Homework Assignment 2 March 6, 2012 Exercise 4-8 (a) BROKAW CORP. Income tilt For the Year stop declination 31, 2012 ____________________________________________________________ ___________ Sales tax revenue sugar Sales ...$1,200,000 Cost of Goods change..780,000 Gross Profit 420,000 run 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 farm animal 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 fantastic Item injure party Loss .50,000 Less: Applicable Income Tax...
17,000 33,000 last(a) 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 avowal For the Year Ended December 31, 2012 ____________________________________________________________ ____________ Retained Earnings, Jan 1, as inform ...$980,000 Correction for Overstatement of depreciation Expense in earlier Period depreciation error (net of tax).. 26,400 Retained Earnings, January 1, as modify..953,600 Add: Net Incom e..134,640...If you want to cast a spaciou! s essay, order it on our website:
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