Homework Answers
| Answer 1. | ||
| JACKSON HOLDING COMPANY | ||
| Comparitive Income Statements (in part) | ||
| For the Years Ended December 31 | ||
| 2018 | 2017 | |
| Income from continuing operations before income taxes | 3,150,000.00 | 1,450,000.00 |
| Income tax Benefit (expense) - 20% | (630,000.00) | (290,000.00) |
| Income from continuing operations | 2,520,000.00 | 1,160,000.00 |
| Discontinued Operations Gain (Loss) | 250,000.00 | (350,000.00) |
| Income tax Benefit (expense) - 20% | (50,000.00) | 70,000.00 |
| Income (Loss) from operations of discontinued Component | 200,000.00 | (280,000.00) |
| Net Income | 2,720,000.00 | 880,000.00 |
| 2018 | 2017 | |
| Income from continuing operations before income taxes: | ||
| Unadjusted | 2,700,000.00 | 1,100,000.00 |
| Add: Loss from from Discontinued Operations | (450,000.00) | (350,000.00) |
| Adjusted | 3,150,000.00 | 1,450,000.00 |
| 2018 | 2017 | |
| Income from Discontinued Operations: | ||
| Operating Income | (450,000.00) | (350,000.00) |
| Gain on Disposal | 700,000.00 | - |
| Total | 250,000.00 | (350,000.00) |
| Answer 2. | ||
| JACKSON HOLDING COMPANY | ||
| Comparitive Income Statements (in part) | ||
| For the Years Ended December 31 | ||
| 2018 | 2017 | |
| Income from continuing operations before income taxes | 3,150,000.00 | 1,450,000.00 |
| Income tax Benefit (expense) - 20% | (630,000.00) | (290,000.00) |
| Income from continuing operations | 2,520,000.00 | 1,160,000.00 |
| Discontinued Operations Gain (Loss) | (450,000.00) | (350,000.00) |
| Income tax Benefit (expense) - 20% | 90,000.00 | 70,000.00 |
| Income (Loss) from operations of discontinued Component | (360,000.00) | (280,000.00) |
| Net Income | 2,160,000.00 | 880,000.00 |
| Answer 3. | ||
| JACKSON HOLDING COMPANY | ||
| Comparitive Income Statements (in part) | ||
| For the Years Ended December 31 | ||
| 2018 | 2017 | |
| Income from continuing operations before income taxes | 3,150,000.00 | 1,450,000.00 |
| Income tax Benefit (expense) - 20% | (630,000.00) | (290,000.00) |
| Income from continuing operations | 2,520,000.00 | 1,160,000.00 |
| Discontinued Operations Gain (Loss) | (1,050,000.00) | (350,000.00) |
| Income tax Benefit (expense) - 20% | 210,000.00 | 70,000.00 |
| Income (Loss) from operations of discontinued Component | (840,000.00) | (280,000.00) |
| Net Income | 1,680,000.00 | 880,000.00 |
| 2018 | 2017 | |
| Income from Discontinued Operations: | ||
| Operating Income | (450,000.00) | (350,000.00) |
| Impairment Loss | (600,000.00) | - |
| Total | (1,050,000.00) | (350,000.00) |
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Please write the calculation for each number. Thank u
2 2.5 2,700,000 1.100,000 700,000 680,000 5...
ASSIGNMENT 2-2 USE U.S. GAAP ASU TOPIC Part B. ABC Co. decided on March 3, 2018...
ASSIGNMENT 2-2
USE U.S. GAAP ASU TOPIC
Part B. ABC Co. decided on March 3, 2018 to dispose of their
Widget Segment. The sale of the segment was completed on November
13, 2018. The disposal of this segment qualifies as a discontinued
operation. Income Statement data for ABC for calendar years
2016-2018 are as follows:
2018
2017
2016
Sales
$3,000,000
$2,700,000
$2,500,000
Cost of goods
sold
1,800,000
1,593,000
1,525,000
Operating
expenses
700,000
680,000 ...
Required nr 2 only please. ****NR 2**** The following condensed income statements of the Jackson Holding...
Required nr 2 only please. ****NR 2****
The following condensed income statements of the Jackson Holding 2018 and 2017: Company are presented for the two years ended December 31, 2018 2017 Sales Cost of goods sold Groes profit operating expenses Operating income $16,600,000 $11,200,000 10,000,000 6,800,000 6, 600, 000 4,400,000 3,840,0003,240,000 2,760,000 1, 160,000 eain on ale of division,320,000 3,520,000 1,160,000 Income tax expense Net income 1.056,000348,000 2,464,000 S 812,000 On October 15, 2018, Jackson entered into a tentative agreement...
