HW1 IS Homework solution

HW1 IS Homework solution - Loss on expropriation(net of...

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Moore Corporation Combined Statement of Income and Comprehensive Income For the Year Ended December 31, 2011 Sales revenue $22,300 Cost of goods sold (14,500) Gross profit 7,800 Operating expenses: Selling (2,300) General and administrative (1,200) Restructuring costs (2,000) Total operating expenses (5,500) Operating income 2,300 Other income (expense): Loss on sales of investments (300) Interest expense (300) Dividend Revenue 200 Other income (expenses) (400) Income from continuing operations before income taxes and extraordinary item 1,900 Income tax expense (760) Income before extraordinary item 1,140 Discontinued operations: Income from operations of discontinued component (including loss on disposal of $1,800) (1000) Income tax benefit 400 Loss from discontinued operations (600) Income before extraordinary item 540 Extraordinary item:
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Unformatted text preview: Loss on expropriation (net of $320 tax benefit) (480) Net income 60 Other comprehensive income (loss): Unrealized loss from investments (net of $80 tax) (120) Gain from foreigh currency translation (net of $240 tax) 360 240 Comprehensive income (loss) $300 Moore Corporation December 31, 2011 Account Balances Sales $22,300 Cost of goods sold $(14,500) Selling expenses $(2,300) General and administrative expenses $(1,200) Dividend revenue $200 Interest expenses $(300) Additional information: loss on investment $(300) unrealized loss on investment $(200) Restructuring costs due to factoryclosings $(2,000) Received for facility expropriated by foreign government $800 discontinued operations: operating income $800 loss on disposal $(1,800) Foreign currency translation adjustment gain $600 Effective tax rate 40%...
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