29 Jun Question At Ruth Company, events an
Question
At Ruth Company, events and transactions during 2012 included the following. The tax rate for all items is 30%.
(1) Depreciation for 2010 was found to be understated by $60,000.
(2) A strike by the employees of a supplier resulted in a loss of $50,000.
(3) The inventory at December 31, 2010 was overstated by $80,000.
(4) A flood destroyed a building that had a book value of $1,000,000. Floods are very uncommon in that area.
The effect of these events and transactions on 2012 net income net of tax would be
$777,000.
$833,000.
$35,000.
$735,000.
Prophet Corporation has an extraordinary loss of $600,000, an unusual gain of $420,000, and a tax rate of 40%. At what amount should Prophet report each item?
Extraordinary loss Unusual gain
$(600,000) $420,000
(360,000) 252,000
(600,000) 252,000
(360,000) 420,000
In 2012, Benfer Corporation reported net income of $280,000. It declared and paid common stock dividends of $32,000 and had a weighted average of 70,000 common shares outstanding. Compute the earnings per share to the nearest cent.
$4.00
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