Phoenix ACC421 Week 2 WileyPLUS Assignment Week Two

ACC 421 Week 2 WileyPLUS Assignment Week TwoResource: WileyPLUSAccess WileyPLUS using the link on the student website.Complete the five exercises in WileyPLUS:1. The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2012.2. The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2012.3. The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $124,000; income tax applicable to loss on discontinued operations $32,100; income tax applicable to extraordinary gain $33,592; income tax applicable to extraordinary loss $23,188; and unrealized holding gain on available-for-sale securities $19,300.4. During 2012, Nilsen Company started a construction job with a contract price of $1,767,000. The job was completed in 2014. The following information is available.5. In 2012, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $943,500. Steinrotter uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2012, are shown below.