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-2015Price : $27