421-+week+3+Team+A+asst

421-+week+3+Team+A+asst - 36,800-43,200 Net Income $454,450...

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Week 2 Team A Assignment Maria Garcia, John Willms, Rebecca Mittag, Scott Ward 31-Oct-11 ACCT/421 Intermediate Financial Accounting 1 Lee Kroll
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Tony Rich Inc. Income Statement For Year-End December 31, 2007 $798,500 Income tax (30%) 220,350 Other revenues and gains Income from continuing operations $578,500 Discontinued operations loss 115000 Less: applicable income tax (30%) 34500 80500 Income before extraordinary items $497,650 Extraordinary item Extraordinary loss 80,000 Less: applicable tax (46%)
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Unformatted text preview: 36,800-43,200 Net Income $454,450 Per share of common stock 80,000 shares of stock Income from continuing operation $7. .23 $578500/80,000 = 7.23 Loss from discontinued operation-1.01 $80500 /80,000 = 1.01 Income before extraordinary item $6.22 Extraordinary loss-0.54 43,200/80,000 = $0.54 Net income $5.68 Income from continuing operation before taxes Unusual gain insurance policy & corrections in erros (nontaxable) $454,450...
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This note was uploaded on 03/01/2012 for the course ACC all taught by Professor All during the Spring '12 term at University of Phoenix.

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421-+week+3+Team+A+asst - 36,800-43,200 Net Income $454,450...

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