statement for Income statement (p216)

statement for Income statement (p216) - by $50,000...

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Include Restructing Cost item under Operating expense section $300,000. Add an Extraordinary item section listing Loss from Operations of $3,000,000 less income tax benefit; also include a Gain on expropriated asset for $1,000,000 less income tax expense. Allow for an adjustment on current year Cost of goods sold of additional cost incurred for obsolete inventory costing $400,000. This is classified as a prior period adjustment which resulted in net income being overstated
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Unformatted text preview: by $50,000. Therefore, the beginning balance of Retained earnings must be readjusted by decreasing retained earnings for the sum of $50,000. • List the Loss due to foreign currency translation of $200,000 under Other comprehensive income section less income taxes benefit; also list unrealized Gains on investment securities of $180,000 less income tax expense. • Income tax rate for all items affecting comprehensive income is computed at 40%....
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This note was uploaded on 02/12/2012 for the course ECONOMICS 101 taught by Professor Obiene during the Spring '11 term at Essex County College.

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