Huff Company presents the following items derived from

its December #2434

Huff Company presents the following items derived from its December 31, 2016, adjusted trial
balance:The following information is also available for 2016 and is not reflected in the preceding
accounts:1. The common stock has been outstanding all year. A cash dividend of $1.28 per
share was declared and paid.2. Land was sold at a pretax gain of $6,300.3. Division X (a major
component of the company) was sold at a pretax gain of $4,700. It had incurred a $9,500 pretax
operating loss during 2016.4. A tornado, which is an unusual event in the area, caused a $5,400
pretax loss.5. The income tax rate on all items of income is 30%.6. The average shareholders’
equity is $90,000.Required:1. Prepare a 2016 multiple-step income statement for Huff.2.
Prepare a 2016 retained earnings statement.3. Compute the 2016 return on common equity
(Net Income / Average Shareholders’ Equity).View Solution:
Huff Company presents the following items derived from its December

ANSWER
http://paperinstant.com/downloads/huff-company-presents-the-following-items-derived-from-its-
december/

1/1
Powered by TCPDF (www.tcpdf.org)