Week 8 class 2

Week 8 class 2 - Week 8 class 2 (20-30 min.) Req. 1 P 11-1A...

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Week 8 class 2 (20-30 min.) P 11-1A Req. 1 Prime Motors Ltd. Income Statement For the Year Ended December 31, 2007 Revenues and gains: Sales revenue………………………………………… $567,000 Dividend revenue……………………………………. 11,000 Gain on lawsuit settlement………………………… 8,000 Total revenues and gains………………………. 586,000 Expenses and losses: Cost of goods sold…………………………………. . $319,000 Selling expenses……………………………………. . 87,000 General expenses…………………………………… 71,000 Interest expense…………………………………. ….. 23,000 Loss on sale of plant assets………………………. 10,000 Income tax expense………………………………… 28,000 Total expenses and losses……………………. . 538,000 Income from continuing operations………………… 48,000 Income from discontinued operations, $7,000, less income tax of 4,200
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Income before extraordinary items 52,200 Extraordinary gain, $27,000, less income tax of $10,800………………………………. 16,200
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This note was uploaded on 10/18/2010 for the course ACF ACC220 taught by Professor Fiona during the Spring '08 term at Seneca.

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Week 8 class 2 - Week 8 class 2 (20-30 min.) Req. 1 P 11-1A...

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