Assume that income from continuing operations (net of tax) is
$50,000, what is the amount of...
Assume that income from continuing operations (net of tax) is
$50,000, what is the amount of Earnings Per Share reported for
discontinued operations?
Using the information below, determine the number indicated
above to be reported on the income statement, the statement of
comprehensive income, or the retained earnings statement for the
year ended Dec. 31, 2020
Assume a 30% tax rate on all items and that 100,000 shares of
common stock were outstanding during the year.
All amounts except for...
Part 2, Comprehensive Problem
Lacey Inc. manufactures dog toys. The following information was
taken from the...
Part 2, Comprehensive Problem
Lacey Inc. manufactures dog toys. The following information was
taken from the records of Lacey Inc. for the year ended 2018. All
income statement amounts are before tax. The tax rate on all items
is 30%.
Unusual gain
$133,000 Cash
dividends declared $ 210,000
Loss on discontinued operations
105,000 Retained
earnings Jan. 1, 2018 $840,000
Administrative expenses
336,000 Cost
of goods sold $1,190,000
Rent revenue
56,000 Selling
expenses $420,000
Unusual loss
84,000 Sales $2,700,000
Unrealized holding gain on available-sale-securities $21,000
Sales discounts 40,000
Common shares...
The Flounder Corporation had income from continuing operations
of $13 million in 2020. During 2020, it...
The Flounder Corporation had income from continuing operations
of $13 million in 2020. During 2020, it disposed of its restaurant
division at a loss of $82,000 (net of tax of $38,000). Before the
disposal, the division operated at a loss of $218,000 (net of tax
of $135,000) in 2020. Blue Collar also had an unrealized gain-OCI
of $44,000 (net of tax of $18,000) related to its FV-OCI equity
investments. Flounder had 10 million common shares outstanding
during 2020.
Prepare a...
Find the ratios for the given Income
Statement
All numbers in thousands
Revenue
12/31/2018
12/31/2017
Total...
Find the ratios for the given Income
Statement
All numbers in thousands
Revenue
12/31/2018
12/31/2017
Total Revenue
243,770,000,000
239,575,376,000
Cost of Revenue
132,390,000,000
129,290,661,000
Gross Profit
111,380,000,000
110,284,715,000
Operating Expenses
Research Development
18,350,000,000
16,355,612,000
Selling General and Administrative
34,140,000,000
38,947,445,000
Non Recurring
-
-
-
Others
-
-
Total Operating Expenses
184,880,000,000
185,930,338,000
Operating Income or Loss
58,890,000,000
53,645,038,000
Income from Continuing Operations
Total Other Income/Expenses Net
2,270,000,000
2,550,929,000
Earnings Before Interest and Taxes
58,890,000,000
53,645,038,000
Interest Expense
-
-655,402,000...
INCOME STATEMENT - ALL NUMBERS IN THOUSANDS
Revenue
12/31/17
12/31/16
Total Revenue
177,866,000
135,987,000
Cost of Revenue...
INCOME STATEMENT - ALL NUMBERS IN THOUSANDS
Revenue
12/31/17
12/31/16
Total Revenue
177,866,000
135,987,000
Cost of Revenue
111,934,000
88,265,000
Gross Profit
65,932,000
47,722,000
Operating Expenses
Research Development
22,620,000
16,085,000
Selling General and Administrative
38,992,000
27,284,000
Non Recurring
-
-
Others
214,000
167,000
Total Operating Expenses
173,760,000
131,801,000
Operating Income or Loss
4,106,000
4,186,000
Income from Continuing Operations
Total Other Income/Expenses Net
-304,000
-390,000
Earnings Before Interest and Taxes
4,106,000
4,186,000
Interest Expense
-848,000
-484,000
Income Before Tax
3,802,000
3,796,000
Income Tax...
For the year ending December 31, 2021, Olivo Corporation had
income from continuing operations before taxes...
For the year ending December 31, 2021, Olivo Corporation had
income from continuing operations before taxes of $1,330,000 before
considering the following transactions and events. All of the items
described below are before taxes and the amounts should be
considered material.
In November 2021, Olivo sold its PizzaPasta restaurant chain
that qualified as a component of an entity. The company had adopted
a plan to sell the chain in May 2021. The income from operations of
the chain from January...
Trayer Corporation has income from continuing operations of
$430,000 for the year ended December 31, 2017....
Trayer Corporation has income from continuing operations of
$430,000 for the year ended December 31, 2017. It also has the
following items (before considering income taxes).
1.
An unrealized loss of $85,400 on available-for-sale
securities.
2.
A gain of $38,600 on the discontinuance of a division
(comprised of a $5,200 loss from operations and a $43,800 gain on
disposal).
3.
A correction of an error in last year’s financial statements
that resulted in a $20,000 understatement of 2016 net income....
For the year ending December 31, 2021, Olivo Corporation had
income from continuing operations before taxes...
For the year ending December 31, 2021, Olivo Corporation had
income from continuing operations before taxes of $1,330,000 before
considering the following transactions and events. All of the items
described below are before taxes and the amounts should be
considered material.
In November 2021, Olivo sold its PizzaPasta restaurant chain
that qualified as a component of an entity. The company had adopted
a plan to sell the chain in May 2021. The income from operations of
the chain from January...
Pop Inc. reported income from continuing operations
before taxes during 2020 of $463,000.
Additional transactions occurring...
Pop Inc. reported income from continuing operations
before taxes during 2020 of $463,000.
Additional transactions occurring in 2020
follows:
1. The corporation experienced an uninsured hurricane
loss in the amount of $130,000 during the year.
2. At the beginning of 2018, the corporation purchased
equipment for $62,000 (salvage value of $6,000) that had a useful
life of 10 years. The bookkeeper used straight-line depreciation
for 2018, 2019, and 2020 but incorrectly used a 7 year useful life
in determining the...