Homework Answers
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answer 5)
Discontinued operation loss = $900000
Weighted average common shares outstanding = 200000
As a result of the discontinued operations loss,net of tax, the earnings per share would decrease by= $900000/200000
=$4.5
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Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of...
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued...
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565,100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315, 100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent (use information provided for each of these problems only). Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit $ Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and...
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz...
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value $0.05 APIC Retained Earnings Dividends Sales Revenue...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent (use information provided for each of these problems only). Marcel Sports Acct 311 - Quix 3 of 6 - Trial Balance s Det 140,000 475,000 s 28, 225 50,000 17.000 365,000 1,305,000 265,000 1,500,000 550,000 1,325,000 Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory 1/1/17 Equipment Accumulated Depercialion - Equipment Buildir Accumulated Depercialion - Building Land Accounts Payable Salaries and Wax Payable...
In 2017, Linz Corporation reported a discontinued operations loss of $ 840,000, net of tax. It...
In 2017, Linz Corporation reported a discontinued operations loss of $ 840,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Linz had a weighted average of 500,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by
Problem 19-8 Net loss; stock dividend; nonconvertible preferred stock; treasury shares shares sold; discontinued operations [LO19-5,...
Problem 19-8 Net loss; stock dividend; nonconvertible preferred stock; treasury shares shares sold; discontinued operations [LO19-5, 19-6, 19-7, 19-13] On December 31, 2017, Ainsworth, Inc.,.had 600 million shares of common stock outstanding. Twenty two million shares of 8%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018, On April 30, 2018, Ainsworth purchased 50 million shares of its common stock as treasury stock. Twenty million treasury shares were sold on August 31, Ainsworth issued a 4%...
Marigold Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Marigold sold the wholesale operations to Rogers Company. During 2020, there were 50
The following information is related to Marigold Company for 2020.Retained earnings balance, January 1, 2020$940,800Sales Revenue24,000,000Cost of goods sold15,360,000Interest revenue67,200Selling and administrative expenses4,512,000Write-off of goodwill787,200Income taxes for 20201,194,240Gain on the sale of investments105,600Loss due to flood damage374,400Loss on the disposition of the wholesale division (net of tax)422,400Loss on operations of the wholesale division (net of tax)86,400Dividends declared on common stock240,000Dividends declared on preferred stock76,800Marigold Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On...
Please show work. Net cash provided by financing activities Dividends paid Loss from discontinued operations, net...
Please show work.
Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $43,900 Income tax expense Other selling expenses Net sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $116,000 19,900 131,700 28, 203 11,000 646,000 45,100 52,600 368, 220 141,100 Required: b. Calculate the company's net income for 2019. Net loss © $ (79,323)
Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings...
Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $44,533 Income tax expense Other selling expenses Net sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $102,000 19,800 133,600 26,736 11,400 642,300 47,200 61,900 366, 111 141,200 Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 20 MANAHAN CO. Operating Income Statement For the year ended December 31, 2019 Expenses: b. Calculate...
The following information is available for Marin Inc. for the year ended December 31, 2017: Loss...
The following information is available for Marin Inc. for the
year ended December 31, 2017:
Loss on discontinued operations
$75,000
Retained earnings January 1, 2017
$1,240,000
Rent revenue
87,000
Selling expenses
861,000
Income tax applicable to continuing operations
296,000
Income tax applicable to loss on discontinued operations
28,000
Administrative expenses
512,000
Cost of goods sold
1,674,000
Loss on write-down of inventory
35,000
Sales revenue
3,725,000
Gain on sale of equipment
37,000
Cash dividends declared
221,000
Unrealized gain on available-for-sale securities...
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565,100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315, 100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent (use information provided for each of these problems only). Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit $ Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and...
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value $0.05 APIC Retained Earnings Dividends Sales Revenue...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent (use information provided for each of these problems only). Marcel Sports Acct 311 - Quix 3 of 6 - Trial Balance s Det 140,000 475,000 s 28, 225 50,000 17.000 365,000 1,305,000 265,000 1,500,000 550,000 1,325,000 Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory 1/1/17 Equipment Accumulated Depercialion - Equipment Buildir Accumulated Depercialion - Building Land Accounts Payable Salaries and Wax Payable...
Problem 19-8 Net loss; stock dividend; nonconvertible preferred stock; treasury shares shares sold; discontinued operations [LO19-5, 19-6, 19-7, 19-13] On December 31, 2017, Ainsworth, Inc.,.had 600 million shares of common stock outstanding. Twenty two million shares of 8%, $100 par value cumulative, nonconvertible preferred stock were sold on January 2, 2018, On April 30, 2018, Ainsworth purchased 50 million shares of its common stock as treasury stock. Twenty million treasury shares were sold on August 31, Ainsworth issued a 4%...
Please show work.
Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $43,900 Income tax expense Other selling expenses Net sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $116,000 19,900 131,700 28, 203 11,000 646,000 45,100 52,600 368, 220 141,100 Required: b. Calculate the company's net income for 2019. Net loss © $ (79,323)
Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $44,533 Income tax expense Other selling expenses Net sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $102,000 19,800 133,600 26,736 11,400 642,300 47,200 61,900 366, 111 141,200 Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 20 MANAHAN CO. Operating Income Statement For the year ended December 31, 2019 Expenses: b. Calculate...
The following information is available for Marin Inc. for the
year ended December 31, 2017:
Loss on discontinued operations
$75,000
Retained earnings January 1, 2017
$1,240,000
Rent revenue
87,000
Selling expenses
861,000
Income tax applicable to continuing operations
296,000
Income tax applicable to loss on discontinued operations
28,000
Administrative expenses
512,000
Cost of goods sold
1,674,000
Loss on write-down of inventory
35,000
Sales revenue
3,725,000
Gain on sale of equipment
37,000
Cash dividends declared
221,000
Unrealized gain on available-for-sale securities...
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