Net sales | $ 540,000 | ||
Less: Cost of goods sold | $ 210,000 | ||
Administrative expenses | $ 100,000 | ||
Selling expenses | $ 80,000 | ||
Discontinued operations-loss | $ 40,000 | ||
Income before income tax | $ 110,000 | ||
Income tax ($63,900 × 30%) | $ 33,000 | ||
Net income | $ 77,000 | ||
TUCKER CORPORATION | |||
Income Statement | |||
For the Year Ended December 31, 2014 | |||
Income from continuing operations before Income tax (a) | $ 150,000 | ||
Income tax (b) | $ 45,000 | ||
Income from continuing operations | $ 105,000 | ||
Discontinued operations, net of tax | $ (28,000) | (40000*(100%-30%) | |
Net income /(loss) | $ 77,000 | ||
Earnings per share | |||
Income from continuing operations ( C ) | $ 10.50 | (105000/10000) | |
Loss on discontinued operations, net of tax | $ (2.80) | (-28000/10000) | |
Net income / (Loss) (d ) | $ 7.70 |
Prepare retined earnings statement for 2017 Cost of goods sold Net sales $135,900 %200 Cash dividends...
Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2017. Cash $50,000 Administrative expenses 100,000 Selling expenses 80,000 Net sales 540,000 Cost of goods sold 210,000 Cash dividends declared (2017) 20,000 Cash dividends paid (2017) 15,000 Discontinued operations (loss before income taxes) 40,000 Depreciation expense, not recorded in 2016 30,000 Retained earnings, December 31, 2016 90,000 Effective tax rate 30% Exercise 4-8 Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2017...
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% $65,000 130,000 104,000 702,000 273,000 26,000 19,500 52,000 39,000 117,000 Compute net income for 2020. Net income $ e Textbook and Media Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings...
SOURCES Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,324,900 788.800 67,600 54,300 27,900 8,170 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2016 Casualty loss Cash dividends declared Retained earnings at December 31, 2016 Effective tax rate of 34% on all items $80.970 46,300 51.500 46,010 1,020,840 Prepare a multiple-step income statement for 2017. Assume that 52.230 shares of common stock are outstanding. Round earning share SHOW LIST OF...
PROBLEMS P4-1 (L03,4,6) (Multiple-Step Statement, Retained Earnings Statement) The following information is related to Dickin- son Company for 2017. Retained earnings balance, January 1, 2017 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2017 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) 16,000,000 70,000 820,000 1,244,000...
Exercise 4-9 Presented below is information related to Pearl Corp. for the year 2017. Net sales $1,392,100 Write-off of inventory due to obsolescence $81,030 Cost of goods sold 780,300 Depreciation expense omitted by accident in 2016 45,000 Selling expenses 74,600 Casualty loss 51,800 Administrative expenses 52,500 Cash dividends declared 41,740 Dividend revenue 27,800 Retained earnings at December 31, 2016 889,370 Interest revenue 7,120 Effective tax rate of 34% on all items Prepare a multiple-step income statement for 2017. Assume that...
prepare a 2020 retained earnings statement for jason woo corporation QUESTION 4 Problem 4-Statement of Retained Earnings Jason Woo Corporation began operations on January 1, 2017. During its first 3 years of operations, Woo reported net income and declared dividends as follows. Net income 2017 $160,000 2018 500,000 2019 740,000 Dividends declared $ 0 100,000 200,000 The following information relates to 2020 $960,000 $200,000 Income before income tax Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative increase...
Exercise 4-12 Statement of retained earnings Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows: Net income Dividends declared 2017 $40,000 $ -0- 2018 125,000 50,000 2019 160,000 50,000 $240,00 The following information relates to 2020. Income before income tax Understatement of 2018 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared Effective tax rate $25,000...
Chapter 04 Homework - Income Statement Exercise 04-07a Multiple-step income statement Latifa Shoe Co. has compiled the following information for financial statement preparation for the year ended December 31, 2020. Rent revenue Interest expense Loss on impairment of property, plant, and equipment Salaries and wages expense (selling) Supplies expense (selling) Income tax expense Salaries and wages expense (general and administrative) Other administrative expenses Cost of goods sold Net sales Depreciation expense (general and administrative) Common dividends declared Common stock outstanding...
Presented below is information related to Bridgeport Corp. for the year 2017. Net sales $1,324,900 Write-off of inventory due to obsolescence $80,970 Cost of goods sold 788,800 Depreciation expense omitted by accident in 2016 46,300 Selling expenses 67,600 Casualty loss 51,500 Administrative expenses 54,300 Cash dividends declared 46,010 Dividend revenue 27,900 Retained earnings at December 31, 2016 1,020,840 Interest revenue 8,170 Effective tax rate of 34% on all items Exercise 4-9 (Part Level Submission) Presented below is information related to...
Exercise 4-9 Presented below is information related to Ivan Calderon Corp. for the year 2017, Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2016 Casualty loss Cash dividends declared Retained earnings at December 31, 2016 Effective tax rate of 34% on all items $80,000 55,000 50,000 45,000 980,000 Prepare a multiple-step income statement for 2017. Assume...