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| Three Months Ended June 30 | Six Months Ended June 30 | ||||
| 2016 | 2017 | 2016 | 2017 | ||
| Net income | 7920 | 9360 | 15240 | 18600 | |
| Net income per common share | 7.92 | 9.36 | 15.24 | 18.6 | |
Workings:
| Calulation of net income and Earning per share for three months period ended June 30 2017: | |||
| Particulars | Amount $ | ||
| Sales(2nd Quarter) | 30000 | ||
| Cogs (FIFO) | 10000 | ||
| Operating expenses | 4400 | ||
| Income before income taxes | 15600 | ||
| Income tax@40% | 6240 | ||
| Net income | 9360 | ||
| Common stock outstanding | 1000 | ||
| Earning per share | 9.36 | ||
| Note: The Above COGS is based on FIFO | |||
| Calulation of net income and Earning per share for Six months period ended June 30 2017: | |||
| Particulars | Amount_1st quarter | 6 months ended | Total |
| Sales | 28000 | 30000 | 58000 |
| COGS_FIFO | 8400 | 10000 | 18400 |
| Operating expenses | 4200 | 4400 | 8600 |
| Income before income taxes | 15400 | 15600 | 31000 |
| Income tax@40% | 6160 | 6240 | 12400 |
| Net income | 9240 | 9360 | 18600 |
| Common stock outstanding | 1000 | 1000 | 1000 |
| Earning per share | 9.24 | 9.36 | 18.6 |
| Note: The Above COGS is based on FIFO |
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Cambi Company began operations on January 1, 2016. In the second quarter of 2017, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company's interim income statements as originally reported under the LIFO method follow 2016 2ndQ $ 22,000 6,000 2017 1stQ $ 28,000 9.500 4,200 1stQ $ 20,000 5,000 T 3,000 12,000 3rdq $ 24,000 6,800 4thQ $ 26,000 8,000 Sales Cost of goods sold (LIFO) Operating expenses Income before income...
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Cambi Company began operations on January 1, 2016. In the second quarter of 2017, it adopted...
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Cambi Company began operations on January 1, 2016. In the second quarter of 2017, it adopted the FIFO method of inventor...
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FIFO basis for Headland Company, which started operations on
January 1, 2016. The company presently uses the LIFO method of
pricing its inventory and has decided to switch to the FIFO method
in 2017. The FIFO income statement is computed in accordance with
the requirements of GAAP. Headland’s profit-sharing agreement with
its employees indicates that the company will pay employees 10% of
income before profit-sharing. Income taxes are ignored.
LIFO...
Presented below are income statements prepared on a LIFO and FIFO basis for Waterway Company, which...
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FIFO basis for Waterway Company, which started operations on
January 1, 2016. The company presently uses the LIFO method of
pricing its inventory and has decided to switch to the FIFO method
in 2017. The FIFO income statement is computed in accordance with
the requirements of GAAP. Waterway’s profit-sharing agreement with
its employees indicates that the company will pay employees 10% of
income before profit-sharing. Income taxes are ignored.
LIFO...
Presented below are income statements prepared on a LIFO and FIFO basis for Marigold Company, which...
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pricing its inventory and has decided to switch to the FIFO method
in 2017. The FIFO income statement is computed in accordance with
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FIFO basis for Headland Company, which started operations on
January 1, 2016. The company presently uses the LIFO method of
pricing its inventory and has decided to switch to the FIFO method
in 2017. The FIFO income statement is computed in accordance with
the requirements of GAAP. Headland’s profit-sharing agreement with
its employees indicates that the company will pay employees 10% of
income before profit-sharing. Income taxes are ignored.
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FIFO basis for Waterway Company, which started operations on
January 1, 2016. The company presently uses the LIFO method of
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the requirements of GAAP. Waterway’s profit-sharing agreement with
its employees indicates that the company will pay employees 10% of
income before profit-sharing. Income taxes are ignored.
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FIFO basis for Marigold Company, which started operations on
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income before profit-sharing. Income taxes are ignored
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