Homework Answers
| Continuing Operation | |
| Income from Continuing operations before tax (1) | $41,000,000 |
| Income Tax (2) | $10,660,000 |
| Income from Continuing operations after tax (3) | $30,340,000 |
| Preference Dividend (10%* 4,300,000) (4) | $430,000 |
| Income attributable to common stock holders (5) | $29,910,000 |
| Dis-Continued Operation | |
| Loss from discontinued operation before tax (6) | $16,000,000 |
| Tax Recovery (7) | $4,160,000 |
| Loss from discontinued operation after tax (8) | $11,840,000 |
| Net Income (5-8) (9) | $18,070,000 |
| Earning Per Share | |
| Continuing Operation ((5)/10,000,000) | 2.991 |
| Discontinued Operation ((8)/10,000,000) | (1.184) |
| Net Income/ loss ((9)/10,000,000) | 1.807 |
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Question 7 (5 marks) The shareholders' equity section of Riverbed Corporation as...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8%...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8% cumulative preferred shares, 100,000 shares authorized, 74,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,800,000 25,300,000 172,000,000 $197,300,000 Retained earnings Net income of $23 million for 2020 reflects a total effective tax rate of 24%. Included in the net income figure is a loss of $12 million (before tax) relating to the operations of a business segment...
Exercise 4-17 The shareholders' equity section of Sheffield Corporation as at December 31, 2020, follows: 10%...
Exercise 4-17 The shareholders' equity section of Sheffield Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 60,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,900,000 25,400,000 178,000,000 $203,400,000 Retained earnings Net income of $26 million for 2020 reflects a total effective tax rate of 27%. Included in the net income figure is a loss of $18 million (before tax) relating to the operations of a business segment...
x Your answer is incorrect. Try again. The shareholders' equity section of Swifty Corporation as at...
x Your answer is incorrect. Try again. The shareholders' equity section of Swifty Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 81,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,700,000 25,200,000 181,000,000 $206,200,000 Retained earnings Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $16 million (before tax) relating to the...
The shareholders’ equity section of Concord Corporation as at December 31, 2020, follows: 10% cumulative preferred...
The shareholders’ equity section of Concord Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 86,000 shares outstanding $4,400,000 Common shares, 10 million shares authorized and issued 10,000,000 Contributed surplus 10,800,000 25,200,000 Retained earnings 177,000,000 $202,200,000 Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $18 million (before tax) relating to the operations of a business segment that is...
The shareholders' equity section of Novak Corporation as at December 31, 2020, follows: 10% cumulative preferred...
The shareholders' equity section of Novak Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 69,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4.700,000 10,000,000 11,000,000 25,700,000 170,000,000 $195,700,000 Retained earnings Net income of $24 million for 2020 reflects a total effective tax rate of 25%. Included in the net income figure is a loss of $ 17 million (before tax) relating to the operations of a business segment that...
10,000 shares Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020....
10,000 shares
Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $53,000 106,000 84,800 572,400 222,600 21,200 15,900 42,400 31,800 95,400 Compute net income for 2020. Net income Prepare a partial income statement beginning with...
At December 31, 2017, Concord Corporation had the following shares outstanding: 8% cumulative preferred shares, 100,000...
At December 31, 2017, Concord Corporation had the following shares outstanding: 8% cumulative preferred shares, 100,000 shares outstanding $10,000,000 Common shares, 3,940,000 shares outstanding 19,700,000 During 2017, the corporation’s only share transaction was the issuance of 360,000 common shares on April 1. During 2017, the following also occurred: Income from continuing operations before tax $22,760,000 Discontinued operations (loss before tax) 3,032,000 Preferred dividends declared 800,000 Common dividends declared 2,270,000 Effective tax rate 31% Calculate earnings per share information as it...
Please show Calculation how you got to the final product Sunland Corporation had income from continuing...
Please show Calculation how you got to the final product
Sunland Corporation had income from continuing operations of $10,863,600 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $207,500. Prior to disposal, the division operated at a loss of $325,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Sunland had 10,000,000 shares of common stock outstanding during 2020. Prepare a...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $43,000 86,000 68,800 464,400 180,600 17,200 12,900 34,400 25,800 77,400 Compute net income for 2020. Net income $ Prepare a partial income statement beginning with income...
Presented below are selected ledger accounts of Skysong Corporation as of December 31, 2020. Cash Administrative...
Presented below are selected ledger accounts of Skysong Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $45,000 90,000 72,000 486,000 189,000 18,000 13,500 36,000 27,000 81,000 Prepare a partial income statement beginning with income from continuing operations before income tax, and including...
Question 2 The shareholders' equity section of Culver Corporation as at December 31, 2020, follows: 8% cumulative preferred shares, 100,000 shares authorized, 74,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,800,000 25,300,000 172,000,000 $197,300,000 Retained earnings Net income of $23 million for 2020 reflects a total effective tax rate of 24%. Included in the net income figure is a loss of $12 million (before tax) relating to the operations of a business segment...
Exercise 4-17 The shareholders' equity section of Sheffield Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 60,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,900,000 25,400,000 178,000,000 $203,400,000 Retained earnings Net income of $26 million for 2020 reflects a total effective tax rate of 27%. Included in the net income figure is a loss of $18 million (before tax) relating to the operations of a business segment...
x Your answer is incorrect. Try again. The shareholders' equity section of Swifty Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 81,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4,500,000 10,000,000 10,700,000 25,200,000 181,000,000 $206,200,000 Retained earnings Net income of $25 million for 2020 reflects a total effective tax rate of 26%. Included in the net income figure is a loss of $16 million (before tax) relating to the...
The shareholders' equity section of Novak Corporation as at December 31, 2020, follows: 10% cumulative preferred shares, 100,000 shares authorized, 69,000 shares outstanding Common shares, 10 million shares authorized and issued Contributed surplus $4.700,000 10,000,000 11,000,000 25,700,000 170,000,000 $195,700,000 Retained earnings Net income of $24 million for 2020 reflects a total effective tax rate of 25%. Included in the net income figure is a loss of $ 17 million (before tax) relating to the operations of a business segment that...
10,000 shares
Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $53,000 106,000 84,800 572,400 222,600 21,200 15,900 42,400 31,800 95,400 Compute net income for 2020. Net income Prepare a partial income statement beginning with...
Please show Calculation how you got to the final product
Sunland Corporation had income from continuing operations of $10,863,600 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $207,500. Prior to disposal, the division operated at a loss of $325,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Sunland had 10,000,000 shares of common stock outstanding during 2020. Prepare a...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $43,000 86,000 68,800 464,400 180,600 17,200 12,900 34,400 25,800 77,400 Compute net income for 2020. Net income $ Prepare a partial income statement beginning with income...
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