Homework Answers
Add Answer to:
Need help with this question
Crane Corporation has income before taxes of $390000 and an extraordinary...
In its proposed 2017 income statement, Hrabik Corporation reports income before income taxes $504,000, income taxes $176...
In its proposed 2017 income statement, Hrabik Corporation
reports income before income taxes $504,000, income taxes $176,400
(not including unusual items), loss on operation of discontinued
music division $55,000, gain on disposal of discontinued music
division $36,000, and unrealized loss on available-for-sale
securities $151,000. The income tax rate is 35%.
Prepare a correct income statement, beginning with income before
income taxes.
Hrabik CORPORATION Statement of Comprehensive Income (Partial) Income from continuing operations 1000 TT Comprehensive income TT Unrealized gain on...
Need help accurately getting this income before taxes. This is my pro-forma income statement vs USAT's...
Need help accurately getting this income before taxes. This is
my pro-forma income statement vs USAT's actual income
statement:
It's supposed to look similar for my estimates but everything
takes a bad turn once I get to "income before taxes". 2nd image is
a part of USAT's annual income statement.
Isn't "income before taxes" and "pretax income" the same? If so,
what am I doing wrong that doesn't allow me to reach the same
answers? It's supposed to be as...
Please help these answers are wrong and this is for a grade!!! Crane Corporation began operations...
Please help these answers are wrong and this is for a
grade!!!
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: Dividends declared $-0- 2017 2018 2019 Net income $47800 130500 167700 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes)...
Martin Corp. had net income of $3,000,000 including a before-tax extraordinary loss of $200,000. Martin's tax...
Martin Corp. had net income of $3,000,000 including a before-tax extraordinary loss of $200,000. Martin's tax rate was 35%. What was income before extraordinary items and taxes? Select one: a. $3,070,000 b. $4,815,385 c. $3,130,000 d. $4,615,385 e. $3,200,000
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net inco...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28800 will be paid on Jan. 15,...
Need help pls Crane Corporation has retained earnings of $679,600 at January 1, 2020. Net income...
Need help pls
Crane Corporation has retained earnings of $679,600 at January 1, 2020. Net income during 2020 was $1,649,300, and cash dividends declared and paid during 2020 totaled $78,500. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $89,140 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)
In the current year, Hudson Company had revenue and expense" $600,000, respectively, before income taxes and...
In the current year, Hudson Company had revenue and expense" $600,000, respectively, before income taxes and before the follow had a gain of $115,000 that resulted from the passage of new legisla Tavorable to the company and is considered unusual and infrequent to purposes. A 35 percent income tax rate applies to all items. nd expense numbers of $750,000 and d before the following item. The company e passage of new legislation, which was al and infrequent for financial reporting...
Hi, please help to explain the problems below. For question 85, I wonder why the extraordinary...
Hi, please help to explain the problems below. For question 85, I wonder why the extraordinary loss is calculated net of tax, while the usual gain is not calculated net of tax? Thanks 85. Sandstrom Corporation has an extraordinary loss of $200,000, an unusual gain of $140,000, and a tax rate of 40%. At what amount should Sandstrom report each item? Extraordinary loss Unusual gain a. $(200,000) $140,000 b. (200,000) 84,000 c. (120,000) 140,000 d. (120,000) 84,000 83. At...
Exercise 9-2 Trayer Corporation has income from continuing operations of $290,000 for the year ended December...
Exercise 9-2 Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $80,000 on available-for-sale securities. A gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000 gain on disposal). A correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2016 net income....
An inexperienced accountant for Silva Corporation showed the following in the income statement: income before income...
An inexperienced accountant for Silva Corporation showed the following in the income statement: income before income taxes $400,000 and unrealized gain on available for-sale securities (before taxes) $70,000. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 30% tax rate. Prepare a correct statement of comprehensive income.
In its proposed 2017 income statement, Hrabik Corporation
reports income before income taxes $504,000, income taxes $176,400
(not including unusual items), loss on operation of discontinued
music division $55,000, gain on disposal of discontinued music
division $36,000, and unrealized loss on available-for-sale
securities $151,000. The income tax rate is 35%.
Prepare a correct income statement, beginning with income before
income taxes.
Hrabik CORPORATION Statement of Comprehensive Income (Partial) Income from continuing operations 1000 TT Comprehensive income TT Unrealized gain on...
Need help accurately getting this income before taxes. This is
my pro-forma income statement vs USAT's actual income
statement:
It's supposed to look similar for my estimates but everything
takes a bad turn once I get to "income before taxes". 2nd image is
a part of USAT's annual income statement.
Isn't "income before taxes" and "pretax income" the same? If so,
what am I doing wrong that doesn't allow me to reach the same
answers? It's supposed to be as...
Please help these answers are wrong and this is for a
grade!!!
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: Dividends declared $-0- 2017 2018 2019 Net income $47800 130500 167700 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes)...
Crane Corporation began operations on January 1, 2017. During its first 3 years of operations, Crane reported net income and declared dividends as follows: 2017 2018 2019 Net income $47800 130500 167700 Dividends declared $-0- 56500 60000 The following information relates to 2020. Income before income tax Prior period adjustment: understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $28800 will be paid on Jan. 15,...
Need help pls
Crane Corporation has retained earnings of $679,600 at January 1, 2020. Net income during 2020 was $1,649,300, and cash dividends declared and paid during 2020 totaled $78,500. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $89,140 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)
In the current year, Hudson Company had revenue and expense" $600,000, respectively, before income taxes and before the follow had a gain of $115,000 that resulted from the passage of new legisla Tavorable to the company and is considered unusual and infrequent to purposes. A 35 percent income tax rate applies to all items. nd expense numbers of $750,000 and d before the following item. The company e passage of new legislation, which was al and infrequent for financial reporting...
Exercise 9-2 Trayer Corporation has income from continuing operations of $290,000 for the year ended December 31, 2017. It also has the following items (before considering income taxes). 1. An unrealized loss of $80,000 on available-for-sale securities. A gain of $30,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $40,000 gain on disposal). A correction of an error in last year's financial statements that resulted in a $20,000 understatement of 2016 net income....
Most questions answered within 3 hours.
-
Now that this course has taken you on a journey of introduction
to the world of...
asked 35 minutes ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 49 minutes ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 2 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 2 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 4 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 3 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 3 hours ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 4 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 4 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 4 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 4 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 5 hours ago