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On 12/31/17, Hitit Industries reported retained earnings of
$1,000,000 on its balance sheet, and it reported that it had
$235,000 of net income during the year. On its previous balance
sheet, at 12/31/16, the company had reported $905,000 of retained
earnings. No shares were repurchased during 2017. How much in
dividendsdid the firm pay during 2017?
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pls answer 6 to 9. pls show the work in details.
In-Class Exercise - Accounting Review Chapter 2 - Financial Statements, Cash Flow, and Taxes 1. Frederickson Office Supplies recently reported $12,500 of sales, $7.250 of operating costs other than depreciation, and $1,250 of depreciation. The company had no amortization charges and no non- operating income. It had $8,000 of bonds outstanding that carry a 7.5% interest rate, and its federal-plus- state income tax rate was 40%. How much was...
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Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings of $6,500,000. During 2020, Clay reported income from continuing operations before taxes of $1,100,000. The following additional transactions occurred in 2020 but were not included in the $1,100,000. Assume all of the following were material. 1. Clay had a restructuring charge of $16,000 (pre-tax). 2. Clay had an uninsured flood loss of $20,000 (pre-tax) which was considered to be both unusual and infrequent. 3....
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In-Class Exercise - Accounting Review Chapter 2- Financial Statements. Cash Flow, and Taxes Frederickson Office Supplies recently reported $12,500 of sales, $7,250 of operating costs other than depreciation, and $1,250 of depreciation. The company had no amortization charges and no non- operating income. It had $8,000 of bonds outstanding that cary a 7.5 % interest rate, and its federal-plus- state income tax rate was 40 % . How much was the firm's taxable income, or earnings before taxes (EBT)? 1....
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Please answer 20-24
20) Jets Company reported net income of $400,000 for the
year ended 12/31/21. Included in the computation of net income
were: depreciation expense, $82,000; amortization of a patent,
$55,000; and amortization of a bond discount, $12,000. Jets paid a
$84,000 dividend during the year. The net cash provided by
operating activities would be reported at________
21) Future taxable amounts is calculated using the
future enacted tax rate. (answer True or False)
22) Pretax income and income before...
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Need help with PART 3!!!!
Sherrod, Inc., reported pretax accounting income of $88 million for 2021. The following information relates to differences between pretax accounting income and taxable income: a. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end 2021 had a balance of $8 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022...
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please show the work and provide correct answers. This is from
financial management course
In-Class Exercise - Accounting Review Chapter 2 - Financial Statements, Cash Flow, and Taxes 1. Frederickson Office Supplies recently reported $12,500 of sales, $7,250 of operating costs other than depreciation, and $1,250 of depreciation. The company had no amortization charges and no non- operating income. It had $8,000 of bonds outstanding that carry a 7.5% interest rate, and its federal-plus- state income tax rate was 40%....
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ONLY NEED REQUIRMENTS 1 AND 3
Sherrod, Inc., reported pretax accounting income of $78 million
for 2018. The following information relates to differences between
pretax accounting income and taxable income:
Income from installment sales of properties included in pretax
accounting income in 2018 exceeded that reported for tax purposes
by $3 million. The installment receivable account at year-end had a
balance of $4 million (representing portions of 2017 and 2018
installment sales), expected to be collected equally in 2019 and...