Written Assignment 3

Written Assignment 3 - 3,100,000 Income tax expense 1,240,000 Income before extraordinary item 1,860,000 Extraordinary item Loss from expropriation

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Student Name: Dustin Taylor Class: ACC201 Problem 04-08 DUKE COMPANY Statement of Income and Comprehensive Income For the Year Ended December 31, 2011 Sales revenue $15,000,000 Cost of goods sold 9,000,000 Gross profit 6,000,000 Operating expenses: General and administrative $1,000,000 Selling 500,000 Restructuring costs 300,000 Loss from write-down of obsolete inventory 400,000 Total operating expenses 2,200,000 Operating income 3,800,000 Other income (expense): Interest expense (700,000) Income before income taxes and extraordinary item
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Unformatted text preview: 3,100,000 Income tax expense 1,240,000 Income before extraordinary item 1,860,000 Extraordinary item: Loss from expropriation of overseas plant (net of $1,200,000 tax benefit) (1,800,000) Net income 60,000 Other comprehensive income (loss): Foreign currency translation adjustment loss, net of tax (120,000) Unrealized gain on investment securities, net of tax 108,000 Total other comprehensive loss (12,000) Comprehensive income $48,000 Correct!...
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This note was uploaded on 07/13/2011 for the course ACCT 201 taught by Professor Weinberger during the Spring '11 term at Edison State College.

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