Ac550 Week 2

E4-8 (a) BROKAW CORP.| BROKAW CORP.| | Income averment| | For the division stop declination 31, 2010| | sales megascopic| | ?| | pay sales | | $1,200,000 | | appeal of goods interchange | | 780,000| | revenue take in | | 420,000| | | | | | Operating Expenses| | | | Selling expenses | $65,000 | | | administrative expenses | 48,000| 113,000| | Income from operations | | 307,000| | | | | | other Revenues and Gains| | | | Dividend revenue | 20,000| | | Interest revenue | 7,000| 27,000| | | | 334,000| | Other Expenses and Losses| | | | Write-off of stock-taking callable to| | | | obsolescence | | 80,000| | Income forwards income evaluate and curious| | | | gunpoint | | 254,000| | Income tax revenue | | 86,360| | Income beforehand extraordinary item | | 167,640| | queer item| | | | fortuity vent | 50,000| | | slight: Applicable tax reduction | 17,000| 33,000| | solve income | | $134,640 | | Per component of common stock:| | | | Income before extraordinary item| | | | ($167,640? ÷ 60,000) | | $2.79*| | over-the-top item, earn of tax | | -0.55| | | clear income ($134,640 ÷ 60,000) | | $2.24 | (b)| BROKAW CORP.

| | Retained gain control| | For the Year Ended December 31, 2010| | Retained earnings, Jan. 1, as describe | $980,000 | | Correction for overstatement of net income in front| | | distributor point (depreciation error) (net of $13,600 tax) | -26,400| | Retained earnings, Jan. 1, as alter | 953,600| | Add: Net income | 134,640| | | 1,088,240| | Less: Dividends declared | 45,000| | Retained earnings, Dec. 31 | $1,043,240 | P4-1 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 cling a extensive essay, high society it on our website: Orderessay

If you want to get a full information about our service, visit our page: How it works.