Homework Answers
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NASH INC. Income Statement (Partial) For the Year Ended December 31, 2020 |
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Income from continuing operations before income tax |
753690 |
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Income tax |
191985 |
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Income from continuing operations |
561705 |
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Discontinued operations |
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Loss from disposal of recreational division |
112400 |
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Less: Applicable income tax reduction (112400*30%) |
33720 |
(78680) |
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Net income |
$483025 |
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Per share of common stock: |
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Income from continuing operations ($561705 / 129730 shares) (Rounded) |
4.33 |
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Discontinued operations, net of tax ($78680/ 129730 shares) (Rounded) |
(0.61) |
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Net income (483025/129730) |
3.72 |
Explanation:
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Computation of income from continued operations before taxes: |
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As previously stated |
791900 |
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Loss on sale of securities |
(62300) |
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Gain on proceeds of life insurance policy ($162700 – $48960) |
113740 |
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Loss due to flood |
(91900) |
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Error in computation of depreciation |
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As computed ($81000 ÷ 6) |
13500 |
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Corrected (($81000 – $13500) ÷ 6) |
11250 |
2250 |
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As restated |
753690 |
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Computation of income tax: |
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Income from continuing operations before taxes |
753690 |
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Nontaxable income (gain on life insurance) (162700-48960) |
(113740) |
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Taxable income |
639950 |
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Tax rate |
30% |
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Income tax expense |
191985 |
Add Answer to:
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