Homework Answers
Accumulated Other Comprehensive income (AOCI) is nothing but unrealized losses or gain reported in the equity section of the balance sheet that are netted below retained earnings, Hence AOCI for respective year will be as below
| Year | 2005 | 2006 | 2007 |
| OCI (Amt in USD) | $8,000 | ($12,000) | $10,000 |
| AOCI (Amt in USD) | $8,000 | ($4,000) | $6,000 |
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3.26 Greenfield Corporation had other comprehensive income of $8,000,($12,000) and $10,000 during 2005, 2006 and 2007,...
Greenfield Corporation had other comprehensive income of $8,000, ($12,000) and $10,000 during 2005, 2006 and 2007,...
Greenfield Corporation had other comprehensive income of $8,000, ($12,000) and $10,000 during 2005, 2006 and 2007, respectively. (a) How much is accumulated other comprehensive income for 2005? (b) How much is it for 2006? (c) How much is it for 2007?
Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in 9 millions) 2006 2006 2005...
Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in 9 millions) 2006 2006 2005 Assets Current Assets Cash 59.3 85.1 73.5 Liabilities and 2005 Stockholders' Equity Current Liabilibes 58.5 Accounts payable Notes payable/ 39.6 short-term debt Current maturities of 42.9 long-term debt 3.0 Other current liabilities 144.0 Total current liabilities Accounts receivable 542 9.6 9,6 Inventories Other current assets Total current assets 45 5.7 1642 38.2 6.0 138.9 36.9 12.0 1320 OA. 4.59 OB. 2.3 O C. 1.15...
Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Assets 2006 2005...
Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Assets 2006 2005 Liabilities and Stockholders' Equity 2006 2005 Current Assets Current Liabilities Cash 56.1 58.5 Accounts payable 88.1 73.5 Accounts receivable 54.5 39.6 Notes payable / short-term debt 10.9 9.6 Inventories 44.8 42.9 Current maturities of long-term debt 40.7 36.9 Other current assets 5.0 3.0 Other current liabilities 6.0 12.0 Total current assets 160.4 144.0 Total current liabilities 145.7 132.0 ...
Holtzman Corporation had a 1/1/07 balance in the Allowance for Doubtful Accounts of $10,000. During 2007,...
Holtzman Corporation had a 1/1/07 balance in the Allowance for Doubtful Accounts of $10,000. During 2007, it wrote off $7,200 of accounts and collected $2,100 on accounts previously written off. The balance in Accounts Receivable was $200,000 at 1/1 and $240,000 at 12/31. At 12/31/07, Holtzman estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2007? Answer is $7,100 Please show me how to get that answer.
Year ended December 31 (in millions) 2007 2006 2005 Revenues Sales 58.192 $7.464 $7.400 8.214 7.591...
Year ended December 31 (in millions) 2007 2006 2005 Revenues Sales 58.192 $7.464 $7.400 8.214 7.591 7,426 822 840875 17.228 15,895 15.701 Service, outsourcing and rentals Finance income Total Revenues Cost and expenses Cost of sales Cost of service, outsourcing and rentals Equipment financing interest Research, development and engeineering expenses Selling, administrative and general expenses Restructuring and asset impairment charges Other expenses, net Total Cost and Expenses Income from Continuing Operations before Income Taxes. Equity Income. Discontinued Operations and Cumulative...
(a) Fill in the missing values (in the six empty cells) in the income statement below XYZ Corporation Income $000's...
(a) Fill in the missing values (in the six empty cells) in the income statement below XYZ Corporation Income $000's Statement 2005 2006 2007 500 600 Revenue Allowance for Adjustments & Warranty Net Revenue 650 8 592 495 641 290 205 360 232 38.7% Cost of Goods Sold Contribution Margin CM(%) Sales, General, and Administrative Expenses All Items except Depreciation Depreciation 120 20 125 110 20 20 96 2 Operating Income Other Income (no writedowns) Net Income 98 (b) A...
During the current year, Sparrow Corporation, a calendar year corporation, had operating income of $425,000, operating...
During the current year, Sparrow Corporation, a calendar year corporation, had operating income of $425,000, operating expenses of $200,000, a short-term capital loss of $10,000, and a long-term capital gain of $25.000. How much is Sparrow income tax liability for the vear? a $62,400 b. $32,700 OC. $33,600 d. $45,650 e. None of these choices are correct
Analysis and Interpretation of Profitability Balance sheets and income statements for Target Corporation follow. Income Statement...
Analysis and Interpretation of Profitability Balance sheets and income statements for Target Corporation follow. Income Statement For Fiscal Years Ended (5 millions) 2007 2006 2005 Sales $ 57,878 $ 51,271 $ 45,682 Credit card revenues 1,612 1,349 1,157 Total revenues 59,490 52,620 46,839 Cost of sales 39,399 34,927 31,445 Selling, general and administrative expenses 12,819 11,185 9,797 Credit card expenses 707 776 737 Depreciation and amortization 1,496 1,409 1,259 Earnings before interest and income taxes 5,069 4,323 3,601 Net interest...
