ACCT 550 Intermediate Accounting
Week 2 Homework Assignment
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Chapter 4: E4-4
- A) Webster Company
Multiple-Step Income statement
For the Year Ended December 31, 2012
Sales $96,500
Cost of Goods Sold 63,570
Gross Profit on Sales 32,930
- B) Webster Company
Single-Step Income Statement
For the Year Ended December 31, 2012
Revenue
Sales 96,500
Rent Revenue
Chapter 4: E4-12
Net Income:
Income from continuing operations
Before income tax 21,650,000
Income tax (21,650,000 x 35%) 7,577,500
Income from continuing operations
14,072,500
Chapter 4: P4-1
Dickinson Company
Income Statement
For the Year Ended December 31, 2012
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