You have been contacted by XXX Corporation to assist them with the closeout of their year-end. Their
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Question:
You have been contacted by XXX Corporation to assist them with the closeout of their year-end. Their family accountant of 35 years decided that he wanted to start retirement a little early this year. You are inheriting an adjusted trial balance which needs to be properly presented into a set of GAAP financials. Here is what we know:
- You can assume that all account balances are accurate.
- This is the first year of operations.
- You will need to record a tax accrual. Assume a flat tax rate of 25%.
- The family accountant left you a love note indicating that the company had recently issued 100, shares of $10 par value stock in exchange for a tract of land.
- No footnote disclosures are needed.
- No dividends were paid this year.
- The loss on disposal of assets was the result of an asset being discarded. No cash proceeds were received on this transaction.
- You can feel free to add any accounts that you deem necessary.
MAKE THE INCOME STATEMENT
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