FIFO LIFO WEIGH-AVE

FIFO LIFO WEIGH-AVE - Presented below is information...

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Big Blast Company Income Statement For the Year Ended December 31, 2010 Sales $2,600,000 Cost of Goods Sold $1,000,000 Gross Profit $1,600,000 $240,000 Income from Operations $1,360,000 Other Revenue $80,000 Other Expenses $50,000 Income before Taxes $1,390,000 Income Taxes $417,000 Income before Extraordinary Item $973,000 Extraordinary Loss, net of Applicable income taxes of $75,00 $175,000 Net Income $798,000 Per Share of Common Stock: Income before Extraordinary Items $9.73 Extraordinary Item, net of Tax $1.75 Net Income $7.98 Presented below is information related to Big Blast Company. Retained earnings, December 31, 2010 administrative expenses 240,000 Earthquake loss (pre-tax) on plant (extraordinary item) 250,000 Cas of goods sold 1,000,000 Gain resulting from computation error 520,000 on depreciation charge in 20 50,000 Instructions Prepare in good form a multiple-step income statement for the year 2011. Assum stock were outstanding during the year.
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This note was uploaded on 11/04/2010 for the course ACG 3103 taught by Professor Rue,j during the Spring '10 term at FGCU.

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FIFO LIFO WEIGH-AVE - Presented below is information...

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