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Category > Accounting Posted 21 Sep 2017 My Price 8.00

Jones Company

P 4-12.            The income statement of Jones Company for the year ended December 31, 2008, follows.

 

Revenue from sales

 

$790,000

Cost  of  products sold

 

  410,000

Gross profit Operating expenses:

Selling expenses

 

 

$   40,000

380,000

General expenses

      80,000

  120,000

Operating income

Equity in earnings of nonconsolidated subsidiaries (loss)

 

260,000

 

   (20,000)

Operating income before income  taxes

 

240,000

Taxes related to operations

 

   (94,000)

Net income from operations Discontinued operations:

Loss from operations of discontinued segment (less applicable income tax credit of   $30,000)

 

 

 

$ (70,000)

146,000

Loss on disposal of segment (less  applicable

income tax credit of   $50,000)                                                                                              (100,000)                                 (170,000)

Income before cumulative effect of change

in accounting principle                                                                                                                                                                                (24,000)

Cumulative effect of change in accounting   principle

(less applicable income taxes of  $25,000)                                                                                                                                  50,000

Net income                                                                                                                                                                                                             $  26,000

 

Required           a.    Compute the net earnings remaining after removing nonrecurring  items.

b.     Determine the earnings (loss) from the nonconsolidated subsidiary.

c.      Determine the total tax amount.

 

Answers

Maurice Tutor
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Status NEW Posted 21 Sep 2017 09:09 PM My Price 8.00

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