Culver Inc. | |||
Income Statement | |||
For the year ended December 31st,2017 | |||
Revenues: | |||
Sales Revenue | $ 18,15,800.00 | ||
Rent Revenue | $ 48,600.00 | ||
Total Revenue=(A) | $ 18,64,400.00 | ||
Expenses: | |||
Cost of goods sold | $ 8,39,900.00 | ||
Selling Expense | $ 3,22,000.00 | ||
Administrative Expense | $ 2,41,200.00 | ||
Total Expense=(B) | $ 14,03,100.00 | ||
Income from Operations=(C )=(A)-(B) | $ 4,61,300.00 | ||
Other Revenue and Gains | |||
Gains on sale of Equipment=(D) | $ 98,800.00 | ||
Other Expenses and Loss | |||
Inventory Loss=(E ) | $ 69,800.00 | ||
Income from continuing operation before tax=(F)=(C )+(D)-(E ) | $ 4,90,300.00 | ||
Income tax =(G) | $ 1,66,702.00 | ||
Income from continuing operations=(H)=(F)-(G) | $ 3,23,598.00 | ||
Discontinued Operations: | |||
Loss on discontinued operations | $ 78,600.00 | ||
Less: Applicable Income tax deduction=(I) | $ -26,724.00 | $ -51,876.00 | |
Net Income($323598-$51876) | $ 2,71,722.00 | ||
Per share Common Stock | |||
Income from Continuing Operations=(Income from continued operations/Number of shares outstanding)=($323598/96100) | $ 3.37 | ||
Loss on discontinued operations, net of tax=(Loss on discontinued operations/Number of shares outstanding)=($51876/96100) | $ -0.54 | ||
Net Income=(Net Income/Number of shares outstanding)=($271722/96100) | $ 2.83 | ||
Exercise 4-17 (Part Level Submission) The following information was taken from the records of Culver Inc....
Exercise 4-17 (Part Level Submission) The following information was taken from the records of Whispering Inc. for the year 2020: Income tax applicable to income from continuing operations $243,100; income tax applicable to loss on discontinued operations $33,150, and unrealized holding gain on available-for-sale securities (net of tax) $19,500. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $123,500 97,500 312,000 52,000 78,000 Cash dividends declared Retained earnings January 1, 2020...
Exercise 4-17 (Part Level Submission) The following information was taken from the records of Sage Inc. for the year 2017: Income tax applicable to income from continuing operations $217,974; income tax applicable to loss on discontinued operations $28,696, and unrealiaed holding gain on available-for-sale securities (net of tax) $22,000. $156,200 565,800 782,900 324,200 1,904,400 $98,700 Cash dividends dedared Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory 84,400Retained earnings January 1,...
The following information was taken from the records of Swifty Inc. for the year 2017: Income tax applicable to income from continuing operations $183,022; income tax applicable to loss on discontinued operations $28,934, and unrealized holding gain on available-for-sale securities (net of tax) $24,700 Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $97,900 85,100 242,900 49,900 69,100 Cash dividends declared Retained earnings January 1, 2017 Cost of goods sold Selling...
The following information was taken from the records of Blue Inc. for the year 2020: Income tax applicable to income from continuing operations $228,140; income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available for sale securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $115,900 91,500 292,800 48,800 73.200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods...
The following information was taken from the records of Sheridan Inc. for the year 2020: Income tax applicable to income from continuing operations $172,040; income tax applicable to loss on discontinued operations $23,460, and unrealized holding gain on available-for-sale securities (net of tax) $13,800. Gain on sale of equipment $87,400 Cash dividends declared $138,000 Loss on discontinued operations 69,000 Retained earnings January 1, 2020 1,200,000 Administrative expenses 220,800 Cost of goods sold 782,000 Rent revenue 36,800 Selling expenses 276,000 Loss on write-down of inventory 55,200 Sales Revenue 1,748,000 Shares outstanding during...
CALCULATOR AL SORTEN PRINTER VERSTON BLACK NEXT Exercise 4-17 The following information was taken from the records of Martinez Inc. for the year 2017: Income tax applicable to income from continuing operations $194,310; income tax applicable to lesson discontinued operations $28,628, and unrealized holding gain on available for sale securities (net of tax) $16,900. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write down of inventory $98,700 84,200 243,600 46,600 62,900 Cash dividends...
The following information was taken from the records of Blue Inc. for the year 2020: Income tax applicable to income from continuing operations $228,140; income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for-sale securities (net of tax) $18,300. Gain on sale of equipment $115,900 Cash dividends declared $183,000 Loss on discontinued operations 91,500 Retained earnings January 1, 2020 3,000,000 Administrative expenses 292,800 Cost of goods sold 1,037,000 Rent revenue 48,800 Selling expenses 366,000 Loss...
5. The following information was taken from the records of Cartoons Inc. for the year 2020: • Income tax applicable to income from continuing operations $261,800; Income tax applicable to loss on discontinued operations 535,700; Income tax applicable to unusual gain $45,220: Income tax applicable to unusual loss $28,560; and Unrealized holding gain on available-for-sale securities $21,000. Unusual gain Loss on discontinued operations Administrative expenses Rent revenue Unusual loss $ 133,000 105,000 336,000 56,000 84,000 Cash dividends declared Retained earings...
The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209,440; income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $106,400 84,000 268,800 44,800 67,200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling...
The following information was taken from the records of Metlock
Inc. for the year 2020: Income tax applicable to income from
continuing operations $183,260; income tax applicable to loss on
discontinued operations $24,990, and unrealized holding gain on
available-for-sale securities (net of tax) $14,700.
Gain on sale of equipment
$93,100
Cash dividends declared
$147,000
Loss on discontinued operations
73,500
Retained earnings January 1, 2020
1,560,000
Administrative expenses
235,200
Cost of goods sold
833,000
Rent revenue
39,200
Selling expenses
294,000
Loss...