Given: Information for Corona Co. (be careful with * items. Should they be ignored? Should they...
Given: Information for Corona Co. (be careful with * items. Should they be ignored? Should they be pre or post tax? What is the rule or formula?)
Sales revenue 3,200,000
Selling and administrative expenses 580,000
*Discontinued operations loss (pre-tax) 580,000
*Cash dividends declared on common stock 67,200
Cost of goods sold 1,760,000
*Gain resulting from computation error on depreciation charge in 2019 (pre-tax) 1,040,000
Other revenue 240,000
Other expenses 200,000
Instructions
Prepare in good form a multiple-step income statement for the year 2021. Assume a 15% tax rate and that 100,000 shares of common stock were outstanding during the year.
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Given: Information for Corona Co. (be careful with * items.
Should they be ignored? Should they...
Presented below is information related to Farr Company. Retained earnings, December 31, 2014 Sales revenue Selling...
Presented below is information related to Farr Company. Retained earnings, December 31, 2014 Sales revenue Selling and administrative expenses Hurricane loss (pre-tax) on plant (extraordinary item) Cash dividends declared on common stock Cost of goods sold Gain resulting from computation error on depreciation charge in 2013 (pre-tax) Other revenue Other expenses $ 650,000 1,500,000 240,000 290,000 33,600 880,000 520,000 120,000 100,000 Instructions On the next page, prepare in good form a multiple-step income statement for the year 2015. Assume a...
The following information is related to Marigold Company for 2020. Retained earnings balance, January 1, 2020...
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Marigold Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Marigold sold the wholesale operations to Rogers Company. During 2020, there were 50
The following information is related to Marigold Company for 2020.Retained earnings balance, January 1, 2020$940,800Sales Revenue24,000,000Cost of goods sold15,360,000Interest revenue67,200Selling and administrative expenses4,512,000Write-off of goodwill787,200Income taxes for 20201,194,240Gain on the sale of investments105,600Loss due to flood damage374,400Loss on the disposition of the wholesale division (net of tax)422,400Loss on operations of the wholesale division (net of tax)86,400Dividends declared on common stock240,000Dividends declared on preferred stock76,800Marigold Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On...
Information for 2019 follows for Forest Glen Corporation: Retained earnings, January 1, 2019 $ 1,980,000 Sales...
Information for 2019 follows for Forest Glen Corporation: Retained earnings, January 1, 2019 $ 1,980,000 Sales revenue 35,000,000 Cost of goods sold 29,000,000 Interest income 150,000 Selling and Administrative expenses 3,000,000 Loss resulting from calculation error on depreciation in 2018 (pre-tax) 600,000 Loss on impairment of goodwill (not tax deductible) 500,000 Gain on sale of fair value-net income investments (normal, recurring) 100,000 Loss-other (due to flood damage) 400,000 Loss from disposal of discontinued division (pre-tax) 350,000 Loss from operation 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...
just review the accounting question and if needed correct Presented below is information which relates to...
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Exercise 4-6 (Algo) Discontinued operations (L04-4, 4-5) Chance Company had two operating divisions, one manufacturing farm...
Exercise 4-6 (Algo) Discontinued operations (L04-4, 4-5) Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2021, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 15, 2021, at a price of $630,000. The book value of the division's assets...
The following information was taken from the records of Sheffield Inc. for the year 2020: Income...
The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209,440; income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $106,400 84,000 268,800 44,800 67,200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling...
Presented below is information relating to a public company, Doughnut Bike Company for 2019: . $1,100,000...
Presented below is information relating to a public company, Doughnut Bike Company for 2019: . $1,100,000 Collections of cash from accounts receivable....... Retained earnings, January 1, 2019..... . 800,000 2,000,000 Sales ......... 290,000 Selling and administrative expenses ....... 350,000 Fire damage loss (pre-tax)........ 34,000 Cash dividends declared on common stock ..... 1,200,000 Cost of goods sold....... 460,000 Loss resulting from calculation error on depreciation expense in 2016 (pre-tax) .... 180,000 Other revenues .... 120,000 Other expenses....... 340,000 Loss from early...
Multi-Step Income statement including earnings per share. Use the following information to assist you in preparing...
Multi-Step Income statement including earnings per share.
Use the following information to assist you in preparing a multiple-step income statement for DMG Corp. for the year ended December 31, 2020. All amounts are shown pre-tax. The income tax rate is 35%. The company has 200,000 shares of common stock outstanding, 135,100 22,500 30,000 3,432 1,180 Cost of Goods Sold Selling & Admin Expenses Preferred Dividends Interest Expense Rent Revenue Loss on operations of discontinued pharmaceutical segment Loss on sale of...
Presented below is information related to Farr Company. Retained earnings, December 31, 2014 Sales revenue Selling and administrative expenses Hurricane loss (pre-tax) on plant (extraordinary item) Cash dividends declared on common stock Cost of goods sold Gain resulting from computation error on depreciation charge in 2013 (pre-tax) Other revenue Other expenses $ 650,000 1,500,000 240,000 290,000 33,600 880,000 520,000 120,000 100,000 Instructions On the next page, prepare in good form a multiple-step income statement for the year 2015. Assume a...
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...
Exercise 4-6 (Algo) Discontinued operations (L04-4, 4-5) Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted accounting principles. The farm equipment component had been unprofitable, and on September 1, 2021, the company adopted a plan to sell the assets of the division. The actual sale was completed on December 15, 2021, at a price of $630,000. The book value of the division's assets...
The following information was taken from the records of Sheffield Inc. for the year 2020: Income tax applicable to income from continuing operations $209,440; income tax applicable to loss on discontinued operations $28,560, and unrealized holding gain on available-for-sale securities (net of tax) $16,800. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $106,400 84,000 268,800 44,800 67,200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling...
Presented below is information relating to a public company, Doughnut Bike Company for 2019: . $1,100,000 Collections of cash from accounts receivable....... Retained earnings, January 1, 2019..... . 800,000 2,000,000 Sales ......... 290,000 Selling and administrative expenses ....... 350,000 Fire damage loss (pre-tax)........ 34,000 Cash dividends declared on common stock ..... 1,200,000 Cost of goods sold....... 460,000 Loss resulting from calculation error on depreciation expense in 2016 (pre-tax) .... 180,000 Other revenues .... 120,000 Other expenses....... 340,000 Loss from early...
Multi-Step Income statement including earnings per share.
Use the following information to assist you in preparing a multiple-step income statement for DMG Corp. for the year ended December 31, 2020. All amounts are shown pre-tax. The income tax rate is 35%. The company has 200,000 shares of common stock outstanding, 135,100 22,500 30,000 3,432 1,180 Cost of Goods Sold Selling & Admin Expenses Preferred Dividends Interest Expense Rent Revenue Loss on operations of discontinued pharmaceutical segment Loss on sale of...
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