(TCO 5) Misty Company reported the following before-tax items during the current year:
Misty’s effective tax rate is 40% and there were 1,000 shares of common stock outstanding.
What would be Misty’s income before extraordinary item(s)?
Question 2. Question : (TCO 4) Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system.
What would Symphony report as total assets? Hint: Don’t forget to deduct the contra assets.
(TCO 4) Explain how management’s discussion and analysis of its operations and liquidity may be helpful to investors