Homework Answers
1 & 2.Statement of Income Statement and Comprehensive Income for the year ended May 31,2020
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Willi Wonkas Chocolate Factory Inc Income Statement for the year ended May 31,2020 |
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| Description | Amount | |
| Sales | 1300000 | |
| Less: Sales returns and allowances | -32500 | |
| Net Sales(1) | 1267500 | |
| Cost Of Goods Sold (2) | 760500 | |
| Gross Profit (1-2) | 507000 | |
| Operating Expenses | ||
| Selling Expenses | 63375 | |
| Administrative Expenses | 46800 | |
| Write off Inventory | 78000 | |
| 188175 | ||
| Operating Income | 318825 | |
| Non-Operating Income & Expenses | ||
| Unrealized loss on sale of debt securities | -12550 | |
| Cash Dividends declared on common stock | -48750 | |
| Gain on sale of Investments | 19500 | |
| Rent Revenue | 6825 | |
| -34975 | ||
| Income from Continuing Operations before taxes | 283850 | |
| Income Tax Expense (34%) | -96509 | |
| Income from Continuing Operations | 187341 | |
| Discontinued Operations | ||
| Income from Operations before taxes | 16900 | |
| Loss on disposal of division | -65000 | |
| Income Tax Expense (34%) | -16354 | |
| Total discontinued operations | -64454 | |
| Net Income | 122887 | |
| Common Stock (5000 shares) | 5000 | |
| Earnings per Share | 24.5774 |
3. Statement of Retained Earnings for the year ended May 31,2020
Beginning retained earnings + Net income - Dividends = Ending retained earnings
| Retained Earnings June 1 ,2019 | 955500 | |
| Net Income | 122887 | |
| Cash Dividends | -48750 | |
| Retained Earnings at May 31,2020 | 1029637 |
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Presented below is information related to Willie Wonka's Chocolate Factory, Inc. for its fiscal year ending...
Presented below is information related to Willie Wonka's Chocolate Factory, Inc. for its fiscal year ending...
Presented below is information related to Willie Wonka's Chocolate Factory, Inc. for its fiscal year ending May 31, 2020. During the year, the Board of Directors decided to discontinue the operations of its entire Everlasting Gobstoppers division and retain only its Chocolate manufacturing operations. In November 2019, Park sold the Gobstoppers operations to Russell Stover Company. The following amounts were taken from Willie Wonka's general ledger: $ Administrative expenses Cash dividends declared on common stock Cost of goods sold Gain...
OURCES Your answer is partially correct. Try again. For its fiscal year ending October 31, 2017,...
OURCES Your answer is partially correct. Try again. For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below. Income before income taxes Income tax expense (18% x $412,000) Income from continuing operations Loss on discontinued operations Net Income $512,000 74,160 437,840 100,000 $337,840 by Study The loss on discontinued operations was comprised of a $55.300 loss from operations and a $44.200 loss from disposal. The income tax rate is 18% on all item...
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Presented below is information related to Willie Wonka's Chocolate Factory, Inc. for its fiscal year ending May 31, 2020. During the year, the Board of Directors decided to discontinue the operations of its entire Everlasting Gobstoppers division and retain only its Chocolate manufacturing operations. In November 2019, Park sold the Gobstoppers operations to Russell Stover Company. The following amounts were taken from Willie Wonka's general ledger: $ Administrative expenses Cash dividends declared on common stock Cost of goods sold Gain...
OURCES Your answer is partially correct. Try again. For its fiscal year ending October 31, 2017, Haas Corporation reports the following partial data shown below. Income before income taxes Income tax expense (18% x $412,000) Income from continuing operations Loss on discontinued operations Net Income $512,000 74,160 437,840 100,000 $337,840 by Study The loss on discontinued operations was comprised of a $55.300 loss from operations and a $44.200 loss from disposal. The income tax rate is 18% on all item...
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