45) Ezekiel Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales...
Ezekiel Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales $1,300,000 Discontinued operations loss 110,000 Selling and administrative expenses 160,000 Cost of goods sold 900,000 Loss on sale of equipment 40,000 Nola Corporation is subject to a 30% income tax rate. Instructions Prepare a partial income statement, beginning with income before income taxes. (show the steps please!)
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income,...
Exercise 169
Santos Corporation gathered the following information for the
fiscal year ended December 31, 2020:
Sales
$1,500,000
Operating expenses
160,000
Cost of goods sold
960,000
Loss on disposal of equipment
40,000
Santos Corporation is subject to a 30% income tax rate.
Prepare a partial income statement, beginning with income from
operations.
SANTOS CORPORATION
Income Statement
For the Year Ended December 31, 2020
Cost
of Goods SoldOther Expenses and LossesIncome Tax ExpenseRetained
Earnings, January 1Income from OperationsRetained Earnings,
December 31Sales...
Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $78,000 on available-for-sale securities. 2. A gain of $26,000 on the discontinuance of a division (comprised of a $14,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income, beginning with...
Cendant Corporation's results for the year ended December 31, 2021, include the following material items: Sales revenue $ 6,200,000 Cost of goods sold 3,800,000 Selling and administrative expenses 1,300,000 Loss on sale of investments 200,000 Loss on discontinued operations 500,000 Loss on impairment from continuing operations 80,000 Cendant Corporation's income from continuing operations before income taxes for 2021 is:
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below. Income before income taxes $535,000 Income tax expense (29% x $404,000) 117,160 Income from continuing operations 417,840 Loss on discontinued operations 131,000 Net income $286,840 The loss on discontinued operations was comprised of a $56,000 loss from operations and a $75,000 loss from disposal. The income tax rate is 29% on all items. (a) Prepare a correct statement of comprehensive income beginning with...
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $82,000 on available-for-sale securities. Again of $31,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $46,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income...
Trayer Corporation has income from continuing operations of $272,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $82,000 on available-for-sale securities. Again of $31,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $46,000 gain on disposal). Assume all items are subject to income taxes at a 15% tax rate. Prepare a statement of comprehensive income, beginning with income...
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include...