Homework Answers
It is option B
since the segment is sold in 2017 and in 2018 there is extraordinary loss so to predict the performance in 2019 we need the income from continuing operations in 2017 and 2018.
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Question 8 Doogle Corporation sold a segment of its operations in 2017 and suffered an loss...
Question 5 "Adoption" means abandoning a country's financial reporting standards and replacing them with: Select one:...
Question 5 "Adoption" means abandoning a country's financial reporting standards and replacing them with: Select one: Not yet answered Marked out of 1 a. Securities and Exchange Commission Principles. Flag question b. Generally Accepted Accounting Principles. c.International Financial Accounting Standards. d. International Accounting Standards. Question 6 Which of the following items would be included in the discontinued operations section of the income statement? Not yet answered Select one: O a. Income or loss from operating the segment prior to its...
Marigold Corporation had income from operations of $6,331,000. In addition, it suffered an unusual and infrequent...
Marigold Corporation had income from operations of $6,331,000. In addition, it suffered an unusual and infrequent pretax loss of $787,500 from a volcano eruption, interest revenue of $16,900, and a write-down on buildings of $53,520. The corporation’s tax rate is 30%. Prepare a partial income statement for Marigold beginning with Income from operations. The corporation had 4,953,800 shares of common stock outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Income Statement Sections During the current year, David Corporation sold a segment of its business at...
Income Statement Sections
During the current year, David Corporation sold a segment of its
business at a gain of $210,000. Until it was sold, the segment had
a current period operating loss of $75,000. The company had
$700,000 income from continuing operations for the current year.
Prepare the lower part of the income statement, beginning with the
$700,000 income from continuing operations. Follow tax allocation
procedures, assuming that all changes in income are subject to a 20
percent income tax...
Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings...
Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings of $6,500,000. During 2020, Clay reported income from continuing operations before taxes of $1,100,000. The following additional transactions occurred in 2020 but were not included in the $1,100,000. Assume all of the following were material. 1. Clay had a restructuring charge of $16,000 (pre-tax). 2. Clay had an uninsured flood loss of $20,000 (pre-tax) which was considered to be both unusual and infrequent. 3....
Comprehensive Income and Discontinued Operations PROBLEMA In 2017, the Kerr-Graham Corporation had many segments to their...
Comprehensive Income and Discontinued Operations PROBLEMA In 2017, the Kerr-Graham Corporation had many segments to their business. Two of these are cooking utensils and herb gardens. The Corporation decided to discontinue these two segments- assume these two segments are considered "components of the business that can be clearly distinguished from the rest of the business and their sale represents a strategic shift in the business. In 2017, Kerr-Graham's operating profits totaled $2,000,000. The cooking utensils segment earned $1,500,000, and the...
This are the 4 options In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets,...
This are the 4 options
In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. Indicate where each of the following income-related items for this company appears on its 2017 Income statement by selecting the appropriate section in the drop down beside each item. Section 1. income (s) from operating a discontinued segment, or gain (loss) from its disposal Gain...
please need it MULTIPLE CHOICE. (4 points each) Choose the one alternative that best completes the...
please need it
MULTIPLE CHOICE. (4 points each) Choose the one alternative that best completes the statement or answer the question. 1) A liquidating dividend: A) Represents a distribution of a corporation's profits to the stockholders. B) Occurs whenever a corporation distributes non-cash assets as a dividend to its stockholders C) Occurs when a corporation distributes shares of its own stock as a dividend rather than cash D) Represents a return of invested capital to a corporation's owners, the stockholders...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations,...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations, it reported the following: Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 Common stock at the end of 2017 Common stock at the end of 2018 $ 30,100 43,700 13,300 17,100 142,000 269,000 100,000 100,000 Required: On the basis of the data given, prepare...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations,...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations, it reported the following: Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 Common stock at the end of 2017 Common stock at the end of 2018 $ 30,100 42,200 14,100 18,500 137,000 262,000 130,000 130,000 Required: On the basis of the data given, prepare...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations,...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations, it reported the following: Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 Common stock at the end of 2017 Common stock at the end of 2018 $ 30,500 43,5ee 14,60e 17,500 135, eee 258,000 100,000 100,000 Required: On the basis of the data given,...
Question 5 "Adoption" means abandoning a country's financial reporting standards and replacing them with: Select one: Not yet answered Marked out of 1 a. Securities and Exchange Commission Principles. Flag question b. Generally Accepted Accounting Principles. c.International Financial Accounting Standards. d. International Accounting Standards. Question 6 Which of the following items would be included in the discontinued operations section of the income statement? Not yet answered Select one: O a. Income or loss from operating the segment prior to its...
Income Statement Sections
During the current year, David Corporation sold a segment of its
business at a gain of $210,000. Until it was sold, the segment had
a current period operating loss of $75,000. The company had
$700,000 income from continuing operations for the current year.
Prepare the lower part of the income statement, beginning with the
$700,000 income from continuing operations. Follow tax allocation
procedures, assuming that all changes in income are subject to a 20
percent income tax...
Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings of $6,500,000. During 2020, Clay reported income from continuing operations before taxes of $1,100,000. The following additional transactions occurred in 2020 but were not included in the $1,100,000. Assume all of the following were material. 1. Clay had a restructuring charge of $16,000 (pre-tax). 2. Clay had an uninsured flood loss of $20,000 (pre-tax) which was considered to be both unusual and infrequent. 3....
Comprehensive Income and Discontinued Operations PROBLEMA In 2017, the Kerr-Graham Corporation had many segments to their business. Two of these are cooking utensils and herb gardens. The Corporation decided to discontinue these two segments- assume these two segments are considered "components of the business that can be clearly distinguished from the rest of the business and their sale represents a strategic shift in the business. In 2017, Kerr-Graham's operating profits totaled $2,000,000. The cooking utensils segment earned $1,500,000, and the...
This are the 4 options
In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. Indicate where each of the following income-related items for this company appears on its 2017 Income statement by selecting the appropriate section in the drop down beside each item. Section 1. income (s) from operating a discontinued segment, or gain (loss) from its disposal Gain...
please need it
MULTIPLE CHOICE. (4 points each) Choose the one alternative that best completes the statement or answer the question. 1) A liquidating dividend: A) Represents a distribution of a corporation's profits to the stockholders. B) Occurs whenever a corporation distributes non-cash assets as a dividend to its stockholders C) Occurs when a corporation distributes shares of its own stock as a dividend rather than cash D) Represents a return of invested capital to a corporation's owners, the stockholders...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations, it reported the following: Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 Common stock at the end of 2017 Common stock at the end of 2018 $ 30,100 43,700 13,300 17,100 142,000 269,000 100,000 100,000 Required: On the basis of the data given, prepare...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations, it reported the following: Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 Common stock at the end of 2017 Common stock at the end of 2018 $ 30,100 42,200 14,100 18,500 137,000 262,000 130,000 130,000 Required: On the basis of the data given, prepare...
Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations, it reported the following: Net income for 2017 Net income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 Common stock at the end of 2017 Common stock at the end of 2018 $ 30,500 43,5ee 14,60e 17,500 135, eee 258,000 100,000 100,000 Required: On the basis of the data given,...
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