Income Statement (Partial) | ||
For the Year ended December 31, 2020 | ||
Income From continuing Operations Before income tax [wk note 1 ] | 757840 | |
Income tax [ (757840 - 117890)*0.30] | 191,985 | |
Income from continuing operations | 565,855 | |
Discontinued operations | ||
Loss from disposal of recreational division | 124,360 | |
Less: Applicable income tax reduction | 37,308 | 87,052 |
Net income | 478,803 | |
Earning per share [565855/110320] | ||
Income from continuing operations | $ 5.13 | |
Discontinued operations, net of tax | $ 0.79 | |
Net income | $ 4.34 |
Working note
1.
[796800 - 94100 - 65000 + (161400 - 43510)] = 755590
Diff in depreciation = [81000 / 6] - [ (81000 -13500) / 6 ] = 2250
income from continuing operations = 755590+2250 = 757840
Show Attempt History Current Attempt in Progress Splish Inc. reported income from continuing operations before taxes...
1. 2. Whispering Inc. reported income from continuing operations before taxes during 2020 of $793,700. Additional transactions occurring in 2020 but not considered in the $793,700 are as follows. The corporation experienced an uninsured flood loss in the amount of $91,900 during the year. At the beginning of 2018, the corporation purchased a machine for $70,200 (salvage value of $11,700) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed...
1 2 Bramble Inc. reported income from continuing operations before taxes during 2020 of $802,600. Additional transactions occurring in 2020 but not considered in the $802,600 are as follows. The corporation experienced an uninsured flood loss in the amount of $92.900 during the year. At the beginning of 2018, the corporation purchased a machine for $72,000 (salvage value of $12,000) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2018,2019, and 2020, but failed to...
Problem 4-03 Vaughn Inc. reported income from continuing operations before taxes during 2020 of $807,900. Additional transactions occurring in 2020 but not considered in the $807,900 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $92,700 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $57,600 (salvage value of $9,600) that had a useful life of 6 years. The bookkeeper used straight- line depreciation for 2018, 2019, and...
Bonita Inc. reported income from continuing operations before taxes during 2020 of $790,900. Additional transactions occurring in 2020 but not considered in the $790,900 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $98,500 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $73,800 (salvage value of $12,300) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed...
need help pls --/25 Question 6 View Policies Current Attempt in Progress Kingbird Inc. reported income from continuing operations before taxes during 2020 of $818,700. Additional transactions occurring in 2020 but not considered in the $818,700 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $96,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $61,200 (salvage value of $10,200) that had a useful life of 6 years....
Maher Inc. reported income from continuing operations before taxes during 2020 of $790,000. Additional transactions occurring in 2020 but not used in computing the $790,000 are as follows. > Sale of securities held as a part of its portfolio resulted in a loss of $57,000 (pretax). > When its president died, the corporation realized $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000....
Maher Inc. reported income from continuing operations before taxes during 2020 of $790,000. Additional transactions occurring in 2020 but not used in computing the $790,000 are as follows. > Sale of securities held as a part of its portfolio resulted in a loss of $57,000 (pretax). > When its president died, the corporation realized $150,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $46,000....
Maher Inc. reported income from continuing operations before taxes during 2017 of $790,000. Additional transactions occurring in 2017 but not considered in the $790,000 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $90,000 during the year At the beginning of 2015, the corporation purchased a machine for $54,000 (salvage value of $9,000) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed to...
Problem 4-3 Maher Inc. reported income from continuing operations before taxes during 2014 of $816,100. Additional transactions occurring in 2014 but not considered in the $816,100 are as follows. 1. The corporation experienced an uninsured flood loss (extraordinary) in the amount of $97,300 during the year. The tax rate on this item is 46%. 2. At the beginning of 2012, the corporation purchased a machine for $59,400 (salvage value of $9,900) that had a useful life of 6 years. The...
* Question 3 Martinez Inc. reported income from continuing operations before tax of $2,058,500 during 2020. Additional transactions occurring in 2020 but not included in the $2,058,500 were as follows: 1. The corporation experienced an insured flood loss of $92,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $67,200 (residual value of $15,600) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed...