In addition, kell paid $48,000 on february 1, 20x5, for 20x5 calendar-year property taxes. of this amount, $12,000 was allocated to the third quarter of 20x5. for the quarter ended september 30, 20x5, kell should report net income of:

87,000 dollars.

Explanation:

For the 95,000 income we should make the following adjustment:

The extraordinary gain has a portion that correspond to fourth quarter so we should remove it:

60,000 / 3 = 20,000 per quarter

The property taxes include a portion that occurs over the fourth quarter we should remove it as well:

48,000 / 4 = 12,000

therefore the net income should be:

95,000 -  20000 + 12000 = 87,000

NOTE MISSING INFORMATION

Kell Corp.'s $95,000 net income for the quarter ended September 30, 20X5, included the following after-tax items:

A $60,000 extraordinary gain, realized on April 30, 20X5, was allocated equally to the second, third, and fourth quarters of 20X5.

A $16,000 cumulative-effect loss resulting from a change in inventory method was recognized on August 2, 20X5.

In addition, Kell paid $48,000 on February 1, 20X5, for 20X5 calendar-year property taxes. Of this amount, $12,000 was allocated to the third quarter of 20X5.

on a contract

Explanation:

An employee can be defined as an individual who is employed by an employer of labor to perform specific tasks, duties or functions in an organization.

Basically, an employee is saddled with the responsibility of providing specific services to the organization or company where he is currently employed while being paid a certain amount of money hourly, daily, weekly, or monthly depending on the contractual agreement between the two parties (employer and employee).

Any employee working for companies on a contract simply means or implies that, he or she work on a project-by-project basis rather than as a full-time employee.

For instance, a freelancer is someone who offers or provides his or her service to other employer of labor (business organization) without entering into a long-term contractual agreement.