Homework Answers
| a | |
| Sales revenue | 320000 |
| Less: Cost of goods sold | -170000 |
| General and administrative expenses | -42000 |
| Restructuring costs | -51000 |
| Selling expenses | -26000 |
| Operating income(loss) | 31000 |
| b | |
| Operating income | 31000 |
| Add: Interest revenue | 5000 |
| Deduct: Loss on sale of investments | -26000 |
| Income(loss) before income taxes | 10000 |
| c | |
| Income before income taxes | 10000 |
| Income tax expense (25%) | -2500 |
| Net income(loss) | 7500 |
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The following is a partial year-end adjusted trial balance. Debits Credits $320,000 $ 26,000 5,000 Account...
The following is a partial year-end adjusted trial balance. Debits Credits $340,000 $ 30,000 6,000 Account...
The following is a partial year-end adjusted trial balance. Debits Credits $340,000 $ 30,000 6,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense ipped 180,000 44,000 52,000 27,000 eBook Income tax expense has not yet been recorded. The income tax rate is 25%. Print a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net...
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account...
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 160,000 40,000 50,000 25,000 ? Income tax expense has not yet been recorded. The income tax rate is 25%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss)....
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales...
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 160,000 40,000 50,000 25,000 Income tax expense has not yet been recorded. The income tax rate is 25% a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss). a....
The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 330,000...
The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 330,000 Loss on sale of investments 28,000 Interest revenue 5,500 Cost of goods sold 175,000 General and administrative expenses 43,000 Restructuring costs 53,000 Selling expenses 26,500 Income tax expense 0 Income tax expense has not yet been recorded. The income tax rate is 40%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss).
The following is a partial year-end adjusted trial balance.
The following is a partial year-end adjusted trial balance. Account TitleDebitsCreditsSales revenue$410,000Loss on sale of investments$44,000Interest revenue4,000Cost of goods sold215,000General and administrative expense51,000Restructuring costs55,500Selling expense30,500Income tax expense?Income tax expense has not yet been recorded. The income tax rate is 25%.a. Determine the operating income (loss).b. Determine the income (loss) before income taxes.c. Determine the net income (loss).
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2018, the end of the...
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2018, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,185; cost of goods sold, $1,410; selling expenses, $200; general and administrative expenses, $190; interest expense, $60; and gain on sale of investments, $155. Income tax expense has not yet been recorded. The income tax rate is 35%. Assume the company’s accountant prepared a multiple-step income statement. a. What amount...
Plano Co. 12/31/2018 Partial Trial Balance Data Debits Credits Sales revenue 715,000 Interest revenue 61,000 Gain...
Plano Co. 12/31/2018
Partial Trial Balance Data
Debits
Credits
Sales revenue
715,000
Interest revenue
61,000
Gain on sale of investments
111,000
Cost of goods sold
510,000
Selling expenses
149,000
Interest expense
31,000
General and administrative expenses
102,000
Plano had 50,000 shares of stock outstanding throughout the year.
Income tax expense has not yet been accrued. The effective tax rate
is 30%.
Required:
Prepare a multiple-step income statement with earnings per share
disclosure. (Amounts to be deducted should be indicated
with...
Problem 4-1 The following is a partial trial balance for Apex Computer Corporation as of December...
Problem 4-1
The following is a partial trial balance for Apex Computer
Corporation as of December 31, 2016:
Apex Computer Corporation
Partial Trial Balance
December 31, 2016
Account Title
Debits
Credits
Sales Revenue
3,400,000
Interest Revenue
35,000
Gain on sale of investments
30,000
Cost of goods sold
2,250,000
Restructuring costs
400,000
Administrative expense
450,000
Selling expense
150,000
Interest expense
20,000
500,000 shares of common stock were outstanding throughout 2016.
Income tax expense has not yet been accrued. The income tax...
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...
The following are partial income statement account balances taken from the December 31, 2021, year-end trial balance of White and Sons, Inc.: restructuring costs, $310,000; interest revenue, $41,000; before-tax loss on discontinued operations, $410,000; a
The following are partial income statement account balances taken from the December 31, 2021, year-end trial balance of White and Sons, Inc.: restructuring costs, $310,000; interest revenue, $41,000; before-tax loss on discontinued operations, $410,000; and loss on sale of investments, $51,000. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with $805,000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had...
The following is a partial year-end adjusted trial balance. Debits Credits $340,000 $ 30,000 6,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense ipped 180,000 44,000 52,000 27,000 eBook Income tax expense has not yet been recorded. The income tax rate is 25%. Print a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net...
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 160,000 40,000 50,000 25,000 ? Income tax expense has not yet been recorded. The income tax rate is 25%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss)....
The following is a partial year-end adjusted trial balance. Debits Credits $300,000 $ 22,000 4,000 Account Title Sales revenue Loss on sale of investments Interest revenue Cost of goods sold General and administrative expense Restructuring costs Selling expense Income tax expense 160,000 40,000 50,000 25,000 Income tax expense has not yet been recorded. The income tax rate is 25% a. Determine the operating income (loss). b. Determine the income (loss) before income taxes. c. Determine the net income (loss). a....
Plano Co. 12/31/2018
Partial Trial Balance Data
Debits
Credits
Sales revenue
715,000
Interest revenue
61,000
Gain on sale of investments
111,000
Cost of goods sold
510,000
Selling expenses
149,000
Interest expense
31,000
General and administrative expenses
102,000
Plano had 50,000 shares of stock outstanding throughout the year.
Income tax expense has not yet been accrued. The effective tax rate
is 30%.
Required:
Prepare a multiple-step income statement with earnings per share
disclosure. (Amounts to be deducted should be indicated
with...
Problem 4-1
The following is a partial trial balance for Apex Computer
Corporation as of December 31, 2016:
Apex Computer Corporation
Partial Trial Balance
December 31, 2016
Account Title
Debits
Credits
Sales Revenue
3,400,000
Interest Revenue
35,000
Gain on sale of investments
30,000
Cost of goods sold
2,250,000
Restructuring costs
400,000
Administrative expense
450,000
Selling expense
150,000
Interest expense
20,000
500,000 shares of common stock were outstanding throughout 2016.
Income tax expense has not yet been accrued. The income tax...
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...
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