Description of this paper

The income statement of Tawls Company for the year ended December 31, 2012

Description

solution


Question

The income statement of Tawls Company for the year ended December 31, 2012, shows the following;Revenue from sales $ 980,000;Cost of products sold 510,000;Gross profit 470,000;Operating expenses;Selling expenses $110,000;General expenses 140,000 250,000;Operating income 220,000;Equity on earnings of nonconsolidated subsidiary 60,000;Operating income before income taxes 280,000;Taxes related to operations 100,000;Net income from operations 180,000;Extraordinary loss from flood (less;applicable taxes of $50,000) (120,000);Net income?noncontrolling interest (40,000);Net income $ 20,000;a. Compute the net earnings remaining after removing nonrecurring items.;b. Determine the earnings from the nonconsolidated subsidiary.;c. For the subsidiary that was not consolidated, what amount of income would have been included if this subsidiary had been consolidated?;d. What earnings relate to minority shareholders of a subsidiary that was consolidated?;e. Determine the total tax amount.

 

Paper#74617 | Written in 18-Jul-2015

Price : $27
SiteLock