1.Multiple-step Statement of Comprehensive Income
SCHEMBRI MANUFACTURING CORPORATION | ||
Statement of Comprehensive Income | ||
For the Year Ended December 31, 2021 | ||
($ in 000s) | ||
Sales revenue | 18,900 | |
Cost of goods sold | (8,000) | |
Gross profit | 10,900 | |
Operating expenses: | ||
Selling expense | (1,480) | |
General and administrative expenses | (980) | |
Restructuring costs | (2,100) | |
Total operating expenses | (4,560) | |
Operating income | 6,340 | |
Other income (expense): | ||
Loss on sales of investments | (400) | |
Interest expense | (200) | |
Interest revenue | 240 | |
Other income (expense) | (360) | |
Income from continuing operations before income taxes | 5,980 | |
Income tax expense (25%) | (1,495) | |
Income from continuing operations | 4,485 | |
Discontinued operations | ||
Income from operations of discontinued component (1,760-740) | 1,020 | |
Income tax expense(1,020*25%) | (255) | |
Income from discontinued operations | 765 | |
Net income | 5,250 | |
Other comprehensive income (loss) | ||
Unrealized gains from investments, net of tax (560*(1-25%)) | 420 | |
Loss from foreign currency translation, net of tax (420*(1-25%)) | (315) | |
Total other comprehensive income | 105 | |
Comprehensive income | 5,355 | |
Earnings per share: | ||
Income from continuing operations | 3.74 | |
Income from discontinued operations | 0.64 | |
Net income | 4.38 |
workings:
Weighted average shares = 1,000,000+(400,000/2) = 1,200,000
Net income from continuing operations = 4,485/1,200= 3.74
Net income from discontinued operations = 765/1,200 = 0.64
2.Statement of Comprehensive Income
SCHEMBRI MANUFACTURING CORPORATION | ||
Statement of Comprehensive Income | ||
For the Year Ended December 31, 2021 | ||
($ in 000s) | ||
Net income | 5,250 | |
Other comprehensive income (loss) | ||
Unrealized gains from investments, net of tax (560*(1-25%)) | 420 | |
Loss from foreign currency translation, net of tax (420*(1-25%)) | (315) | |
Total other comprehensive income | 105 | |
Comprehensive income | 5,355 |
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for...
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $18.900: cost of goods sold, $8,000: selling expenses. $1.480: general and administrative expenses. $980: Interest revenue, $240; Interest expense, $200. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense Items appear in the company's Income statement every...
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $18,500; cost of goods sold, $7,800; selling expenses, $1,460; general and administrative expenses, $900; interest revenue, $100; interest expense, $260. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every...
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021($ in thousands): sales revenue $18.900: cost of goods sold, $8,000: selling expenses. $1.480: general and administrative expenses. $980: Interest revenue, $240; Interest expense, $200. Income taxes have not yet been recorded. The company's Income tax rate is 25% on all items of Income or loss. These revenue and expense items appear in the company's Income statement every year....
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousandsj: sales revenue, $18,900; cost of goods sold, $8,000: selling expenses $1.480; general and administrative expenses $980; Interest revenue, $240; Interest expense, $200. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense Items appear in the company's Income statement every...
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $16,500; cost of goods sold, $6,800; selling expenses, $1,360; general and administrative expenses, $860; interest revenue, $120; interest expense, $240. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every...
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021($ in thousands): sales revenue. $18.700: cost of goods sold. $7,900; selling expenses. $1,470; general and administrative expenses. $970: Interest revenue, $250; interest expense, $300. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year....
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $17,500; cost of goods sold, $7,300; selling expenses, $1,410; general and administrative expenses, $910; interest revenue, $160; interest expense, $290. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every...
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $18,300; cost of goods sold, $7700; selling expenses, $1,450, general and administrative expenses $950; interest revenue, $230; interest expense, $320. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every...
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31,2021 ($ in thousands): sales revenue, $ 16,100 ; cost of goods sold, $ 6,600 ; selling expenses, $ 1,340 ; general and administrative expenses, $ 840; interest revenue, $ 120 ; interest expense, $ 220. Income taxes have not yet been recorded. The company's income tax rate is 25 % on all items of income or loss. These revenue...
check my work The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $18,900, cost of goods sold, $8,000; selling expenses, $1.480: general and administrative expenses. $980; interest revenue, $240; interest expense, $200. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's...