[clpoulin]

Cash 50000
Administrative Expenses 100000
Selling Expenses 80000
Net Sales 540000
Cost of Goods Sold 260000
Cash dividends decalred (2010) 20000
Cash dividend paid (2010) 15000
Discontinued operations (loss before income tax) 40000
Deperciation Expense, not recorded in 2009 30000
Retained Earnings, December 31,2009 90000
Effective tax rate 30%
a.computer net income for 2010
b. prepare partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,000 shares of common stock were outstanding during 2010

[clpoulin]

Company began operations in 2008 and adopted weighted-average pricing for inventory. In 2010, in accordance with other companies in its industry, zehms changed its inventory pricing to fifo.
Year weighted-average fifo
2008 370000 395000
2009 390000 420000
2010 410000 460000

a.what is the net income for 2010. Assume tax rate 35%
b. compute the cumulative effecgt of change in accounting principle from weighted-average to fifo inventory pricing

[clpoulin]

Corporation reports the following information for 2010:
Sales revenue 750000
Cost of goods sold 500000
Operating expenses 80000
Unrealized holding loss on available-for-sale securites for 2010 of 50000
It has declared and paid a cash dividend of 10000 in 2010.
Corporation has January 1,2010 balances in common stock 350000 accumulated other cocmprehensive income 80000 and retained earnings 90000. It issued stock during 2010
-statement of stockholders equity

[Curlyben]

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