Title: ACC 421 Week 3 LT Assignment Solutions A Sample content: Acc/421 Week 3 Learning Team Assignments 25 Points PROBLEM 4-3 Tony Rich Inc. Income Statement (Partial) For the Year Ended December 31, 2007 Revenue from continuing operations before income tax $798,500* Income tax 220,350** Revenue from continuing operations 578,150 Discontinued operations Loss from dumping of leisure division $115,000 Less: Applicable income tax reduction 34,500 80,500 Revenue before extraordinary item 497,650 Extraordinary item: Main casualty loss 80,000 Less: Applicable income tax deduction 36,800 43,200 Net revenue $454,450 For each share of common stock: Revenue from continuing operations $7.23* Discontinued operations, net of tax (1.01)* Revenue before extraordinary items 6.22 Extraordinary item, net of tax (.54) Net revenue ($454,450

1. ACC 421 Week 3 LT Assignment Solutions A
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2. ACC 421 Week 3 LT Assignment Solutions A
Sample content:
Acc/421 Week 3 Learning Team Assignments 25 Points PROBLEM 4-3 Tony Rich
Inc.
Income Statement (Partial)
For the Year Ended December 31, 2007
Revenue from continuing operations before income tax $798,500*
Income tax
220,350**
Revenue from continuing operations
578,150
Discontinued operations
Loss from dumping of leisure division
$115,000
Less: Applicable income tax reduction
34,500
80,500
Revenue before extraordinary item

3. 497,650
Extraordinary item:
Main casualty loss
80,000
Less: Applicable income tax deduction
36,800
43,200
Net revenue
$454,450
For each share of common stock:
Revenue from continuing operations
$7.23*
Discontinued operations, net of tax
(1.01)*
Revenue before extraordinary items
6.22
Extraordinary item, net of tax
(.54)
Net revenue ($454,450

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