2005 $544,894 Interpreting Accounts Receivable and Its Footnote Disclosure Following is the current asset section from...
2005 $544,894 Interpreting Accounts Receivable and Its Footnote Disclosure Following is the current asset section from the W.W. Grainger, Inc., balance sheet. As of December 31 ($ 000s) Cash and cash equivalents Marketable securities at cost, which approximate market value Accounts receivable (less allowances fordoubtful accounts of $25,830, $18,801 and $18,401, respectively Inventories, net Prepaid expenses and other assets Deferred income taxes Prepaid income taxes Total current assets 2007 $113,437 20,074 602,650 946,327 61,666 56,663 2006 $348,471 12,827 566,607 827,254...
2. On January 2, 2017, Howdy Doody Corporation purchased 12% of Ranger Corporation's common stock for...
2. On January 2, 2017, Howdy Doody Corporation purchased 12% of Ranger Corporation's common stock for $50,000. Ranger's net income for the years ended December 31, 2017 and 2018, were $10,000 and $50,000, respectively. During 2018, Ranger declared and paid a dividend of $60,000. There were no dividends in 2017. On December 31, 2017, the fair value of the Ranger stock owned by Howdy Doody had increased to $70,000. How much should Howdy Doody show in the 2018 income statement...
Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in 9 millions) 2006 2006 2005 Assets Current Assets Cash 59.3 85.1 73.5 Liabilities and 2005 Stockholders' Equity Current Liabilibes 58.5 Accounts payable Notes payable/ 39.6 short-term debt Current maturities of 42.9 long-term debt 3.0 Other current liabilities 144.0 Total current liabilities Accounts receivable 542 9.6 9,6 Inventories Other current assets Total current assets 45 5.7 1642 38.2 6.0 138.9 36.9 12.0 1320 OA. 4.59 OB. 2.3 O C. 1.15...
Year ended December 31 (in millions) 2007 2006 2005 Revenues Sales 58.192 $7.464 $7.400 8.214 7.591 7,426 822 840875 17.228 15,895 15.701 Service, outsourcing and rentals Finance income Total Revenues Cost and expenses Cost of sales Cost of service, outsourcing and rentals Equipment financing interest Research, development and engeineering expenses Selling, administrative and general expenses Restructuring and asset impairment charges Other expenses, net Total Cost and Expenses Income from Continuing Operations before Income Taxes. Equity Income. Discontinued Operations and Cumulative...
(a) Fill in the missing values (in the six empty cells) in the income statement below XYZ Corporation Income $000's Statement 2005 2006 2007 500 600 Revenue Allowance for Adjustments & Warranty Net Revenue 650 8 592 495 641 290 205 360 232 38.7% Cost of Goods Sold Contribution Margin CM(%) Sales, General, and Administrative Expenses All Items except Depreciation Depreciation 120 20 125 110 20 20 96 2 Operating Income Other Income (no writedowns) Net Income 98 (b) A...
During the current year, Sparrow Corporation, a calendar year corporation, had operating income of $425,000, operating expenses of $200,000, a short-term capital loss of $10,000, and a long-term capital gain of $25.000. How much is Sparrow income tax liability for the vear? a $62,400 b. $32,700 OC. $33,600 d. $45,650 e. None of these choices are correct
Analysis and Interpretation of Profitability Balance sheets and income statements for Target Corporation follow. Income Statement For Fiscal Years Ended (5 millions) 2007 2006 2005 Sales $ 57,878 $ 51,271 $ 45,682 Credit card revenues 1,612 1,349 1,157 Total revenues 59,490 52,620 46,839 Cost of sales 39,399 34,927 31,445 Selling, general and administrative expenses 12,819 11,185 9,797 Credit card expenses 707 776 737 Depreciation and amortization 1,496 1,409 1,259 Earnings before interest and income taxes 5,069 4,323 3,601 Net interest...
2005 $544,894 Interpreting Accounts Receivable and Its Footnote Disclosure Following is the current asset section from the W.W. Grainger, Inc., balance sheet. As of December 31 ($ 000s) Cash and cash equivalents Marketable securities at cost, which approximate market value Accounts receivable (less allowances fordoubtful accounts of $25,830, $18,801 and $18,401, respectively Inventories, net Prepaid expenses and other assets Deferred income taxes Prepaid income taxes Total current assets 2007 $113,437 20,074 602,650 946,327 61,666 56,663 2006 $348,471 12,827 566,607 827,254...
2. On January 2, 2017, Howdy Doody Corporation purchased 12% of Ranger Corporation's common stock for $50,000. Ranger's net income for the years ended December 31, 2017 and 2018, were $10,000 and $50,000, respectively. During 2018, Ranger declared and paid a dividend of $60,000. There were no dividends in 2017. On December 31, 2017, the fair value of the Ranger stock owned by Howdy Doody had increased to $70,000. How much should Howdy Doody show in the 2018 income statement...
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