Homework Week 2 - Acct 550 Essay

611 WordsDec 14, 20123 Pages
Homework Week 2 E4 – 8 A: Brokaw Corp Income Statement For the year ending December 31, 2012 Sales Revenue Net Sales: $1,200,000 Cost of Goods Sold $780,000 Gross Profit $420,000 Operating Expenses Selling Expense $65,000 Administrative Expenses $48,000 $113,000 Income from Operations $307,000 Other Revenue and Gains Dividend Revenue $20,000 Rent Revenue $7,000 $27,000 $334,000 Other Expenses and Losses Write off Inventory due to Obsolescence $80,000 Income before tax and Extraordinary Item $254,000 Minus Income Tax (34%) $86,360 Income before Extraordinary Item $167,640 Extraordinary Item Casualty $50,000 Minus Tax (34%) $17,000 $33,000 Net Income $134,640 Per Share of Common Stock Income before

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