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City University Of New York Operations And Supply Chain Management Assignment Help - Income Statement

Question - Maher Inc. reported income from continuing operations before taxes during 2014 of $817,000. Additional transactions occurring in 2014 but not considered in the $817,000 are as follows. 1. The corporation experienced an uninsured flood loss (extraordinary) in the amount of $92,400 during the year. The tax rate on this item is 46%. 2. At the beginning of 2012, the corporation purchased a machine for $63,000 (salvage value of $10,500) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2012, 2013, and 2014 but failed to deduct the salvage value in computing the depreciation base. 3. Sale of securities held as a part of its portfolio resulted in a loss of $61,700 (pretax). 4. When its president ...Read More

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