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End of chapter solutions - ACC371 - INTERMEDIATE ACCOUNTING...

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Unformatted text preview: ACC371 - INTERMEDIATE ACCOUNTING I HOMEWORK SET TWO DUE: SEPTEMBER 20, 2010 1- Multiple-step income, retained earnings. See P4-1 on Kieso 13e page 164. PROBLEM 4-1 DICKINSON COMPANY Income Statement For the Year Ended December 31, 2010 Sales............................................................................................................... $25,000,000 Cost of goods sold......................................................................................... 16,000,000 Gross profit.................................................................................................... 9,000,000 Selling and administrative expenses.............................................................. 4,700,000 Income from operations................................................................................. 4,300,000 Other revenues and gains Interest revenue................................................................................ $ 70,000 Gain on the sale of investments....................................................... 110,000 180,000 Other expenses and losses Write-off of goodwill....................................................................... 820,000 Income from continuing operations before income tax...................................... 3,660,000 Income tax..................................................................................................... 1,244,000 Income from continuing operations............................................................... 2,416,000 Discontinued operations Loss on operations, net of tax.......................................................... 90,000 Loss on disposal, net of tax............................................................. 440,000 530,000 Income before extraordinary item.................................................................Income before extraordinary item....
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End of chapter solutions - ACC371 - INTERMEDIATE ACCOUNTING...

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