The following condensed income statements of the Jackson Holding Company are presented for the two years...
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2018 and 2017: 2018 2017 Sales $ 15,800,000 $ 10,400,000 Cost of goods sold 9,600,000 6,400,000 Gross profit 6,200,000 4,000,000 Operating expenses 3,520,000 2,920,000 Operating income 2,680,000 1,080,000 Gain on sale of division 680,000 — 3,360,000 1,080,000 Income tax expense 1,344,000 432,000 Net income $ 2,016,000 $ 648,000 On October 15, 2018, Jackson entered into a tentative agreement to sell the...
Nr 3 please. 0 The following condensed income statements of the Jackson Holding Company are presented...
Nr 3 please.
0 The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2018 and 2017 2018 2017 Sales Cost of goods sold Gross profit Operating expenses operating incone Gain on sale of division $16,600,000 11,200,000 10,000,000 6,800,000 6,600,000 4400,000 3,940,000 3.240,000 2,760,000 1,160, 000 760,000 3,520, 000,160,000 348,000 1,056,000 Incone tax expense Net incone $ 2,464,000 812,00o On October 15, 2018, Jackson entered into a tentative agreement to sell...
PLEASE ASNWER THIS QUESTION WITH THE EXPLANATION HOW U GET THE NUMBERS- I want to understand...
PLEASE ASNWER THIS QUESTION WITH THE EXPLANATION HOW U GET THE
NUMBERS- I want to understand material and plus I have to enter
everything in the EXCEL. Thank you!!!!
EXCEL CASE 2 CPA sklls On January 1. 2017. Hi-Speed.com acquired 100 percent of the common stock of Wi Free Co. for cash of $730,000. The consideration transferred was allocated among Wi-Free's net assets as follows: Page 151 Wi-Free fair value (cash paid by Hi-Speed) Book value of Wi-Free: $730,000 Common...
Please show the calculation steps, Thank you. 2017 2018 $12.17 Year-end common stock price Year-end shares...
Please show the calculation steps, Thank
you.
2017 2018 $12.17 Year-end common stock price Year-end shares outstanding $6.00 250,000 100,000 40% Tax rate 40% Balance Sheets Prepare the following: Assets Cash and equivalents Short-term investments Accounts receivable Inventories Total current assets Gross Fixed Assets Less Accumulated Dep Net Fixed Assets Total Assets 2017 2018 $14,000 &718 $71,632 $878,000 S1,716,480 $2,680,112 $1,220,000 $7,282 1). Statement of Cash Flow 2018 $20,000 S632,160 $1,287,360 $1,946,802 $1,202,950 $263,160 2). Free Cash Flow available for...
Hello, I am requesting help with two problems and an explanation for the correct answer. Thank...
Hello, I am requesting help with two problems and an explanation
for the correct answer. Thank you
#5
#7
Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2021, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 15, 2021,...
Please complete JE 12. Thank you! 5 Harper, Inc. acquires 40 percent of the outstanding voting...
Please complete JE 12. Thank you!
5 Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $345,900 in cash. The book value of Kinman's net assets on that date was $675,000, although one of the company's buildings, with a $63,600 carrying amount, was actually worth $125,850. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $127,500 0.71 points Kinman...
please answer the questions for 2016-2019. Thank you! 2-12 (book/static) Question Help See Table 2.5 m...
please answer the questions for 2016-2019. Thank you!
2-12 (book/static) Question Help See Table 2.5 m showing financial statement data and stock price data for Mydeco Corp. Suppose Mydeco's cows and expenses had been the same fraction of revenues in 2016-2019 as they were in 2015. What would Mydeco's EPS have been each year in this case? Calculate the new EPS for 2016-2019 bow Found dollar amounts and number of shares to one decimal place. Round percentage amount and the...
Please help. I've started this question and I'm stuck on calculating the rest. Thank you. Selected...
Please help. I've started this question and I'm stuck on
calculating the rest. Thank you.
Selected information about income statement accounts for the
Reed Company is presented below (the company's fiscal year ends on
December 31):
2021
2020
Sales revenue
$
5,250,000
$
4,350,000
Cost of goods sold
3,030,000
2,170,000
Administrative expense
970,000
845,000
Selling expense
530,000
472,000
Interest revenue
167,000
157,000
Interest expense
234,000
234,000
Loss on sale of assets of discontinued component
116,000
—
On July 1, 2021,...
