Chapter-11

Chapter-11 - 1 Chapter 11 Omit Slides 8-12 The Income...

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1 Chapter 11 Omit Slides 8-12 The Income Statement Old 1. Sales Revenue 2. (Cost of Goods Sold) 3. Gross Margin 4. Operating Expenses 5. Operating Income New 1. Other Gains or Losses: -Loss on Restructuring Operations -Gain on Sale of Machinery 2. Income from Continuing Operations before Income Tax 3. Income Tax Expense 4. Income from Continuing Operations Irregular Items 1. Discontinued Operations (closed store/branch) 100,000 Less income tax of 10,000………………………………90,000 2. Income before Extraordinary Items and Cumulative Effect of Change in Depreciation Method………………60,000 3. Extraordinary Flood Loss 20,000 Less Income Tax Savings 8,000………………………. . (12,000) 4. Cumulative Effect of Change in Depreciation Method 10,000 Less Income Tax of 4,000………………………………. ..6,000 5. Net Income…. ..144,000 Irregular Items 1. Discontinued Operations 2. Extraordinary Items 3. Cumulative Effect of a Change in Accounting Principle Discontinued Operation
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This note was uploaded on 01/16/2012 for the course ACCT 2001 taught by Professor Lowe during the Fall '08 term at LSU.

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Chapter-11 - 1 Chapter 11 Omit Slides 8-12 The Income...

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