Case Number 1: Using the data given below you are required to adjust the irregular items...

Case Number 1: Using the data given below you are required to adjust the irregular items in its respective places.

Gross Profit $200,000 Advertisement Expense = $20,000 Selling and Admin Expense $50,000 Sales Discount = $3,000 Cost of Goods Sold $300,000 Rent Expense $10,000 Income Tax 20% Loss on sales of business subsidiary $150,000 Unrealized holding gain on available for sale securities $12,000

Overstatement of depletion expense related to previous year $22,000 Unusual and Infrequent item gain $34,000 Loss due to floods (Unusual or Infrequent item) $28,000 Uncollectable Expenses for the current year $8,000 Change in Accounting method $18,000

Requirement: 1-Assuming all irregular items values given are pretax and current year as 2020, you are required to prepare the,

 Prepare Income Statement based on the information given above.

 Prepared Statement of Retained Earnings after preparing income statement

Discuss why extraordinary item is adjusted below the net income and other irregular items are adjusted above the net income.

Expert Solution

Solution:

ekkarill92 answered 2 years ago

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