The following table shows the balances from various accounts in the adjusted trial balance for Unilink Telecom
Question:
Required
1. Assuming that the companys income tax rate is 30%, what are the tax effects and after-tax measures of the items labeled as pre-tax?
2. Prepare a multi-step income statement for the year ended December 31,2014.
Transcribed Image Text:
Debit Credit $ 28,800 100,800 f. Accumulated depreciation, equipment. . . 176,400 100,800 h. Cumulative effect of change in 151,200 392,400 i. Accumulated depreciation, buildings j. Loss from operating a discontinued operation (pre-tax). k. Gain on expropriation of land and building 46,800 68,400 2,329,200 I. Sales .. 129,600 n. Correction of overstatement of prior year's sales (pre-tax)..36,000 o. Gain on sale of discontinued operation's assets (pre-tax).. p. Loss from settling a lawsuit .....57,600 q. Income taxes expense.... 79,200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
Part 1 Effect of income taxes losses in parentheses 30 AfterTax Pretax Tax Effect Measure h Cumulati...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Question Posted:
Students also viewed these Accounting questions
-
The following selected accounts appear in the adjusted trial balance for Cohen Company. Indicate the financial statement on which each account would be reported. (a) Accumulated Depreciation. (b)...
-
Following is an adjusted trial balance for LC & Associates for the year ended December 31, 2009. Required: (a) Prepare an income statement for LC & Associates for the year ended December 31, 2009....
-
The December 31, 2014, adjusted trial balance for Eagle Consulting Services has been alphabetized as follows: Required Prepare the closing entries. Account Debit Credit No 201 Accounts payable...
-
1. When a limited partnership is formed A. The partnership activities are limited B. All partners have limited liability C. Some of the partners have limited liability D. None of the partners have...
-
Find the general indefinite integral. Illustrate by graphing several members of the family on the same screen. (cox x + 1/2 x) dx
-
Refer to Problem 10-1. What is the projects discounted payback period?
-
Which of the following arguments is most likely to be used in support of decentralizing the information systems audit function within an organization: a. A shortage of skilled information systems...
-
During October, Central Light Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $150 issued to the petty cash...
-
Aerated Water Company makes internal transfers at 1 7 5 % of full cost. The Soda Refining Division purchases 3 0 , 0 0 0 containers of carbonated water per day, on average, from a local supplier, who...
-
For the spring assemblages shown in Figures P2-8 through P2-16, determine the nodal displacements, the forces in each element, and the reactions. Use the direct stiffness method for all problems....
-
Zlin Aerospace Corporation reported the following equity account balances on December 31, 2013: Preferred shares, $3.60 cumulative, unlimited shares authorized ........................ $ -0- Common...
-
The income statement for Weatherford International Inc.s year ended December 31, 2014, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the...
-
What are the possible exporter reactions to extreme foreign exchange rate fluctuations?
-
a) The Hassett (2006) article discusses gift giving during the holidays. How is receiving a Christmas (or other holiday) gift similar to receiving food stamps? Why might an economist argue that both...
-
1. The common-base principle for multiplication predicts that 51/2 times 51/2 should be 5. Explain this logic, then conclude that 51/2 is just another name for a familiar number. Use a calculator to...
-
Anna is making a traditional bowl for her grandmother's birthday party. 9UP soda, two different liqueurs X and Y, and Possu liquor are used for bool, with alcohol concentrations of 0, 18, 18, and 37...
-
This exercise compares the future value of investing an amount of money in different time frames. A total of $20,000 is invested into funds paying 5% interest over a 20-year period. Compute the...
-
PXG Co. has total assets of $10,400,000 and a total asset turnover of 2.54 times. Assume the return on assets is 12 percent. What is the company's sales? (Do not round intermediate calculations and...
-
The Federal Reserve has held interest rates close to zero percent for the past seven years. Even with low inflation, real interest rates have been negative. Explain why with a zero interest rate,...
-
Pappa's Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are...
-
In April 2015, Elvis, Edison, and Romi Mirzaie filed an action on behalf of themselves and others similarly situated against the Monsanto Company for allegedly violating Californias False Advertising...
-
Presented here are long-term liability items for Borders Inc. at December 31, 2012. Prepare the long-term liabilities section of the balance sheet for Borders Inc. Bonds payable (due 2016)...
-
Presented here are liability items for Azarian Inc. at December 31, 2012. Prepare the liabilities section of Azarian??s balance sheet. Accounts payable Notes payable (due May 1, 2013) Bonds payable...
-
Presented here are liability items for Azarian Inc. at December 31, 2012. Prepare the liabilities section of Azarian??s balance sheet. Accounts payable Notes payable (due May 1, 2013) Bonds payable...
-
Question 5 You are given the following information concerning three portfolios, the market portfolio, and the risk-free asset: Portfolio X Y Z Market Risk-free Rp 15% 11% 8% 10% 4% p 29% 24% 14% 19%...
-
Assume that our client, is a publicly traded technology company. They face a marginal tax rate of 3 5 % and applies a plow - back of 2 5 % of Net Income into Retained Earnings. First, our client is...
-
( Bond valuation ) You own a 20-year, $1,000 par value bond paying 6.5 percent interest annually. The market price of the bond is $900, and your required rate of return is 9 percent. a. Compute...
Study smarter with the SolutionInn App