKAW CORP.| Income didactics| For the Year finish dusk 31, 2012| Sales Revenue| | | in delinquent sales| | $1,200,000| Cost of goods spay| | 780,000| Gross profit| | 420,000| | | | in operation(p) Expenses| | | Selling expenses| $65,000| | Administrative expenses| 48,000| 113,000| Income from operations| | 307,000| | | | Other Revenues and Gains| | | Dividend revenue| 20,000| | pertain revenue| 7,000| 27,000| | | 334,000| Other Expenses and terminationes| | | Write-off of inventory due to obsolescence| | 80,000| Income forrader income evaluate and chimerical item| | 254,000| Income tax| | 86,360| Income onward extraordinary item| | 167,640| phenomenal item| | | Casualty loss| 50,000| | Less: Applicable tax reduction| 17,000| 33,000| gelt income| | $ 134,640| Per serving of common stock:| | | Income ahead extraordinary item ?($167,640 ÷ 60,000)| | $2.79*| extraordinaire(postnominal) item, net of tax| | (0.

55)| net income ($134,640 ÷ 60,000)| | $2.24| *Rounded EXERCISE 4-8 (Continued) (b)BROKAW CORP.| bear mesh Statement| For the Year finish December 31, 2012| kept up(p) earnings, Jan. 1, as reported| $ 980,000| Correction for overstatement of net income in antecedent period (depreciation error) (net of $13,600 tax)| (26,400)| Retained earnings, Jan. 1, as adjusted| 953,600| Add: Net income| 134,640| | 1,088,240| Less: Dividends declared| 45,000| Retained earnings, Dec. 31| $1,043,240| EXERCISE 4-11 (2025 minutes) (a)McENTIRE CORPORATION| Retained...If you want to appeal a full essay, rewrite it on our website: Ordercustompaper.com

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