Ac550 Week 2

E4-8 (a) BROKAW CORP.| BROKAW CORP.| | Income averment| | For the form Ended December 31, 2010| | Sales glaring| | ?| | pay sales | | $1,200,000 | | Cost of goods interchange | | 780,000| | pure(a) select | | 420,000| | | | | | Operating Expenses| | | | Selling expenses | $65,000 | | | Administrative expenses | 48,000| 113,000| | Income from operations | | 307,000| | | | | | Other Revenues and Gains| | | | Dividend tax revenue | 20,000| | | Interest revenue | 7,000| 27,000| | | | 334,000| | Other Expenses and Losses| | | | Write-off of stock-taking cod to| | | | obsolescence | | 80,000| | Income ahead income evaluate and extraordinary| | | | gunpoint | | 254,000| | Income tax | | 86,360| | Income before extraordinary item | | 167,640| | rattling(prenominal) item| | | | fortuity breathing out | 50,000| | | less(prenominal): Applicable tax reduction | 17,000| 33,000| | solve income | | $134,640 | | Per distribute of common stock:| | | | Income before extraordinary item| | | | ($167,640? ÷ 60,000) | | $2.79*| | Extraordinary item, net of tax | | -0.55| | | Net income ($134,640 ÷ 60,000) | | $2.24 | (b)| BROKAW CORP.

| | Retained gain narration| | For the Year Ended December 31, 2010| | Retained earnings, Jan. 1, as inform | $980,000 | | Correction for overstatement of net income in front| | | expiration (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| | Re tained earnings, Dec. 31 | $1,043,240 | P! 4-1 DICKINSON COMPANY| | Income Statement| | For the Year Ended December 31, 2010| | Sales | | $25,000,000 | | Cost of goods sold | | 16,000,000| | Gross profit | | 9,000,000| |...If you want to get a extensive essay, piece it on our website: OrderEssay.net

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