Homework Answers
9)
Net proceeds = $42,000
Less: Cost = ($39,500)
Gain = $2,500
So, Reported in "Other revenues and Gains" in the income statement
So, correct answer is Gain of $2,500 under "Other revenues and Gains".
Question no. 8 is incomplete. More information required
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For the bonds issued in Question above, what is the carrying value of the bonds at...
Blue Spruce Corporation, a clothing retailer, had income from operations (before tax) of $307,500, and recorded...
Blue Spruce Corporation, a clothing retailer, had income from operations (before tax) of $307,500, and recorded the following before-tax gains/(losses) for the year ended December 31, 2020: Gain on disposal of equipment Unrealized (loss)/gain on FV-NI investments (Loss)/gain on disposal of building Gain on disposal of FV-Nl investments 22,140 (44,280) (55,760) 27,060 Blue Spruce also had the following account balances as at January 1, 2020: Retained earnings Accumulated other comprehensive income (this was due to a revaluation surplus on land)...
Bramble a clothing retailer, had income from operations (before tax) of $465,000, and recorded the following...
Bramble a clothing retailer, had income from operations (before
tax) of $465,000, and recorded the following before-tax
gains/(losses) for the year ended December 31, 2020:
Gain on disposal of equipment
33,480
Unrealized (loss)/gain on FV-NI investments
(66,960
)
(Loss)/gain on disposal of building
(84,320
)
Gain on disposal of FV-NI investments
40,920
Bramble also had the following account balances as at January 1,
2020:
Retained earnings
$508,400
Accumulated other comprehensive income (this was due to a
revaluation surplus on land)...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
QUESTION 21 If bonds were initially issued at a discount, the carrying value of the bonds...
QUESTION 21 If bonds were initially issued at a discount, the carrying value of the bonds on the issuer's books will 1. decrease as the bonds approach their maturity date 2. fluctuate throughout the bonds' life 3. increase as the bonds approach their maturity date 4. remain constant throughout the bonds' life QUESTION 22 Cash flows from issuing and repurchasing stock or issuing and repaying debt are classified as 1. financing activities. 2. borrowing activities. 3. investing activities. 4. operating...
Please help! Stuck with the final numbers shown highlighted in red. Green highlighted cells means they're...
Please help! Stuck with the final numbers shown highlighted in
red. Green highlighted cells means they're correct.
Joe Schreiner, controller for Flounder Company Inc., recently prepared the company's income statement and statement of changes in equity for 2020. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting. $ 357,000 193,000 164,000 FLOUNDER COMPANY INC. Income Statement...
N headings of the statement of profit or loss and other comprehensive income The main sectio incl...
n headings of the statement of profit or loss and other comprehensive income The main sectio include revenue, cost of goods sold, other income, operating expenses and Required: Classify the following descriptions under the appropriate headings in the statement of proft or loss and other comprehensive income. 2 other expenses. Presentation of Financial Statements 01 a) Office salary expenses (b) Sales of services provided d Insurance expenses (d) Sales of inventories (0) Income from interest on savings accounts (i) Income...
pic is split because had to scroll Ohio, Inc. uses the indirect method to prepare the...
pic is split because had to scroll
Ohio, Inc. uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Ohio, Inc Income Statement Year Ended December 31, 2018 Revenues and Gains: Sales Revenue $159,000 Interest Revenue 6,200 Total Revenues and Gains Expenses and Losses: Cost of Goods Sold $130,000 Salary Expense 18,000 Depreciation Expense 7.300 $165,200 Other Operating Expenses Interest Expense Loss on Sale of Plant Assets Income Tax Expense Total Expenses and...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...
The following is a partial trial balance for General Lighting
Corporation as of December 31, 2021:
There were 200,000 shares of common stock outstanding throughout
2021. Income tax expense has not yet been recorded. The income tax
rate is 25%. Required: Prepare a single-step
income statement for 2021, including EPS disclosures. Prepare a
multiple-step income statement for 2021, including EPS
disclosures.
Debits Credits 2,900,000 91,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold...
Need help with this prob please! Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc.,...
Need help with this prob please!
Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc., recently prepared the company's income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting BLUE SPRUCE COMPANY INC Income Statement For the Year Ended December 31, 2017 Sales revenue:s Less: Sales...
Exercise 16-12 a-b (Part Level Submission) (Video) Sandhill Company has the following data at December 31, 2020....
