Compute the net earnings after removing nonrecurring items The income statement of Jones Company for the year ended December 31, 2010, shows: Sales $1,800,000 Cost of goods sold 1,200,000 Gross profit $ 600,000 Operating expenses (200,000) Equity earnings of nonconsolidated subsidiaries 30,000 Operating income before income taxes $ 430,000 Taxes related to operations (130,000) Net income from operations before cumulative effect of change in accounting principle $ 300,000 Cumulative effect of change in accounting principle (less applicable income taxes of $30,000) 60,000 Net income $ 360,000 Required: a. Compute the net earnings after removing nonrecurring items. b. Determine the earnings from the nonconsolidated subsidiary. c. Determine the total tax amount. Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help
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