plz ans asap... - + Automatic Zoom # At the beginning of its 2013 calendar-year accounting...
Question 2: At the beginning of its 2020 calendar-year accounting period, Clay, Inc. had retained earnings of $6,500,000. During 2020, Clay reported income from continuing operations before taxes of $1,100,000. The following additional transactions occurred in 2020 but were not included in the $1,100,000. Assume all of the following were material. 1. Clay had a restructuring charge of $16,000 (pre-tax). 2. Clay had an uninsured flood loss of $20,000 (pre-tax) which was considered to be both unusual and infrequent. 3....
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...
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2011 and 2010:2011 2010Sales $ 16,000,000 $ 10,000,000Cost of goods sold 9,600,000 6,000,000Gross profit 6,400,000 4,000,000Operating expenses 3,200,000 2,600,000Operating income 3,200,000 1,400,000Gain on sale of division 475,000 —3,675,000 1,400,000Income tax expense 1,470,000 560,000Net income $ 2,205,000 $ 840,000On October 15, 2011, Jackson entered into a tentative agreement to sell the assets of one of its divisions. The division comprises operations and...
Just need to see if #1 is correct and need #2 answered Income Statement and Statement of Retained Earnings Background: Husky Sports Inc. started its business in January 2018. At the beginning of its 2020 calendar-year accounting period, Husky, Inc. had retained earnings of $1,500,000. During 2020 (year 3 in business), Husky Sports Inc. reported income from continuing operations before taxes of $600,000. The following additional transactions occurred in 2020 but were not included in the $600,000. Assume all of...
Just need to see if #1 is correct and need #2 answered Income Statement and Statement of Retained Earnings Background: Husky Sports Inc. started its business in January 2018. At the beginning of its 2020 calendar-year accounting period, Husky, Inc. had retained earnings of $1,500,000. During 2020 (year 3 in business), Husky Sports Inc. reported income from continuing operations before taxes of $600,000. The following additional transactions occurred in 2020 but were not included in the $600,000. Assume all of...
This are the 4 options In 2017, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. Indicate where each of the following income-related items for this company appears on its 2017 Income statement by selecting the appropriate section in the drop down beside each item. Section 1. income (s) from operating a discontinued segment, or gain (loss) from its disposal Gain...
On December 31, 2021, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $14 million. The semiconductor business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $13 million. The loss from operations of the segment during 2021 was $3.8 million. Pretax income from continuing operations for the year totaled $6.0 million. The income tax rate is 25%. Prepare the...
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 4-7 Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,221,100 Additional transactions not considered in the $1,221,100 are as follows. 1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500...
just review the accounting question and if needed correct Presented below is information which relates to Labrador Limited for 2017: Collections of credit sales................................................................................... $1,100,000 Retained earnings, January 1, 2017................................................................... 800,000 Sales................................................................................................................... 1,900,000 Selling and administrative expenses................................................................... 290,000 Casualty loss (pre-tax)........................................................................................ 350,000 Cash dividends declared on common stock........................................................ 34,000 Cost of goods sold.............................................................................................. 1,100,000 Loss resulting from calculation error on depreciation charge in 2015 (pre-tax).. 460,000 Other revenues................................................................................................... 180,000 Other expenses................................................................................................... 120,000 Loss from early extinguishment of debt (pre-tax)................................................ 340,000...