Homework Answers
| Pretax Income from continuing operations | $40,000 |
| Income tax expense ($40,000 * 30%) | $12,000 |
| Income from continuing operations | $28,000 |
| Loss from discontinued operations (Net of taxes) ($8,000 * 70%) | ($5,600) |
| Net Income | $22,400 |
EPS
| Components of Income | EPS |
| Income from continuing operations ($28,000 / 8,000) | $3.50 |
| Loss from discontinued operations ($5,600 / 8,000) | ($0.70) |
| Net income | $2.80 |
Add Answer to:
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income...
Earnings per Share Mangold Corporation reported income from continuing operations of $76,800 and loss from discontinuing...
Earnings per Share Mangold Corporation reported income from continuing operations of $76,800 and loss from discontinuing a segment (net of taxes) of $6,400 for the current year. Mangold had 80,000 common shares outstanding for the entire year. Show how Mangold would report its earnings per share for the current year. Round your answers to the nearest cent. MANGOLD CORPORATION Income Statement (Partial) For Year Ended December 31, Current Year Components of Income EPS Income from continuing operations $ Loss from...
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...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconduct...
On December 31, 2021, the end of the fiscal year, California
Microtech Corporation completed the sale of its semiconductor
business for $14 million. The semiconductor business segment
qualifies as a component of the entity according to GAAP. The book
value of the assets of the segment was $13 million. The loss from
operations of the segment during 2021 was $3.8 million. Pretax
income from continuing operations for the year totaled $6.0
million. The income tax rate is 25%.
Prepare the...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2021 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 25%. Prepare the...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $19 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $17 million. The loss from operations of the segment during 2021 was $4.8 million, Pretax income from continuing operations for the year totaled $6.8 million. The income tax rate is 25% Prepare the...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $21 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $19 million. The loss from operations of the segment during 2021 was $3.2 million. Pretax income from continuing operations for the year totaled $6.9 million. The income tax rate is 25% Prepare the...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor busines for $11 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of th assets of the segment was $8 million. The loss from operations of the segment during 2021 was $4.6 million Pretax income from continuing operations for the year totaled $76 million. The income tax rate is 25% Prepare the...
2) The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
Ivanhoe Corporation Ltd. has the following capital structure at the following fiscal years ended December 31: 2020 2019 Number of common shares 840,000 690,000 Number of non-convertible, non-cumulative preferred A shares 40,000 40,000 Amount of 4
Ivanhoe Corporation Ltd. has the following capital structure at the following fiscal years ended December 31:20202019Number of common shares840,000690,000Number of non-convertible, non-cumulative preferred A shares40,00040,000Amount of 4% convertible bonds$1,000,000$1,000,000The following additional information is available.1.On July 31, 2020, Ivanhoe Corporation exchanged common shares for a large piece of equipment. This was the only transaction that resulted in issuance of common shares in 2020.2.Income before discontinued operations for 2020 was $1,600,000, and a loss from discontinued operations of $320,000 was recorded, net of applicable tax recovery.3.During 2020,...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc. Partial Income Statement For the Year Ended December 31 Income from...
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...
On December 31, 2021, the end of the fiscal year, California
Microtech Corporation completed the sale of its semiconductor
business for $14 million. The semiconductor business segment
qualifies as a component of the entity according to GAAP. The book
value of the assets of the segment was $13 million. The loss from
operations of the segment during 2021 was $3.8 million. Pretax
income from continuing operations for the year totaled $6.0
million. The income tax rate is 25%.
Prepare the...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2021 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 25%. Prepare the...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $19 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $17 million. The loss from operations of the segment during 2021 was $4.8 million, Pretax income from continuing operations for the year totaled $6.8 million. The income tax rate is 25% Prepare the...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $21 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $19 million. The loss from operations of the segment during 2021 was $3.2 million. Pretax income from continuing operations for the year totaled $6.9 million. The income tax rate is 25% Prepare the...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor busines for $11 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of th assets of the segment was $8 million. The loss from operations of the segment during 2021 was $4.6 million Pretax income from continuing operations for the year totaled $76 million. The income tax rate is 25% Prepare the...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
Most questions answered within 3 hours.
-
my
prof asked us to make a problem set then we find solve it
Chi-Square Test...
asked 26 seconds ago -
In recent years, 80% of those accused of Driving Under the
Influence (DUI) get convicted (includes...
asked 9 minutes ago -
Why does Max Weber distinguish between "power," "authority," and
different types of authority? What is he...
asked 10 minutes ago -
What would the solow growth model look like if there was a
production function which had...
asked 15 minutes ago -
A company project has an initial cost of $40,000, expected net
cash flows of $9,000 per...
asked 16 minutes ago -
How do you use strategy in your current position or how does
your current position align...
asked 19 minutes ago -
a person's ability to be properly diagnosed with a
disease/condition can be affected by the person;s...
asked 18 minutes ago -
John needs 40 Eternal Light flashlights. Each Eternal Light
flashlight requires 3 bulbs, and each bulb...
asked 26 minutes ago -
1) If Nominal GDP is $16,000 billion and the GDP deflator is 50,
then Real GDP...
asked 32 minutes ago -
D. A student completed 20 courses in the School of Arts and
Sciences. Her grades in...
asked 2 hours ago -
teo
pucks moving on a frictionless air table are about to collide. the
1.5 kg puck...
asked 2 hours ago -
Problem #1
The area between Z = 0 and Z = 2.50
The area between Z...
asked 4 hours ago