ACCT 550 Intermediate Accounting Week 2 Homework
ACCT 550 Intermediate Accounting
Week 2 Homework
Chapter 4: E4-4
1.
A) Webster Company
Multiple-Step Income
statement
For the Year Ended
December 31, 2012
Sales $96,500
Cost of Goods
Sold 63,570
Gross Profit on Sales
32,930
1.
B) Webster Company
Single-Step Income
Statement
For the Year Ended
December 31, 2012
Revenue
Sales 96,500
Rent Revenue
Chapter 4: E4-12
Net Income:
Income from continuing
operations
Before income tax
21,650,000
Income tax (21,650,000
x 35%) 7,577,500
Income from continuing
operations 14,072,500
Chapter 4: P4-1
Dickinson Company
Income Statement
For the Year Ended
December 31, 2012
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