ASSIGNMENT 2-2
USE U.S. GAAP ASU TOPIC
Part B. ABC Co. decided on March 3, 2018 to dispose of their
Widget Segment. The sale of the segment was completed on November
13, 2018. The disposal of this segment qualifies as a discontinued
operation. Income Statement data for ABC for calendar years
2016-2018 are as follows:
2018
2017
2016
Sales
$3,000,000
$2,700,000
$2,500,000
Cost of goods
sold
1,800,000
1,593,000
1,525,000
Operating
expenses
700,000
680,000 ...
Required nr 2 only please. ****NR 2****
The following condensed income statements of the Jackson Holding 2018 and 2017: Company are presented for the two years ended December 31, 2018 2017 Sales Cost of goods sold Groes profit operating expenses Operating income $16,600,000 $11,200,000 10,000,000 6,800,000 6, 600, 000 4,400,000 3,840,0003,240,000 2,760,000 1, 160,000 eain on ale of division,320,000 3,520,000 1,160,000 Income tax expense Net income 1.056,000348,000 2,464,000 S 812,000 On October 15, 2018, Jackson entered into a tentative agreement...
Nr 3 please.
0 The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2018 and 2017 2018 2017 Sales Cost of goods sold Gross profit Operating expenses operating incone Gain on sale of division $16,600,000 11,200,000 10,000,000 6,800,000 6,600,000 4400,000 3,940,000 3.240,000 2,760,000 1,160, 000 760,000 3,520, 000,160,000 348,000 1,056,000 Incone tax expense Net incone $ 2,464,000 812,00o On October 15, 2018, Jackson entered into a tentative agreement to sell...
PLEASE ASNWER THIS QUESTION WITH THE EXPLANATION HOW U GET THE
NUMBERS- I want to understand material and plus I have to enter
everything in the EXCEL. Thank you!!!!
EXCEL CASE 2 CPA sklls On January 1. 2017. Hi-Speed.com acquired 100 percent of the common stock of Wi Free Co. for cash of $730,000. The consideration transferred was allocated among Wi-Free's net assets as follows: Page 151 Wi-Free fair value (cash paid by Hi-Speed) Book value of Wi-Free: $730,000 Common...
Please show the calculation steps, Thank
you.
2017 2018 $12.17 Year-end common stock price Year-end shares outstanding $6.00 250,000 100,000 40% Tax rate 40% Balance Sheets Prepare the following: Assets Cash and equivalents Short-term investments Accounts receivable Inventories Total current assets Gross Fixed Assets Less Accumulated Dep Net Fixed Assets Total Assets 2017 2018 $14,000 &718 $71,632 $878,000 S1,716,480 $2,680,112 $1,220,000 $7,282 1). Statement of Cash Flow 2018 $20,000 S632,160 $1,287,360 $1,946,802 $1,202,950 $263,160 2). Free Cash Flow available for...
Hello, I am requesting help with two problems and an explanation
for the correct answer. Thank you
#5
#7
Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2021, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 15, 2021,...
Please complete JE 12. Thank you!
5 Harper, Inc. acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2017, for $345,900 in cash. The book value of Kinman's net assets on that date was $675,000, although one of the company's buildings, with a $63,600 carrying amount, was actually worth $125,850. This building had a 10-year remaining life. Kinman owned a royalty agreement with a 20-year remaining life that was undervalued by $127,500 0.71 points Kinman...
please answer the questions for 2016-2019. Thank you!
2-12 (book/static) Question Help See Table 2.5 m showing financial statement data and stock price data for Mydeco Corp. Suppose Mydeco's cows and expenses had been the same fraction of revenues in 2016-2019 as they were in 2015. What would Mydeco's EPS have been each year in this case? Calculate the new EPS for 2016-2019 bow Found dollar amounts and number of shares to one decimal place. Round percentage amount and the...
Please help. I've started this question and I'm stuck on
calculating the rest. Thank you.
Selected information about income statement accounts for the
Reed Company is presented below (the company's fiscal year ends on
December 31):
2021
2020
Sales revenue
$
5,250,000
$
4,350,000
Cost of goods sold
3,030,000
2,170,000
Administrative expense
970,000
845,000
Selling expense
530,000
472,000
Interest revenue
167,000
157,000
Interest expense
234,000
234,000
Loss on sale of assets of discontinued component
116,000
—
On July 1, 2021,...
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