The following table shows the balances from various accounts in the adjusted trial balance for Decoma International
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1. Assuming that the companys income tax rate is 25%, what are the tax effects and after-tax measures of the items labeled as pre-tax?
2. Prepare a multi-step income statement for the year ended December 31,2014.
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Debit Credit S 160,000 8,000 36,800 1,056,000 c. Cumulative effect of change in accounting policy (pre-tax) e. Income taxes expense f. Loss on condemnation of property. g. Accumulated depreciation, equipment... 88,000 j. Loss from settling a lawsuit k. Gain from settling a lawsuit . Loss on sale of office equipment.. m. Loss from operating a discontinued operation (pre-tax)...... 48,000 27,200 9,600 62,400 o. Correction of overstatement of prior year's expense (pre-tax).. p. Cost of goods sold....416,000 q. Loss on sale of discontinued operation's assets (pre-tax). . ...72,000 19,200 52,800
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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