Equiy Sce Acc 545 Week 5 Individual Asstignment Lee Corporation

Equiy Sce ACC 545 Week 5 Individual Asstignment Lee Corporation

to purchase

http://allmysolution.com/A545_c118.htm

Product Description

Review the following information:

Lee Corporation, a U.S. company, began operations on January 1, 2004.

During its first 3 years of operations, Lee reported net income and declared dividends as follows.

Net income Dividends declared

2004 $ 40,000 $ –0–

2005 125,000 50,000

2006 160,000 50,000

The following information relates to 2007:

Income before income tax $240,000

Prior period adjustment: understatement of 2005 depreciation expense (before taxes) $ 25,000

Cumulative decrease in income from change in inventory methods (before taxes) $ 35,000

Dividends declared (of this amount, $25,000 will be paid on January 15, 2008) $100,000

Effective tax rate 40%

Equiy Sce ACC 545 Week 5 Individual Asstignment Lee Corporation

to purchase

http://allmysolution.com/A545_c118.htm

Product Description

Review the following information:

Lee Corporation, a U.S. company, began operations on January 1, 2004.

During its first 3 years of operations, Lee reported net income and declared dividends as follows.

Net income Dividends declared

2004 $ 40,000 $ –0–

2005 125,000 50,000

2006 160,000 50,000

The following information relates to 2007:

Income before income tax $240,000

Prior period adjustment: understatement of 2005 depreciation expense (before taxes) $ 25,000

Cumulative decrease in income from change in inventory methods (before taxes) $ 35,000

Dividends declared (of this amount, $25,000 will be paid on January 15, 2008) $100,000

Effective tax rate 40%

Equiy Sce ACC 545 Week 5 Individual...