Chelsea corporations financial statements for the current, Ask an Expert

Accounting

Chelsea Corporation's financial statements for the current year include the following:

Income from continuing operations $ 520,000

Prior period adjustment (increase in prior year net

Income, net of taxes 90,000

Cash dividents paid to preferred stockholders 102,000

Gain from discontinued operations (net of taxes) 310,000

Cumulative effect of accounting change (reduction

In net income, net of tax benefit) 220,000

Extraordinary loss (net of tax benefit) 85,000

On the basis of this information, net income for the current year is:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940320

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