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Brooklyn College of the City University of New York Accounting Department Intermediate Financial Accounting II Professor G.
Brooklyn College of the City University of New York Accounting Department Intermediate Financial Accounting II Professor G. Vasquez Spring 2012 Page 1 of 1 Income Statement Project Information as of 12/31/2011 (pretax basis): Sales $3200000 Cost of Goods Sold 1650000 Interest Revenue 10000 Loss from Abandonment of Plant Assets 40000 Selling Expenses 340000 Administrative Expenses 280000 Cumulative Effect on Prior Years of Change from FIFO to Average Cost for Inventory Costing Purposes 50000 Loss from Earthquake 40000 Gain on Disposal of a Component Business 90000 Additional Information: 1. Name of Firm: Kaitlin Industries 2. Headquarters: San Juan Puerto Rico 3. Business: Sells dolls and action figures 4. Divisions: Two 5. Operating Year: Calendar Year 6. Tax Rate: 30% 7. Common Stock: 100000 shares outstanding during year Requirements: (1) Prepare income statement (to be audited) and notes (if necessary). Good luck! ? ***************************************
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