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.
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%.
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).
When its president ...Read More
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