The income statement of Jones Company for the year ended December 31, 2012, shows: ...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The income statement of Jones Company for the year ended December 31, 2012, shows:
| Sales | $1,800,000 |
| Cost of good sold | 1,200,000 |
| Gross profit | $ 600,000 |
| Operating expenses | (200,000) |
| Equity earnings of nonconsolidated subsidiaries | 30,000 |
| Operating income before income taxes | $ 430,000 |
| Taxes related to operations | (130,000) |
| Net income from operations before cumulative effect of change in |
|
| accounting principle | $ 300,000 |
| Cumulative effect of change in accounting principle (less applicable |
|
| income taxes of $30,000) | 60,000 |
| Net income | $ 360,000 |
Required:
| a. | Compute the net earnings after removing nonrecurring items. |
| b. | Determine the earnings from the nonconsolidated subsidiary. |
| c. | Determine the total tax amount. |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.