Attached is the Consolidated Statements of Income.
1. need a little help finishing this question Assume that "Expense on early retirement of debt" is nonrecurring. What would be the net income if this item were removed
Total revenues $1,040,850
Less: Total Expenses (26,040)
Income before income taxes 1,014,810
Income tax provision (benefits)
Current income taxes (0.7865%)
Deferred income taxes
Speculate on why the debt was retired early.
Please find attached, a formatted MS Excel spreadsheet containing the answer below. I have also included notes which help in explaining the spreadsheet, as well as answer the question on the effect to net income, if the expense on early retirement of debt removal from the company's income statement.
Feel free to contact me in the future in the event that additional assistance is required.
ARGOSY GAMING ...
Example of Pro-forma Debt Retirement is provided in the solution.