Intermediate Accounting Week 2 Hw

Homework Assignment 2 March 6, 2012 Exercise 4-8 (a) BROKAW CORP. Income line For the Year stop declination 31, 2012 ____________________________________________________________ ___________ Sales revenue sweetening send away Sales ...$1,200,000 Cost of Goods change..780,000 Gross Profit 420,000 direct 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 enrolment due to Obsolescence....80,000 Income from Continuing Operations before Income revenue enhancement ..254,000 Income valuate .. 86,360 Income from Continuing Operations . 167,640 marvelous Item hurt party Loss .50,000 Less: Applicable Income Tax...

17,000 33,000 salary 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 account ...$980,000 Correction for Overstatement of depreciation Expense in previous Period depreciation error (net of tax).. 26,400 Retained Earnings, January 1, as alter..953,600 Add: Net Income..134,640...If you want to cast a sufficient essay, order it on our websit! e: OrderEssay.net

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