Lab _3 IS with solution

Lab _3 IS with solution - ACCT 401L Lab Assignment #3 Name_...

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ACCT 401L Lab Assignment #3 Name____________________ Date 1/28/11 Irmo Company's records show the following account balances at December 31, 2011: Sales $15,000,000 Cost of goods sold 9,000,000 General and administrative expenses 1,000,000 Selling expenses 500,000 Interest expense 700,000 Income tax expense has not yet been determined. The following events also occurred during 2011. All transactions are material in amount. 1. $300,000 in restructuring costs were incurred in connection with plant closings. 2. The company operates a factory in South Asia. During the year, the foreign government took over the factory and paid Irmo $1,000,000, which was half of the book value of the assets involved. 3. Inventory costing $400,000 was written off as obsolete. Material losses of this type are not considered to be unusual. 4. It was discovered that depreciation expense for 2010 was understated by $50,000 due to a mathematical error. 5.
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Lab _3 IS with solution - ACCT 401L Lab Assignment #3 Name_...

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