please help me to make corrections. thanks
Swity Corporation | |||
Income statement | |||
For the Year Ended Dec 31, 2020 | |||
Revenues | |||
Sales revenue | $ 35,100,000 | ||
Cost of goods sold | $ 27,408,000 | ||
Gross profit | $ 7,692,000 | ||
Selling and administrative expenses | $ 4,720,000 | ||
Income from operations | $ 2,972,000 | ||
Other Revenues (expenses) | |||
Interest revenue | $ 173,000 | ||
Gain on disposal of FV-NI investments | $ 91,000 | ||
Loss on impairement | $ (492,000) | $ (228,000) | |
Income from continuing operation before income tax | $ 2,744,000 | ||
Income tax | $ 564,000 | ||
Additional income tax | $ 535,000 | ||
Income from continuing operations | $ 1,645,000 | ||
Discontinued operations | |||
Loss from operations on discontinued operations (net of tax) | $ (161,000) | ||
Loss on disposal of discontinued operations (net of tax) | $ (259,000) | $ (420,000) | |
Income before extraordinary items | $ 1,225,000 | ||
Extraordinary item | |||
Major Loss: uninsured flood loss | $ (416,000) | ||
Net income | $ 809,000 | ||
Other comprehensive income | |||
Unrealized holding gain, FV-OCI, net of tax (375000-(375000*20%)) | $ 300,000 | ||
Comprehensive income | $ 1,109,000 | ||
Per share of common stock: | |||
Income from continuing operations ((1645000-54000)/500000) | $ 3.18 | ||
Loss on discontinued operations (-420000/500000) | $ (0.84) | ||
Extraordinary item: uninsured flood loss (-416000/500000) | $ (0.83) | ||
Net income ((809000-54000)/500000) | $ 1.51 |
please help me to make corrections. thanks Information for 2020 follows for Swifty Corp.: Retained earnings,...
Problem 4-03 Information for 2020 follows for Whispering Winds Corp.: Retained earnings, January 1, 2020 $2,020,000 Sales revenue 37,400,000 Cost of goods sold 29,202,000 Interest income 150,000 Selling and administrative expenses 4,590,000 Unrealized gain on FV-OCI equity investments (gains/losses not recycled) 355,000 Loss on impairment of goodwill 541,000 Income tax on continuing operations for 2020 (assume this is correct) 705,000 Assessment for additional income tax for 2018 (normal, recurring, and not caused by an error) 486,000 Gain on disposal of...
The Culver Corporation had income from continuing operations of $13 million in 2020. During 2020, it disposed of its restaurant division at a loss of $80,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $220,000 (net of tax of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI of $43,000 (net of tax of $18,000) related to its FV-OCI equity investments. Culver had 10 million common shares outstanding during 2020. Prepare a...
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Problem 4-01 The following information is related to Coronado Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,097,600...
Bramble a clothing retailer, had income from operations (before tax) of $465,000, and recorded the following before-tax gains/(losses) for the year ended December 31, 2020: Gain on disposal of equipment 33,480 Unrealized (loss)/gain on FV-NI investments (66,960 ) (Loss)/gain on disposal of building (84,320 ) Gain on disposal of FV-NI investments 40,920 Bramble also had the following account balances as at January 1, 2020: Retained earnings $508,400 Accumulated other comprehensive income (this was due to a revaluation surplus on land)...
The following information is related to Stellar Company for 2017. Retained earnings balance, January 1, 2017 $981,230 Sales Revenue 26,181,600 Cost of goods sold 16,144,500 Interest revenue 71,400 Selling and administrative expenses 4,762,000 Write-off of goodwill 836,600 Income taxes for 2017 1,343,100 Gain on the sale of investments 117,400 Loss due to flood damage 395,000 Loss on the disposition of the wholesale division (net of tax) 449,000 Loss on operations of the wholesale division (net of tax) 97,610 Dividends declared...
Information for 2019 follows for Forest Glen Corporation: Retained earnings, January 1, 2019 $ 1,980,000 Sales revenue 35,000,000 Cost of goods sold 29,000,000 Interest income 150,000 Selling and Administrative expenses 3,000,000 Loss resulting from calculation error on depreciation in 2018 (pre-tax) 600,000 Loss on impairment of goodwill (not tax deductible) 500,000 Gain on sale of fair value-net income investments (normal, recurring) 100,000 Loss-other (due to flood damage) 400,000 Loss from disposal of discontinued division (pre-tax) 350,000 Loss from operation of...
The following information is related to Concord Company for 2020. Retained earnings balance, January 1, 2020 $960,400 Sales Revenue 24,500,000 Cost of goods sold 15,680,000 Interest revenue 68,600 Selling and administrative expenses 4,606,000 Write-off of goodwill 803,600 Income taxes for 2020 1,219,120 Gain on the sale of investments 107,800 Loss due to flood damage 382,200 Loss on the disposition of the wholesale division (net of tax) 431,200 Loss on operations of the wholesale division (net of tax) 88,200 Dividends declared...
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...
Counting Crows Inc. provided the following information for the year 2020. Retained earnings, January 1, 2020 $ 600,000 Administrative expenses 240,000 Selling expenses 300,000 Sales revenue 1,900,000 Cash dividends declared 80,000 Cost of goods sold 850,000 Loss on discontinued operations 110,000 Rent revenue 102,700 Unrealized holding gain on available-for-sale debt securities 17,000 Income tax applicable to continuing operations 187,000 Income tax benefit applicable to loss on discontinued operations 60,500 Income tax applicable to unrealized holding gain on available-for-sale debt securities...