Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 3 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 05 Jun 2017 My Price 13.00

Maher Inc. reported income

Maher Inc. reported income from continuing operations before taxes during 2014 of $817,000. Additional transactions occurring in 2014 but not considered in the $817,000 are as follows.

1.   The corporation experienced an uninsured flood loss (extraordinary) in the amount of $92,400 during the year. The tax rate on this item is 46%.
2.   At the beginning of 2012, the corporation purchased a machine for $63,000 (salvage value of $10,500) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2012, 2013, and 2014 but failed to deduct the salvage value in computing the depreciation base.
3.   Sale of securities held as a part of its portfolio resulted in a loss of $61,700 (pretax).
4.   When its president died, the corporation realized $152,100 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $49,600 (the gain is nontaxable).
5.   The corporation disposed of its recreational division at a loss of $116,800 before taxes. Assume that this transaction meets the criteria for discontinued operations.
6.   The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2012 income by $62,760 and decrease 2013 income by $20,300 before taxes. The FIFO method has been used for 2014. The tax rate on these items is 40%.


Prepare an income statement for the year 2014 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 120,800 shares. (Assume a tax rate of 30% on all items, unless indicated otherwise.) (Round earnings per share to 2 decimal places, e.g. 1.48 and all other answers to 0 decimal places, e.g. 5,275.)

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Jun 2017 10:06 PM My Price 13.00

Hel-----------lo -----------Sir-----------/Ma-----------dam----------- Â-----------  -----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------pos-----------ted----------- so-----------lut-----------ion-----------. P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)