Exercise 16-12 a-b (Part Level Submission) (Video) Sandhill Company has the following data at December 31, 2020. Securities Cost Fair Value Trading $118,600 $123,200 Available-for-sale 103,800 90,600 The available-for-sale securities are held as a long-term investment. (a) (b) Indicate the statement presentation of each class of securities and the related unrealized gain (loss) ace Sandhill Company Balance Sheet (Partial) December 31, 2020 Current Assets 123200 Investments Sandhill Company Income Statement (Partial) December 31, 2020 Sandhill, Company Comprehensive Income Statement December...
Blue Spruce Corporation, a clothing retailer, had income from operations (before tax) of $307,500, and recorded the following before-tax gains/(losses) for the year ended December 31, 2020: Gain on disposal of equipment Unrealized (loss)/gain on FV-NI investments (Loss)/gain on disposal of building Gain on disposal of FV-Nl investments 22,140 (44,280) (55,760) 27,060 Blue Spruce also had the following account balances as at January 1, 2020: Retained earnings Accumulated other comprehensive income (this was due to a revaluation surplus on land)...
Bramble a clothing retailer, had income from operations (before
tax) of $465,000, and recorded the following before-tax
gains/(losses) for the year ended December 31, 2020:
Gain on disposal of equipment
33,480
Unrealized (loss)/gain on FV-NI investments
(66,960
)
(Loss)/gain on disposal of building
(84,320
)
Gain on disposal of FV-NI investments
40,920
Bramble also had the following account balances as at January 1,
2020:
Retained earnings
$508,400
Accumulated other comprehensive income (this was due to a
revaluation surplus on land)...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
QUESTION 21 If bonds were initially issued at a discount, the carrying value of the bonds on the issuer's books will 1. decrease as the bonds approach their maturity date 2. fluctuate throughout the bonds' life 3. increase as the bonds approach their maturity date 4. remain constant throughout the bonds' life QUESTION 22 Cash flows from issuing and repurchasing stock or issuing and repaying debt are classified as 1. financing activities. 2. borrowing activities. 3. investing activities. 4. operating...
Please help! Stuck with the final numbers shown highlighted in
red. Green highlighted cells means they're correct.
Joe Schreiner, controller for Flounder Company Inc., recently prepared the company's income statement and statement of changes in equity for 2020. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting. $ 357,000 193,000 164,000 FLOUNDER COMPANY INC. Income Statement...
n headings of the statement of profit or loss and other comprehensive income The main sectio include revenue, cost of goods sold, other income, operating expenses and Required: Classify the following descriptions under the appropriate headings in the statement of proft or loss and other comprehensive income. 2 other expenses. Presentation of Financial Statements 01 a) Office salary expenses (b) Sales of services provided d Insurance expenses (d) Sales of inventories (0) Income from interest on savings accounts (i) Income...
pic is split because had to scroll
Ohio, Inc. uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Ohio, Inc Income Statement Year Ended December 31, 2018 Revenues and Gains: Sales Revenue $159,000 Interest Revenue 6,200 Total Revenues and Gains Expenses and Losses: Cost of Goods Sold $130,000 Salary Expense 18,000 Depreciation Expense 7.300 $165,200 Other Operating Expenses Interest Expense Loss on Sale of Plant Assets Income Tax Expense Total Expenses and...
The following is a partial trial balance for General Lighting
Corporation as of December 31, 2021:
There were 200,000 shares of common stock outstanding throughout
2021. Income tax expense has not yet been recorded. The income tax
rate is 25%. Required: Prepare a single-step
income statement for 2021, including EPS disclosures. Prepare a
multiple-step income statement for 2021, including EPS
disclosures.
Debits Credits 2,900,000 91,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold...
Need help with this prob please!
Problem 4-12 Joe Schreiner, controller for Blue Spruce Company Inc., recently prepared the company's income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting BLUE SPRUCE COMPANY INC Income Statement For the Year Ended December 31, 2017 Sales revenue:s Less: Sales...
Exercise 16-12 a-b (Part Level Submission) (Video) Sandhill Company has the following data at December 31, 2020. Securities Cost Fair Value Trading $118,600 $123,200 Available-for-sale 103,800 90,600 The available-for-sale securities are held as a long-term investment. (a) (b) Indicate the statement presentation of each class of securities and the related unrealized gain (loss) ace Sandhill Company Balance Sheet (Partial) December 31, 2020 Current Assets 123200 Investments Sandhill Company Income Statement (Partial) December 31, 2020 Sandhill, Company Comprehensive Income Statement December...
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