Homework Answers
Answer-
| WINDSOR CORPORATION | |||
| Income Statement (Partial) | |||
| For the Year December 31,2020 | |||
| Income from continuing operations before income tax | 1,213,500 | ||
| Less: Income tax ($1,213,500 x 19%) | 230,565 | ||
| Income from continuing operations after income tax | 982,935 | ||
| Discontinued operations: | |||
| Loss from operations of discontinued operations | 91,600 | ||
| Less: Applicable income tax reduction ($91,600 x 19%) | 17,404 | 74,196 | |
| Loss from sale of discontinued operations | 102,700 | ||
| Less: Applicable income tax reduction ($102,700 x 19%) | 19,513 | 83,187 | |
| Loss from discontinued operations, net of tax | 157,383 | ||
| Income before extraordinary item | 825,552 | ||
| Extraordinary item: | |||
| Gain on condemnation | 129,900 | ||
| Less: Applicable income tax ($129,900 x 19%) | 24,681 | ||
| Extraordinary gain, net of tax | 105,219 | ||
| Net income | 930,771 | ||
| Earnings per share: | |||
| Income from continuing operations ($982,935 /149,520) | 6.57 | ||
| Loss from discontinued operations ($157,383/149,520) | -1.05 | ||
| Income before extraordinary item ($825,552/149,520) | 5.52 | ||
| Extraordinary gain ($105,219/149,520) | 0.70 | ||
| Net income | 6.22 | ||
Workings:
Income from continuing operations shown in the income statement has been computed in the following manner:
| Income from continuing operations before income tax, as given | 1,229,200 |
| Less: Loss on sale of equipment ($83,500 - $31,600 - $36,200) | 15,700 |
| Adjusted income from continuing operations | 1,213,500 |
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Windsor Corp has 149.520 shares of common stock outstanding in 2020, the company reports income from...
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Swifty Corp. has 149,190 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
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the $1,211,100 are as follows.
1.
In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
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2.
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loss of $194,600...
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2020, the company reports income from continuing operations before
income tax of $1,215,800. Additional transactions not considered in
the $1,215,800 are as follows.
1.In 2020, Novak Corp. sold equipment for $38,600. The machine
had originally cost $80,700 and had accumulated depreciation of
$30,600. The gain or loss is considered non-recurring.
2.The company discontinued operations of one of its
subsidiaries during the current year at a loss of $196,800 before
taxes....
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Waterway Corp. has 150,600 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,233,800. Additional transactions not considered in the $1,233,800 are as follows. 1. In 2020, Waterway Corp. sold equipment for $37,700. The machine had originally cost $81,400 and had accumulated depreciation of $30,400. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,000...
1. Concord Corp. has 150,240 shares of common stock outstanding. In 2020, the company reports income...
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Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from...
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Please show calculations Culver Corp. is a public company and has 100,000 common shares outstanding. In...
Please show calculations
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Your answer is partially correct. Try again. Skysong Corp. has 149,550 shares of common stock outstanding....
Your answer is partially correct. Try again. Skysong Corp. has 149,550 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,220,400. Additional transactions not considered in the $1,220,400 are as follows. 1. 2. In 2020, Skysong Corp. sold equipment for $37,000. The machine had originally cost $84,800 and had accumulated depreciation of $32,200. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
Swifty Corp. has 149,190 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,211,100. Additional transactions not considered in
the $1,211,100 are as follows.
1.
In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
had accumulated depreciation of $32,900. The gain or loss is
considered non-recurring.
2.
The company discontinued
operations of one of its subsidiaries during the current year at a
loss of $194,600...
Novak Corp. has 149,380 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,215,800. Additional transactions not considered in
the $1,215,800 are as follows.
1.In 2020, Novak Corp. sold equipment for $38,600. The machine
had originally cost $80,700 and had accumulated depreciation of
$30,600. The gain or loss is considered non-recurring.
2.The company discontinued operations of one of its
subsidiaries during the current year at a loss of $196,800 before
taxes....
1. Concord Corp. has 150,240 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1.240,000. Additional transactions not considered in the $1.240,000 are as follows. In 2020, Concord Corp. sold equipment for $35,000. The machine had originally cost $84,900 and had accumulated depreciation of $31,700. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $194,900...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as 1. In 2017, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before...
Problem 4-7 Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,221,100 Additional transactions not considered in the $1,221,100 are as follows. 1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500...
Please show calculations
Culver Corp. is a public company and has 100,000 common shares outstanding. In 2020, the company reported income from continuing operations before income tax of $2,439,000. Additional transactions not considered in the $2,439,000 are as follows: 1. In 2020, Culver Corp. sold equipment for $126,000. The machine had originally cost $72,000 and had accumulated depreciation to date of $32,400. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of...
Your answer is partially correct. Try again. Skysong Corp. has 149,550 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,220,400. Additional transactions not considered in the $1,220,400 are as follows. 1. 2. In 2020, Skysong Corp. sold equipment for $37,000. The machine had originally cost $84,800 and had accumulated depreciation of $32,200. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the...
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