Homework Answers
income statement:
| operating income | 1,700,000 |
| less:inventory write down | (145,000) |
| income before tax | 1,555,000 |
| income tax expense | (287,500) |
| income from continuing operations | 1,267,500 |
| discontinued operation: | |
| add:gain from disposal of an operating segment, net of tax | 220,000 |
| net income | 1,487,500 |
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Shaquille Corporation has operating income of $1.15 million, a loss on write-down of inventory of $145,000, and income tax expense of $287,500 for the year ended December 31, 2018, before considering...
Shaquille Corporation has operating income of $1.25 million, a loss on write-down of inventory of $155,000,...
Shaquille Corporation has operating income of $1.25 million, a loss on write-down of inventory of $155,000, and income tax expense of $312,500 for the year ended December 31, 2021, before considering the following item: a $230,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2021 multiple step income statement for Shaquille Corporation beginning with operating income. (Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).) SHAQUILLE CORPORATION Income Statement...
Check my work Shaquille Corporation has operating income of $1 million, a loss on write-down of inventory of $130,0...
Check my work Shaquille Corporation has operating income of $1 million, a loss on write-down of inventory of $130,000, and income tax expense of $250,000 for the year ended December 31, 2021, before considering the following item: a $205,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2021 multiple step income statement for Shaquille Corporation beginning with operating income. (Enter your answer in dollars, not millions. (.e., $5.5 million should be entered as 5,500,000).) SHAQUILLE...
$ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost...
$ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Other Revenues and Expenses (100) 880 (50) (120) (40) Loss on Asset Impairment Income Before Tax 645 (258) Income Tax Expense (at 40%) 387 Net Income Il The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain or loss on remeasurement...
Outstanding Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales $800 Cost of...
Outstanding Homes Corporation
Income Statement
For the Year Ended December 31, 2018
Sales
$800
Cost of Goods Sold
(80)
Gross Profit
$720
Selling Expenses
(30)
General and Administrative Expenses
(80)
Other Revenues and Expenses
(65)
Loss on Asset Impairment
(25)
Income Before Tax
$520
Income Tax Expense (at 40%)
(208)
Net Income
$312
E5-8 (similar to) Question Help The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain...
Prepare the December 31, 2018, income statement for Canton Corporation, starting with income from continuing operations...
Prepare the December 31, 2018, income statement for Canton
Corporation, starting with income from continuing operations before
income taxes. (Amounts to be deducted should be indicated
with a minus sign.)
Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2018: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $113,000 30,700 (53,000) Canton is subject to a 30% tax rate. Required: Prepare...
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020....
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income,...
Esquire Comic Book Company had income before tax of $1,300,000 in 2018 before considering the following...
Esquire Comic Book Company had income before tax of $1,300,000 in 2018 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $380,000. The division generated before- tax income from operations from the beginning of the year through disposal of $560,000. Neither the loss on disposal nor the operating income is included in the $1,300,000 before-tax income the...
Trayer Corporation has income from continuing operations of $256,000 for the year ended December 31, 2017....
Trayer Corporation has income from continuing operations of
$256,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
that resulted in a $30,000 understatement of 2016 net income....
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year...
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations, net of tax Net income $ 980 (410) 579 (200) (106) 264 (105) $ 159 The company's tax rate is 40%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with...
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...
Shaquille Corporation has operating income of $1.25 million, a loss on write-down of inventory of $155,000, and income tax expense of $312,500 for the year ended December 31, 2021, before considering the following item: a $230,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2021 multiple step income statement for Shaquille Corporation beginning with operating income. (Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).) SHAQUILLE CORPORATION Income Statement...
Check my work Shaquille Corporation has operating income of $1 million, a loss on write-down of inventory of $130,000, and income tax expense of $250,000 for the year ended December 31, 2021, before considering the following item: a $205,000 gain, after tax, from the disposal of an operating segment. Required: Prepare the 2021 multiple step income statement for Shaquille Corporation beginning with operating income. (Enter your answer in dollars, not millions. (.e., $5.5 million should be entered as 5,500,000).) SHAQUILLE...
$ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Other Revenues and Expenses (100) 880 (50) (120) (40) Loss on Asset Impairment Income Before Tax 645 (258) Income Tax Expense (at 40%) 387 Net Income Il The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain or loss on remeasurement...
Outstanding Homes Corporation
Income Statement
For the Year Ended December 31, 2018
Sales
$800
Cost of Goods Sold
(80)
Gross Profit
$720
Selling Expenses
(30)
General and Administrative Expenses
(80)
Other Revenues and Expenses
(65)
Loss on Asset Impairment
(25)
Income Before Tax
$520
Income Tax Expense (at 40%)
(208)
Net Income
$312
E5-8 (similar to) Question Help The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain...
Prepare the December 31, 2018, income statement for Canton
Corporation, starting with income from continuing operations before
income taxes. (Amounts to be deducted should be indicated
with a minus sign.)
Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2018: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $113,000 30,700 (53,000) Canton is subject to a 30% tax rate. Required: Prepare...
Trayer Corporation has income from continuing operations of $260,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes). 1. An unrealized loss of $84,000 on available for sale securities. 2. A gain of $25,000 on the discontinuance of a division (comprised of a $15,000 loss from operations and a $40,000 gain on disposal). Assume all items are subject to income taxes at a 16% tax rate. Prepare a statement of comprehensive income,...
Esquire Comic Book Company had income before tax of $1,300,000 in 2018 before considering the following material items: 1. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $380,000. The division generated before- tax income from operations from the beginning of the year through disposal of $560,000. Neither the loss on disposal nor the operating income is included in the $1,300,000 before-tax income the...
Trayer Corporation has income from continuing operations of
$256,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1. An unrealized loss of $86,000 on available-for-sale
securities
2. A gain of $32,000 on the discontinuance of a division
(comprised of a $18,000 loss from operations and a $50,000 gain on
disposal).
3. A correction of an error in last year’s financial statements
that resulted in a $30,000 understatement of 2016 net income....
The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues Cost of goods sold Gross profit Operating expenses Income tax expense Income before discontinued operations Loss from discontinued operations, net of tax Net income $ 980 (410) 579 (200) (106) 264 (105) $ 159 The company's tax rate is 40%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with...
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