Homework Answers
| 4.) | Income from continuing operation | 270,000 | =1000000-600000-80000-110000+90000-10000-20000 |
| Income tax expense on the face of income statement | $ 54,000 | =270,000 x 20% | |
| 5.) | Earnings per share | $ 3.00 | =(600000-150000)/150000 |
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Lantos Company had a 20 percent tax rate. Sales revenue Cost of...
plz help with all parts QUESTION 3 Blue Baker Company has a tax rate of 20...
plz help with all parts
QUESTION 3 Blue Baker Company has a tax rate of 20 percent and income from operations of $1,392,000 in 2020. It also has the following items (gross amounts). Unusual loss Discontinued operations loss Gain on disposal of equipment Change in accounting principle increasing prior year's income Required: 1. What is the income from continuing operations before taxes? $222,000 606,000 48,000 318,000 2. What is the amount of income tax expense Blue Baker would report on...
Reither Co. reports the following information for 2020: sales revenue, $700,000; cost of goods sold, $500,000;...
Reither Co. reports the following information for 2020: sales revenue, $700,000; cost of goods sold, $500,000; selling and administrative expenses, $80,000; loss on sale of available-for-sale securities, $18,000; unrealized loss on available-for-sale securities, $60,000. Its tax rate is 25%. It issued no stock and declared and paid a dividend of $10,000 to stockholders of 150,000 weighted average shares of common stock outstanding. Reither Co. has these balances as of January 1, 2020: common stock, $350,000; paid-in capital in excess of...
Reither Co. reports the following information for 2020: sales revenue, $700,000; cost of goods sold, $500,000;...
Reither Co. reports the following information for 2020: sales revenue, $700,000; cost of goods sold, $500,000; selling and administrative expenses, $80,000; loss on sale of available-for-sale securities, $18,000; unrealized loss on available-for-sale securities, $60,000. Its tax rate is 25%. It issued no stock and declared and paid a dividend of $10,000 to stockholders of 150,000 weighted average shares of common stock outstanding. Reither Co. has these balances as of January 1, 2020: common stock, $350,000; paid-in capital in excess of...
Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of...
Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by Problem 6 - Discontinued Operations Using the following information (below) complete the Income Statement. Discontinued operations Pre-Tax...
Problem #7 - Earnings Per Share (10 points) In 2017, Esther Corporation reported net income of...
Problem #7 - Earnings Per Share (10 points) In 2017, Esther Corporation reported net income of $500,000. It declared and paid preferred stock dividends of $180,000 and common stock dividends of $60,000. During 2017, Esther had a weighted average of 250,000 common shares outstanding. Compute Esther's 2017 earnings per share. Earnings Per Share = B. Norling Corporation reports the following information: Net income $850,000 Dividends on common stock $210,000 Dividends on preferred stock $ 90,000 Weighted average common shares outstanding...
The following data is from the records of Roland Carlson Inc. for the year ended December...
The following data is from the records of Roland Carlson Inc. for the year ended December 31, 2020. Gain on sale of equipment $ 95,000 Loss on discontinued operations 75,000 Cost of goods sold 850,000 Gain on sale of available-for-sale securities 40,000 Sales revenue 1,900,000 Selling expenses 300,000 Income tax expense 187,000 Dividends declared (common) 90,000 Common stock, January 1 210,000 Dividends declared (preferred) 40,000 Retained earnings January 1, 2020 600,000 General and administrative expenses 240,000 Unrealized gain on available-for-sale...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
-/1 Question 11 of 13 < Qu Acco Presented below is information related to Crane Corp.,...
-/1 Question 11 of 13 < Qu Acco Presented below is information related to Crane Corp., for the year 2020. QL Aco 9 Ac Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2018 Dividends declared Effect on prior years of change in accounting principle (credit) Loss from operations of discontinued component of business Gain from disposal of component of business Federal tax...
E4.13 (LO 3) (Earnings per Share) At December 31, 2019, Shiga Naoya Corporation had the following...
E4.13 (LO 3) (Earnings per Share) At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par, 4,000,000 shares 20,000,000 During 2020, Shiga Naoya did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $23,650,000 Discontinued operations (loss before taxes) $ 3,225,000 Preferred dividends declared $ 1,075,000 Common dividends declared $ 2,200,000 Effective tax rate 17% Instructions...
1.) During 2014, Lopez Corporation disposed of Pine Division, a major component of its business. Lopez...
1.) During 2014, Lopez Corporation disposed of Pine Division, a major component of its business. Lopez realized a gain of $2,400,000, net of taxes, on the sale of Pine's assets. Pine's operating losses, net of taxes, were $2,800,000 in 2014. How should these facts be reported in Lopez's income statement for 2014? Total Amount to be Included in Income from Continuing Operations Discontinued Operations a. $2,800,000 loss $2,400,000 gain b. 400,000 loss 0 c. 0 400,000 loss d. 2,400,000 gain...
plz help with all parts
QUESTION 3 Blue Baker Company has a tax rate of 20 percent and income from operations of $1,392,000 in 2020. It also has the following items (gross amounts). Unusual loss Discontinued operations loss Gain on disposal of equipment Change in accounting principle increasing prior year's income Required: 1. What is the income from continuing operations before taxes? $222,000 606,000 48,000 318,000 2. What is the amount of income tax expense Blue Baker would report on...
Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by Problem 6 - Discontinued Operations Using the following information (below) complete the Income Statement. Discontinued operations Pre-Tax...
Problem #7 - Earnings Per Share (10 points) In 2017, Esther Corporation reported net income of $500,000. It declared and paid preferred stock dividends of $180,000 and common stock dividends of $60,000. During 2017, Esther had a weighted average of 250,000 common shares outstanding. Compute Esther's 2017 earnings per share. Earnings Per Share = B. Norling Corporation reports the following information: Net income $850,000 Dividends on common stock $210,000 Dividends on preferred stock $ 90,000 Weighted average common shares outstanding...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
-/1 Question 11 of 13 < Qu Acco Presented below is information related to Crane Corp., for the year 2020. QL Aco 9 Ac Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2018 Dividends declared Effect on prior years of change in accounting principle (credit) Loss from operations of discontinued component of business Gain from disposal of component of business Federal tax...
E4.13 (LO 3) (Earnings per Share) At December 31, 2019, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par, 4,000,000 shares 20,000,000 During 2020, Shiga Naoya did not issue any additional common stock. The following also occurred during 2020. Income from continuing operations before taxes $23,650,000 Discontinued operations (loss before taxes) $ 3,225,000 Preferred dividends declared $ 1,075,000 Common dividends declared $ 2,200,000 Effective tax rate 17% Instructions...
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