Plano Co. 12/31/2018
Partial Trial
Balance Data
Debits
Credits
Sales revenue
620,000
Interest
revenue
74,000
Gain...
Plano Co. 12/31/2018
Partial Trial
Balance Data
Debits
Credits
Sales revenue
620,000
Interest
revenue
74,000
Gain on sale of
investments
124,000
Cost of goods
sold
460,000
Selling
expenses
136,000
Interest
expense
26,000
General and
administrative expenses
92,000
Plano had 50,000 shares of stock outstanding throughout the year.
Income tax expense has not yet been accrued. The effective tax rate
is 30%.
Required:
Prepare a multiple-step income statement with earnings per share
disclosure. (Amounts to be deducted should be indicated
with...
Blow is data from Trial balance of Alice company for year ended December 31, 2018:
Sales...
Blow is data from Trial balance of Alice company for year ended December 31, 2018:
Sales revenue = $300,000
Cost of goods sold = $180,000
Selling expense = $90,000
Interest income = $80,000
Other expense = $20,000
Gain on derivatives = $50,000
Gain on investment securities = 23,000
investment securities are unrealized and classified as other comprehensive income, and all other comprehensive income should be calculated net of tax, and income tax of all item is 20%.
1. Please calculate...
) Plaza Co. 31/12/19 Partial Trial Balance
Data
&n
) Plaza Co. 31/12/19 Partial Trial Balance
Data
Debits
Credits
Sales revenue 700,000
Interest revenue 60,000
Gain on sale of investments
110,000
Cost of goods
sold
500,000
Salaries and
wages
150,000
Depreciation
expense
40,000
Interest
expense
30,000
Marketing and administrative expenses
60,000
Plaza had 50,000 shares outstanding throughout the year. Income
tax expense has not yet been accrued. The effective tax rate is
30%
Required: Prepare a single-step income
statement with basic earnings per share disclosure.
Use the following information to determine Net
Income for the year ended December 31, 2020. All...
Use the following information to determine Net
Income for the year ended December 31, 2020. All accounts
have normal balances.
Sales Revenue $2,000,000
Interest Revenue 50,000
COGS Sold 1,000,000
Selling and Administrative expenses 200,000
Realized gain on sale of investments 10,000
Loss on Discontinued Operations (net of taxes) 100,000
Tax Rate is equal to 20%
Group of answer choices
$640,000
$688,000
$540,000
$588,000
The trial balance for Lindor Corporation, a manufacturing
company, for the year ended December 31, 2018,...
The trial balance for Lindor Corporation, a manufacturing
company, for the year ended December 31, 2018, included the
following income accounts: Account Title Debits Credits Sales
revenue 2,560,000 Cost of goods sold 1,520,000 Selling and
administrative expenses 438,000 Interest expense 52,000 Unrealized
holding gains on investment securities 92,000 The trial balance
does not include the accrual for income taxes. Lindor's income tax
rate is 40%. 1.2 million shares of common stock were outstanding
throughout 2018.
Required: Prepare a single, continuous...
The following are partial income statement account balances
taken from the December 31, 2021, year-end trial...
The following are partial income statement account balances
taken from the December 31, 2021, year-end trial balance of White
and Sons, Inc.: restructuring costs, $320,000; interest revenue,
$42,000; before-tax loss on discontinued operations, $420,000; and
loss on sale of investments, $52,000. Income tax expense has not
yet been recorded. The income tax rate is 25%.
Prepare the lower portion of the 2021 income statement beginning
with $810,000 income from continuing operations before income
taxes. Include appropriate EPS disclosures. The company...
The following is a partial trial
balance for General Lighting Corporation as of December 31,
2016:...
The following is a partial trial
balance for General Lighting Corporation as of December 31,
2016:
Account Title
Debits
Credits
Sales revenue
3,050,000
Interest
revenue
94,000
Loss on sale of
investments
29,500
Cost of goods
sold
1,330,000
Loss from write-down
of inventory due to obsolescence
340,000
Selling
expenses
440,000
General and
administrative expenses
220,000
Interest
expense
93,000
300,000 shares of common stock were outstanding throughout 2016.
Income tax expense has not yet been recorded. The income tax rate
is 40%....
The adjusted trial balance of Pacific Scientific Corporation on
December 31, 2018, the end of the...
The adjusted trial balance of Pacific Scientific Corporation on
December 31, 2018, the end of the company’s fiscal year, contained
the following income statement items ($ in millions): sales
revenue, $2,170; cost of goods sold, $1,380; selling expenses,
$185; general and administrative expenses, $175; interest expense,
$50; and gain on sale of investments, $80. Income tax expense has
not yet been recorded. The income tax rate is 35%.
Prepare a multiple-step income statement for 2018. Ignore EPS
disclosures. (Amounts to...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s):
Net sales
$
34,000
Cost of goods sold
$
18,500
Interest income
360
Selling and administrative
expenses
4,100
Interest expense
670
Restructuring costs
2,400
In addition, during the year the company completed the disposal of
its plastics business and incurred a loss from operations of $3.2
million and a gain on disposal of the component’s assets of $5.2
million. 600,000 shares...