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24) (6 points) Income statement and earnings per share Shown below is information relating to operations...
Shown below is information relating to operations of Smith Company, Inc. for the year ended 2018...
Shown below is information relating to operations of Smith Company, Inc. for the year ended 2018 Continuing operations: Net sales Cost and expenses (including income taxes) Other data 500,000 5,720,000 Current-year profit generated by segment of the business discontinued in May (net of income taxes $542100 Gain on disposal of discontinued segment (net of income taxes) Prior-period adjustment (decrease in prior years income net of tax benefit) Extraordinary loss (net of income tax benefit) Cash dividends declared ($6 per share)...
Shown below is information relating to operations of Smith Company, Inc. for the year ended 2018...
Shown below is information relating to operations of Smith Company, Inc. for the year ended 2018 Continuing operations: Net sales Cost and expenses (including income taxes) Other data 500,000 5,720,000 Current-year profit generated by segment of the business discontinued in May (net of income taxes) $42.100 Gain on disposal of discontinued segment (net of income taxes) $185,900 Prior-period adjustment (decrease in prior years income net of tax benefit) Extraordinary loss (net of income tax benefit) Cash dividends declared ($6 per...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc. Partial Income Statement For the Year Ended December 31 Income from...
Which of the following items would be included in the discontinued operations section of the income...
Which of the following items would be included in the discontinued operations section of the income statement? A. The gain or loss on disposal of the segment. B. Both the income or loss from operating the segment prior to its disposal, and the gain or loss on disposal of the segment. C. Income or loss from operating the segment prior to its disposal. D. Only losses and not gains on the disposal of a segment. 2. All things being equal,...
Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses $82,800...
Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses $82,800 Cost of goods sold 556,800 Sales revenue 926,400 Selling expenses 104,400 Interest expense 8,400 Loss from operations of discontinued segment 72,000 Gain on disposal of discontinued segment 48,000 Income taxes: Amount applicable to ordinary operations 69,600 Reduction applicable to loss from operations of discontinued segment 28,800 Amount applicable to gain on disposal of discontinued segment 19,200 Required a. Prepare a multiple-step income statement. (Disregard...
please help! 12-2, LO12-5, The following data relate to the operations of Slick Software, Inc, during...
please help!
12-2, LO12-5, The following data relate to the operations of Slick Software, Inc, during 2015. Continuing operations: $19,850,000 16,900,000 12.2A Net sales . . .. Costs and expenses (including applicable income tax,) Income a Statement rnings Other data: Operating income during 2015 on segment of the business discontinued near year-end (net of income ta Loss on disposal of discontinued segment (net of income 140,000 tax benefit) Extraordinary loss (net of income tax benefit) Prior period adjustment (increase in...
Earnings per Share Mangold Corporation reported income from continuing operations of $76,800 and loss from discontinuing...
Earnings per Share Mangold Corporation reported income from continuing operations of $76,800 and loss from discontinuing a segment (net of taxes) of $6,400 for the current year. Mangold had 80,000 common shares outstanding for the entire year. Show how Mangold would report its earnings per share for the current year. Round your answers to the nearest cent. MANGOLD CORPORATION Income Statement (Partial) For Year Ended December 31, Current Year Components of Income EPS Income from continuing operations $ Loss from...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
111LL LLP 12-5. The following data relate to the operations of Slick Software, Inc., during 2015....
111LL LLP 12-5. The following data relate to the operations of Slick Software, Inc., during 2015. $19,850,000 16,900,000 ........ ment 140,000 Continuing operations: Net sales ............ Costs and expenses (including applicable income tax) ....... Other data: Operating income during 2015 on segment of the business discontinued near year-end (net of income tax) ....... Loss on disposal of discontinued segment (net of income tax benefit) ......................... Extraordinary loss (net of income tax benefit) Prior period adjustment (increase in 2014 depreciation expense,...
Swifty Corp. has 149,190 shares of common stock outstanding. In 2020, the company reports income from...
Swifty Corp. has 149,190 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,211,100. Additional transactions not considered in
the $1,211,100 are as follows.
1.
In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
had accumulated depreciation of $32,900. The gain or loss is
considered non-recurring.
2.
The company discontinued
operations of one of its subsidiaries during the current year at a
loss of $194,600...
Shown below is information relating to operations of Smith Company, Inc. for the year ended 2018 Continuing operations: Net sales Cost and expenses (including income taxes) Other data 500,000 5,720,000 Current-year profit generated by segment of the business discontinued in May (net of income taxes $542100 Gain on disposal of discontinued segment (net of income taxes) Prior-period adjustment (decrease in prior years income net of tax benefit) Extraordinary loss (net of income tax benefit) Cash dividends declared ($6 per share)...
Shown below is information relating to operations of Smith Company, Inc. for the year ended 2018 Continuing operations: Net sales Cost and expenses (including income taxes) Other data 500,000 5,720,000 Current-year profit generated by segment of the business discontinued in May (net of income taxes) $42.100 Gain on disposal of discontinued segment (net of income taxes) $185,900 Prior-period adjustment (decrease in prior years income net of tax benefit) Extraordinary loss (net of income tax benefit) Cash dividends declared ($6 per...
please help!
12-2, LO12-5, The following data relate to the operations of Slick Software, Inc, during 2015. Continuing operations: $19,850,000 16,900,000 12.2A Net sales . . .. Costs and expenses (including applicable income tax,) Income a Statement rnings Other data: Operating income during 2015 on segment of the business discontinued near year-end (net of income ta Loss on disposal of discontinued segment (net of income 140,000 tax benefit) Extraordinary loss (net of income tax benefit) Prior period adjustment (increase in...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
111LL LLP 12-5. The following data relate to the operations of Slick Software, Inc., during 2015. $19,850,000 16,900,000 ........ ment 140,000 Continuing operations: Net sales ............ Costs and expenses (including applicable income tax) ....... Other data: Operating income during 2015 on segment of the business discontinued near year-end (net of income tax) ....... Loss on disposal of discontinued segment (net of income tax benefit) ......................... Extraordinary loss (net of income tax benefit) Prior period adjustment (increase in 2014 depreciation expense,...
Swifty Corp. has 149,190 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,211,100. Additional transactions not considered in
the $1,211,100 are as follows.
1.
In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
had accumulated depreciation of $32,900. The gain or loss is
considered non-recurring.
2.
The company discontinued
operations of one of its subsidiaries during the current year at a
loss of $194,600...
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