: Use US GAAP.Selected information for Muffin’s Muffins Inc. for2017 is presented below. All...:...

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Accounting

: Use US GAAP.
Selected information for Muffin’s Muffins Inc. for2017 is presented below. All amounts are pretax. The effective taxrate is 30%.
Gain on sale of land 193,400
Selling expenses 287,600
Accounts receivable, net 632,900
Cumulative increase in income for reduced estimate ofbad debts from 3.5% to 2.25% 71,800
Sales 5,130,000
Accumulated depreciation 1,526,300
Administrative expenses 387,600
Loss from operations of discontinued line of business$ 365,000
Dividend Income 58,000
Common stock, 240,000 shares 10,172,300
Interest expense 144,200
Unrealized holding loss on available-for-salessecurities 171,300
Cumulative decrease in income from change indepreciation method 104,600
Inventory 3,029,000
Loss due to flooding 293,000
Gain on disposal of discontinued line of business183,200
Retained earnings, beg balance 3,067,900
Failed to recognize interest on investment in 2016114,800
Foreign currency translation gain 93,700
Bonds Payable 1,875,000
Accumulated other comprehensive income (CR bal)749,120
Cumulative increase in income of change from FIFO toweighted average 63,600
Cost of goods sold 2,905,000
Dividends declared 129,500
Based on the above information, answer the followingquestions.
0. Prepare a multi-step income statement and retainedearnings statement.
1. What amount would be reported for income fromoperations?
2. What amount would be reported in a 2017 incomestatement for income tax?
3. Prepare the discontinued operations section of the2017 income statement.
4. On which financial statement(s) would the foreigncurrency translation gain be reported? (THINK!)
5. Should the cumulative increase in income of changefrom FIFO to weighted average be reported net of tax?
6. What amount would be reported for income fromcontinuing operations?
7. What is comprehensive income for 2017?
8. Does the beginning balance of Retained Earningsneed to be adjusted? If so, what is the adjusted amount?
9. On which financial statement(s) and in whichsection(s) would dividend income be reported?
10. What is the balance in accumulated othercomprehensive income as of 12/31/17 and on which financialstatement(s) is it reported? (THINK!)
11. On which financial statement(s) and in whichsection(s) would the adjustment for reduced estimate for bad debtsbe reported?
12. What amount would appear on a post-closing trialbalance for Retained Earnings?
13. Prepare the earnings per share section of the 2017income statement

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In: Accounting: Use US GAAP.Selected information for Muffin’s Muffins Inc. for2017 is presented below. All...: Use US GAAP.Selected information for Muffin’s Muffins Inc. for2017 is presented below. All amounts are pretax. The effective taxrate is 30%.Gain on sale of land 193,400Selling expenses 287,600Accounts receivable, net 632,900Cumulative increase in income for reduced estimate ofbad debts from 3.5% to 2.25% 71,800Sales 5,130,000Accumulated depreciation 1,526,300Administrative expenses 387,600Loss from operations of discontinued line of business$ 365,000Dividend Income 58,000Common stock, 240,000 shares 10,172,300Interest expense 144,200Unrealized holding loss on available-for-salessecurities 171,300Cumulative decrease in income from change indepreciation method 104,600Inventory 3,029,000Loss due to flooding 293,000Gain on disposal of discontinued line of business183,200Retained earnings, beg balance 3,067,900Failed to recognize interest on investment in 2016114,800Foreign currency translation gain 93,700Bonds Payable 1,875,000Accumulated other comprehensive income (CR bal)749,120Cumulative increase in income of change from FIFO toweighted average 63,600Cost of goods sold 2,905,000Dividends declared 129,500Based on the above information, answer the followingquestions.0. Prepare a multi-step income statement and retainedearnings statement.1. What amount would be reported for income fromoperations?2. What amount would be reported in a 2017 incomestatement for income tax?3. Prepare the discontinued operations section of the2017 income statement.4. On which financial statement(s) would the foreigncurrency translation gain be reported? (THINK!)5. Should the cumulative increase in income of changefrom FIFO to weighted average be reported net of tax?6. What amount would be reported for income fromcontinuing operations?7. What is comprehensive income for 2017?8. Does the beginning balance of Retained Earningsneed to be adjusted? If so, what is the adjusted amount?9. On which financial statement(s) and in whichsection(s) would dividend income be reported?10. What is the balance in accumulated othercomprehensive income as of 12/31/17 and on which financialstatement(s) is it reported? (THINK!)11. On which financial statement(s) and in whichsection(s) would the adjustment for reduced estimate for bad debtsbe reported?12. What amount would appear on a post-closing trialbalance for Retained Earnings?13. Prepare the earnings per share section of the 2017income statement