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DEVRY ACCT 550 Week 2 Homewo .pdf



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DEVRY ACCT 550 Week 2 Homework
Assignment

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ACCT 550 Week 2 Homework Assignment
E4-4 (Multiple-Step and Single-Step) Two accountants for the firm of Allen and
Wright are arguing about the merits of presenting an income statement in a
multiple-step versus a single-step format. The discussion involves the following
2012 information related to Webster Company ($000 omitted).
Administrative expense
Officers’ salaries
Depreciation of office furniture and equipment
Cost of goods sold
Rent revenue
Selling expense
Transportation-out
Sales commissions
Depreciation of sales equipment
Sales revenue
Income tax expense
Interest expense
Instructions

$ 4,900
3,960
63,570
17,230
2,690
7,980
6,480
96,500
7,580
1,860

(a) Prepare an income statement for the year 2012 using the multiple-step form.
Common shares outstanding for 2012 total 40,550 (000 omitted).
(b) Prepare an income statement for the year 2012 using the single-step form.
(c) Which one do you prefer? Discuss.

E4-12 (Earnings per Share) At December 31, 2011, Schroeder Corporation had the
following stock outstanding.
8% cumulative preferred stock, $100 par, 107,500 shares
Common stock, $5 par, 4,000,000 shares

$10,750,000
20,000,000

During 2012, Schroeder did not issue any additional common stock. The following
also occurred during 2012.
Income from continuing operations before taxes
Discontinued operations (loss before taxes)
Preferred dividends declared
Common dividends declared
Effective tax rate

$21,650,000
3,225,000
860,000
2,200,000
35%

Instructions
Compute earnings per share data as it should appear in the 2012 income statement
of Schroeder Corporation. (Round to two decimal places.)

P4-1 (Multiple-Step Income, Retained Earnings) Presented below is information
related to Dickinson Company for 2012.
Retained earnings balance, January 1, 2012
Sales revenue
Cost of goods sold
Interest revenue
Selling and administrative expenses
Write-off of goodwill
Income taxes for 2012
Gain on the sale of investments (normal recurring)
Loss due to flood damage—extraordinary item (net of tax)
Loss on the disposition of the wholesale division (net of tax)
Loss on operations of the wholesale division (net of tax)

$ 980,000
25,000,000
16,000,000
70,000
4,700,000
820,000
1,244,000
110,000
390,000
440,000
90,000

Dividends declared on common stock
Dividends declared on preferred stock

250,000
80,000

Instructions
Prepare a multiple-step income statement and a retained earnings statement.
Dickinson Company decided to discontinue its entire wholesale operations and to
retain its manufacturing operations. On September 15, Dickinson sold the wholesale
operations to Rogers Company. During 2012, there were 500,000 shares of common
stock outstanding all year.


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