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Business Administration
Business Administration 2257
Baldwin Wallace

Additional Items  Extraordinary items o All 3 criteria must be met  Discontinued items (see Barrick Gold Corporation) o Operations o Divisions  Unusual or infrequent items o Does not meet all 3 criteria for EI o Less stringent disclosure requirements  Comprehensive Income Maple Income Statement Net Sales 60,000 COGS (45,000) Gross Margin 15,000 Expenses: Selling 8,050 G + A 3,150 Loss on Equipment 3,100 14,300 Income before interest 700 Interest expense (500) Income before taxes 200 I/T 90 Income from continuing operations 110 Loss on discontinued (not recurring – factor that out of analysis) <1,860> Net Loss <1,750> Inventory – Objectives  Explain the differences between periodic and perpetual inventory systems o Periodic – a small candy store, not cash register and have to hand count inventory COGS = Beginning inventory + purchases – ending inventory o Perpetual – a large grocery store with a cash register , scan the bar codes and it
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