Can anyone help me with this accounting homework? Attachment of the question below

Metropolitan State University Acct 311-02, Intermediate Accounting I, Fall 2017 Last Name First Name Project #2 Academic Integrity Guidelines Projects This take-home/in-class projecthuiz is intended to help you learn and practice the topics of the chapters to which this projectl'quiz pertains. The work you turn in must be your own, as opposed to copied from another. This does not mean you have to work on this projectiquiz in isolation. I expect that some, if not all, of you will consult with each other in order to derstand, or better understand, the material. Seeking and giving such assistance is encouraged. Additional information academic integrity policy and procedures can be found here: ht u :waw.metrostate.edufstudentv'university-infofuniversity-info/center-forfaculgg develoment/teachingand-|eaming-resourcesr'teaching-resourcesfacademic-integgtyjolicy; aud- - mcedures Resources that you may use during projects this semester include the following: ' Kieso 16'" edition Intermediate Accounting textbook - 12131116 Forms Ill-K: The Coca-Cola Company & PepsiCo - Your class and study notes I understand and have adhered to Metropolitan State University's Academic Integrity Policies and Procedures and the Academic Honesty Guidelines for this project. Signature Date General Instructions: ' Taccount format requirement: All recognition of economic transactions must be represented in Taccoum format. In other words, no points are earned for a general journal presentation. ' T-account presentation: When using the Taccotmt format, each T-account must be presented under the correct balance sheet category in order to earn points. - Multiple choice items: circle the correct letter OR bold and underline your choice. 1. Five (5) points awarded if your submitted project le is named correctly per our \"Communications Etiquette Project Submissions\" guidance: Pts: hltps:Hmerrostare.ims.mnscuedumzucnmmoniviewFileozIfilejDatehaseleQyNzVSOTEJProject%20,3.dncx?nu=3698529 $10117, 9:24 AM Page 1 of 4 2. Ten (10) points awarded ifyou record your name on each page of the project. Pts: 3. Prepare a multiple-step Income Statement for the ABC Corporation for the year ended 121'3 U20] 6. Note: Prior lo the closing process at 128112016, the Retained Earnings account had a balance of$337,000. Note: The average number of common stock shares outstanding during the year totaled 80,000. Note: For any items that require inua-period tax allocation, indicate whether the Ian e'oct is a \"lax" or a \"tax benet." Note: Use a separate sheet of paper (a present the Income Statement. You are encouraged to use Excel. Depreciation Expense, net of tax benet [understatement due to error in 2014] 17,700 Dividends Declared on Preferred Stock 9,000 Dividends Declared on Common Stock 37,000 4. XYZ Corporation has an average of [50,000 shares of common stock outstanding forthe year ended [231116. In 2016. the company reports income from continuing operations before income lax of $1,210,000. Additional transactions not considered in the $1,210,000 are as follows: a) In 2016. the company sold equipment for $40,000. The machine had originally cost $80,000 and had nltps:Hmetrostate.imstmnscuedufdzucommoniviewFileozIfilejDaleha seleQy'NzYSOTEJProjecmzoistdocxmu=3698629 9110111914 AM Page 2 of 4 accumulated depreciation of $30,000. The gain or loss is considered nonrecurring. b) The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before taxes. Assume the transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsrdjary was $90,000 before taxes; the loss from disposal of the subsidiary was $100,000 before taxes. c) An intemal audit discovered that amortization of intangible assets was understated by $35,000 (net of tax effect) in a prior period, In 20l6, the amount was charged against retained earnings, d) The company recorded (included in the $1 ,2 I 0,000) a nonirecurring gain of $ 1 25,000 on the condemnation of some of its property. ' Analyze the above information and prepare a partial income statement for the year ended 12/31/16. Start with income from continuing operations before income tax. ' Assume an effective tax rate on all items, unless otherwise indicated, at a rate of 38%. 0 Compute and present on the face of the income statement earnings per share (EPS). ' Note: For any items that require intro-period tax allocation, indicate whether the tax effect is a \"tax\" or a \"tax benet\" Note: Use a separale Sheet of paper to present the partial Income Slalerrient. You are encouraged to use Excel. 5. Assume you are the controller of the XYZ Company and you are preparing the company's nancial statements at year end, You are focusing on the income statement and considering the format to use for comprehensive income when presenting the initial draft ofthe income statement to the chief nancial ofcer (CFO). During the year ended 1231/16, the company earned net income of $400,000 and had unrealizui gains on availableforsale investments totaling $15,000. Ln the previous year, net income was $410,000 and the company had no unrealized gains or losses, a) Show how income and comprehensive income should he reported on a comparative basis for the cunent (2016) and prior (2015) years, using the two-statement approach. b) Show how income and comprehensive income should be reported on a comparative basis for the current (20l6) and prior (2015) years, using the onestatement approach. Note: Use a separate sheet of paper to prerentsmlemenrfs). You are encouraged 10 use Excel. 6. Using the Coca-Cola and PepsiCo Forms 10K, answer the following questions: a) What type of income statement format is used by CocaeC'ola: mtns:Hmetrostare.1ms.mnseueoumzueommonivlewFiledzIfileiDaleha selNleNzYSOTEJProjectVsZOjdocou=3690629 9110111914 AM Page 3 of 4 b) What type of income statement fonnat is used by Pep51Co: C) Identify di'erenees. if any, in the formats used by Coca-Cola versus PepsiCo: d) Identify the following dam for the three years presented for Coca-Cola: Year ended: 20162015 2014 Gross Prots Operating Prots Net Income Net Income attributable to noncontrolling interests e) Identify the foilowing data for the three years presented for PepsiCo: Year ended: 20162015 2014 Gross Prots Operating Prots N et income Net Income attributable to noncont'rolling interests I] What statement format does PepsiCo use to present comprehensive income: Copyright C 2017 Barbara A. Bertrand. AH right: reserved. Page 1 mtps:Hmetrostate.1mstmnscuedumzucnmman/viewFiledzItilejDateha selNiQy'NzYSOTEJPrejecmZOjnncnu=3698629 9110111914 AM Page 4 of 4