Fall 2018 ACCT 300 INTERMEDIATE ACCOUNTING 1 Homework assignment for Chapters 4 and 5. Due...
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Accounting
Fall 2018 ACCT 300 INTERMEDIATE ACCOUNTING 1 Homework assignment for Chapters 4 and 5. Due on Thursday October 11, 2018 at 9.30 am 1. Presented below are selected account balances of Sandra Company at the end of its fiscal year on December 31, 2017: 4 Rental revenue Colnterest expense $ 8,000 Dividends paid Beginning retained earnings Dividend revenue Discontinued operations loss $6,000 50,000 280,000 110,000 30,000 4,500 Depreciation overstatement 2,000 9,500Selling expenses 6,400 Sales revenue 1,000 2Cost of goods sold 3,000 3Administrative expenses Flood damage loss Additional facts are as follows: i) The discontinued operations loss was after tax. ii) $2,000 (net of tax) stated above arose from an internal audit discovery of an error in the computation of depreciation expense in a prior year iii) Applicable income tax rate for all items is 34%. Instruction From the above figures and additional facts, prepare a multiple-step income statement and a retained earnings statement for the fiscal/financial year ended on December 31, 2017
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