please help me to make corrections.
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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...
The following information is related to Sheridan 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 $999,600 25,500,000 16,320,000...
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...