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Eastern Aviation operated both an airline and several restaurants located near airports. During the year just...
Please show Calculation how you got to the final product Sunland Corporation had income from continuing...
Please show Calculation how you got to the final product
Sunland Corporation had income from continuing operations of $10,863,600 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $207,500. Prior to disposal, the division operated at a loss of $325,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Sunland had 10,000,000 shares of common stock outstanding during 2020. Prepare a...
The Culver Corporation had income from continuing operations of $13 million in 2020. During 2020, it...
The Culver Corporation had income from continuing operations of $13 million in 2020. During 2020, it disposed of its restaurant division at a loss of $80,000 (net of tax of $38,000). Before the disposal, the division operated at a loss of $220,000 (net of tax of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI of $43,000 (net of tax of $18,000) related to its FV-OCI equity investments. Culver had 10 million common shares outstanding during 2020. Prepare a...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a...
Income Statement and Earnings per Share for Discontinued Operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc. Partial Income Statement For the Year Ended December 31 Income from...
Income Statement Sections During the current year, David Corporation sold a segment of its business at...
Income Statement Sections
During the current year, David Corporation sold a segment of its
business at a gain of $210,000. Until it was sold, the segment had
a current period operating loss of $75,000. The company had
$700,000 income from continuing operations for the current year.
Prepare the lower part of the income statement, beginning with the
$700,000 income from continuing operations. Follow tax allocation
procedures, assuming that all changes in income are subject to a 20
percent income tax...
Counting Crows Inc. provided the following information for the year 2020. Retained earnings, January 1, 2020...
Counting Crows Inc. provided the following information for the
year 2020.
Retained earnings, January 1, 2020
$
600,000
Administrative expenses
240,000
Selling expenses
300,000
Sales revenue
1,900,000
Cash dividends declared
80,000
Cost of goods sold
850,000
Loss on discontinued operations
110,000
Rent revenue
102,700
Unrealized holding gain on available-for-sale debt
securities
17,000
Income tax applicable to continuing operations
187,000
Income tax benefit applicable to loss on discontinued
operations
60,500
Income tax applicable to unrealized holding gain on
available-for-sale debt securities...
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income...
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include...
Problem 4-04 a-b
Problem 4-04 a-bGrouper Inc. reported income from continuing operations before tax of $2,416,500 during 2020. Additional transactions occurring in 2020 but not included in the $2,416,500 were as follows:1.The corporation experienced an insured flood loss of $108,000 during the year.2.At the beginning of 2018, the corporation purchased a machine for $64,800 (residual value of $14,400) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct the residual value...
Presented below are selected ledger accounts of Sheridan Corporation as of December 31, 2020. Cash $46,000...
Presented below are selected ledger accounts of Sheridan
Corporation as of December 31, 2020.
Cash
$46,000
Administrative expenses
92,000
Selling expenses
73,600
Net sales
496,800
Cost of goods sold
193,200
Cash dividends declared (2020)
18,400
Cash dividends paid (2020)
13,800
Discontinued operations (loss before income taxes)
36,800
Depreciation expense, not recorded in 2019
27,600
Retained earnings, December 31, 2019
82,800
Effective tax rate 20%
Prepare a partial income statement beginning with income from
continuing operations before income tax, and including...
10,000 shares Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020....
10,000 shares
Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $53,000 106,000 84,800 572,400 222,600 21,200 15,900 42,400 31,800 95,400 Compute net income for 2020. Net income Prepare a partial income statement beginning with...
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...
Please show Calculation how you got to the final product
Sunland Corporation had income from continuing operations of $10,863,600 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $207,500. Prior to disposal, the division operated at a loss of $325,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Sunland had 10,000,000 shares of common stock outstanding during 2020. Prepare a...
Income Statement Sections
During the current year, David Corporation sold a segment of its
business at a gain of $210,000. Until it was sold, the segment had
a current period operating loss of $75,000. The company had
$700,000 income from continuing operations for the current year.
Prepare the lower part of the income statement, beginning with the
$700,000 income from continuing operations. Follow tax allocation
procedures, assuming that all changes in income are subject to a 20
percent income tax...
Counting Crows Inc. provided the following information for the
year 2020.
Retained earnings, January 1, 2020
$
600,000
Administrative expenses
240,000
Selling expenses
300,000
Sales revenue
1,900,000
Cash dividends declared
80,000
Cost of goods sold
850,000
Loss on discontinued operations
110,000
Rent revenue
102,700
Unrealized holding gain on available-for-sale debt
securities
17,000
Income tax applicable to continuing operations
187,000
Income tax benefit applicable to loss on discontinued
operations
60,500
Income tax applicable to unrealized holding gain on
available-for-sale debt securities...
Income Statement Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 loss arising from discontinuing a segment (it was simply closed, no gain or loss on sale). Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operations, prepare a partial income statement for Pallest for the current year. Be sure to include...
Presented below are selected ledger accounts of Sheridan
Corporation as of December 31, 2020.
Cash
$46,000
Administrative expenses
92,000
Selling expenses
73,600
Net sales
496,800
Cost of goods sold
193,200
Cash dividends declared (2020)
18,400
Cash dividends paid (2020)
13,800
Discontinued operations (loss before income taxes)
36,800
Depreciation expense, not recorded in 2019
27,600
Retained earnings, December 31, 2019
82,800
Effective tax rate 20%
Prepare a partial income statement beginning with income from
continuing operations before income tax, and including...
10,000 shares
Presented below are selected ledger accounts of Bramble Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $53,000 106,000 84,800 572,400 222,600 21,200 15,900 42,400 31,800 95,400 Compute net income for 2020. Net income Prepare a partial income statement beginning with...
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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