Homework Answers
Multiple Step Income statement
For the given period
|
Amount ($) |
Amount ($) |
|
|
Sales Revenue |
1,920,000 |
|
|
Less: Sales discount |
-45,000 |
|
|
Sales return and allowance |
-150000 |
|
|
Net sales |
1,725,000 |
1,725,000 |
|
COGS |
621,000 |
|
|
Gross profit |
1,104,000 |
|
|
Operating expenses |
||
|
Selling expenses |
194,000 |
|
|
Admin & General expenses |
97000 |
291,000 |
|
Operating income |
813,000 |
|
|
Other revenues, gains or losses |
||
|
Interest revenue |
86000 |
|
|
Interest expense |
-60000 |
|
|
Loss from earthquake |
-150000 |
-124000 |
|
Income before taxes |
689,000 |
|
|
Income tax |
234260 |
|
|
Income from continuing operations |
454,740 |
|
|
EPS from continuing operations (454740/60,000) |
7.579 |
|
|
Income from discontinued operations |
60,000 |
|
|
EPS from discontinued operations |
1 |
|
|
Earnings per share |
8.579 |
Since, there are both continuing and discontinuing operations, earnings per share shall be computed for both.
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The following balances were taken from the books of Concord Corp. on December 31, 2017. Interest...
The following balances were taken from the books of Concord
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Accumulated depreciation—buildings 29,350
Sales revenue 1,381,350
Notes receivable 156,350
Accounts receivable 151,350
Selling expenses 195,350
Prepaid insurance 21,350
Accounts payable 171,350
Sales returns and allowances 151,350
Bonds payable 101,350
Allowance for doubtful accounts 8,350
Administrative and general expenses 98,350
Sales discounts 46,350
Accrued liabilities 33,350
Land 101,350
Interest expense 61,350
Equipment 201,350
Notes payable 101,350
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Prepaid insurance 21,350
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Sales returns and allowances 151,350
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Administrative and general expenses 98,350
Sales discounts 46,350
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Equipment 201,350
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