For its fiscal year ending October 31, 2014, Haas Corporation reports the following partial data shown below.
Question:
For its fiscal year ending October 31, 2014, Haas Corporation reports the following partial data shown below.
Income before income taxes .............$540,000
Income tax expense (30% 3 $420,000) ......... 126,000
Income before extraordinary items ........... 414,000
Extraordinary loss from flood ............. 120,000
Net income .....................$294,000
The flood loss is considered an extraordinary item. The income tax rate is 30% on all items.
Instructions
(a) Prepare a correct income statement, beginning with income before income taxes.
(b) Explain in memo form why the income statement data are misleading.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
a HAAS CORPORATION Partial Income Statement For the Year Ended October 31 2014 Income b...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
For its fiscal year ending October 31, 2017, Douglas Limited reports the following partial data shown below. Income before income taxes ................................. 550,000 Income tax expense...
-
For its fiscal year ending October 31, 2019, Haas Corporation reports the following partial data shown below. Income before income taxes............................$540,000 Income tax expense (20% ...
-
For its fiscal year ending October 31, 2020, Douglas Limited reports the following partial data shown below. Income before income taxes ................................................550,000 Income...
-
Transactions related to revenue and cash receipts completed by Acheville Architects Co. during the period September 2-30, 2014, are as follows: Sept. 2. Issued Invoice No. 793 to Nickle Co., $5,200....
-
Give the amino acid sequence of the following polypeptides using only the data given by partial acidic hydrolysis: (a) (b) S, O, P, T H2o STTO PS A, R, C, V, LAC + CR+RV +LA H20
-
Based on Carino and Lenoir (1988). Brady Corporation produces cabinets. Each week, Brady requires 90,000 cubic feet of processed lumber. The company can obtain lumber in two ways. First, it can...
-
Researching Career Planning Activities. Talk to several people about what influenced their current employment situation. How did personal, economic, and social factors affect their career choices and...
-
Consider the statement: The object of accounting for changing prices is to ensure that a company is able to maintain its operating capability. How accurate is it?
-
A 10-year bond purchased at an effective annual yield rate of 4% has level annual coupons. The book value of the bond just after the 4th coupon payment is $1,052.42 and just after the 5th coupon...
-
In a laboratory experiment, a researcher wants to provide a rabbit with exactly 1000 units of vitamin A, exactly 1600 units of vitamin C, and exactly 2400 units of vitamin E. The rabbit is fed a...
-
Wiemers Corporations comparative balance sheets are presented below. Wiemerss 2014 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000....
-
Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31, 2014. It also has the following items (before considering income taxes). 1. An extraordinary loss...
-
How can a manager demonstrate that he or she is a responsible end user of information systems? Give several examples.
-
Explain in simple terms the concept of: "Technology Structures and Social Boundaries"
-
1- According to the Six Steps in Strategic Planning find out the Lidl and Mercadona strategic plan 2021-2022 in Spain. Highlight the major differences and similarities between them. 2- Make a picture...
-
Your writing must present an introduction, development and conclusion. At the end of your work include the APA references. case 1: program for the agency that provides services to the government...
-
7. (8 points) In the following VHDL process, if input A changes at time 20nS and no other inputs change after that time, at what time will all the output signals be guaranteed to have assumed their...
-
Q1. Tenure analysis: Table: employee Column Name Data Type Description employee_id Integer Unique identifier for each employee department Varchar The department of the employee job_level Varchar The...
-
Deferred Tax Calculations (Appendix) Clemente Inc. has reported income for book purposes as follows for the past three years: Clemente has identified two items that are treated differently in the...
-
The water in tank A is at 270 F with quality of 10% and mass 1 lbm. It is connected to a piston/cylinder holding constant pressure of 40 psia initially with 1 lbm water at 700 F. The valve is opened,...
-
Which statement is the most accurate? a) Every large labor union is a member of the AFLCIO. b) Labor union membership as a percentage of the labor force in the United States declined steadily from...
-
F. Calvert and G. Powers have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for (1) Annual salaries of $20,000 for Calvert and...
-
O. Guillen (beginning capital, $60,000) and K.Williams (beginning capital $90,000) are partners. During 2010, the partnership earned net income of $70,000, and Guillen made drawings of $18,000 while...
-
For Starrite Co., beginning capital balances on January 1, 2010, are Gary Stark $20,000 and Jim Nyland $18,000. During the year, drawings were Stark $8,000 and Nyland $5,000. Net income was $30,000,...
-
Fig 1. Rolling a 4 on a D4 A four sided die (D4), shaped like a pyramid (or tetrahedron), has 4 flat surfaces opposite four corner points. A number (1, 2, 3, or 4) appears close to the edge of each...
-
I just need help with question #4 please! Thank you! Windsor Manufacturing uses MRP to schedule its production. Below is the Bill of Material (BOM) for Product A. The quantity needed of the part...
-
(25) Suppose that we have an economy consisting of two farmers, Cornelius and Wheaton, who unsurprisingly farm corn c and wheat w, respectively. Assume that both farmers produce their crop of choice...
Study smarter with the SolutionInn App