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...
Dee’s Hydroponics Corporation discontinued Water-Choice, its
entire line of irrigation systems, in November of 2018. Prior...
Dee’s Hydroponics Corporation discontinued Water-Choice, its
entire line of irrigation systems, in November of 2018. Prior to
the disposal, Dee’s Hydroponics generated a loss of $600,000 (net
of tax) for the period from January through the sale date. Because
of the value of the real estate and machinery, there was a gain of
$850,000 (net of tax) on the actual sale. How should this situation
be reported in the financial statements of Dee’s Hydroponics for
2018? a) A $250,000 gain...
Income Statement Sections
During the current year, Dale Corporation incurred an extraordinary
tornado loss of $330,000...
Income Statement Sections
During the current year, Dale Corporation incurred an extraordinary
tornado loss of $330,000 and sold a segment of its business at a
gain of $199,000. Until it was sold, the segment had a current
period operating loss of $78,000. Also, the company discovered that
an error caused last year's ending inventory to be understated by
$34,000 (a material amount). The company had $830,000 income from
continuing operations for the current year. Prepare the lower part
of the...
***Basic company facts:
Name of the firm: Britannia
Category of the firm: FMCG
State of incorporation:...
***Basic company facts:
Name of the firm: Britannia
Category of the firm: FMCG
State of incorporation: Kolkata, West Bengal, India.
Year of foundation: 1918
Primary & secondary SIC codes: N/A
Independent auditor: BSR & Co
Shares listed in: Bangalore stock exchange, national stock
exchange, OTCEI, madras stock exchange, Delhi stock exchange, MCX
stock exchange etc.
Stock ticker symbol: BRITANNIA
2. “Special items” are not typical and do not appear on all
income statements. Identify any special items that appear on...
Apparel Inc.'s 2021 income from continuing operations before
income taxes was $298,000. Apparel Inc. reported before-tax...
Apparel Inc.'s 2021 income from continuing operations before
income taxes was $298,000. Apparel Inc. reported before-tax income
on discontinued operations of $74,000. All tax items are subject to
a 25% tax rate. In its income statement for 2021, Apparel Inc.
would show the following line-item amounts for income tax expense
and net income:
Multiple Choice
$279,000 and $74,500 respectively.
$224,000 and $279,500 respectively.
$372,000 and $316,500 respectively.
$74,500 and $279,000 respectively.
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...
The records of Groot Corp. for
calendar 2018 reflected the following correct pre-tax amounts:
gain from...
The records of Groot Corp. for
calendar 2018 reflected the following correct pre-tax amounts:
gain from discontinued operations, $50,000;
cash dividends declared and paid, $45,000;
retained earnings, January 1, 2018, $275,000,
correction of accounting error, $35,000 debit;
income before income taxes and before discontinued operations,
$165,000.
The average income tax rate of 40 %
applies to all items except the dividends.
Required
1. Calculate the December 31, 2018
ending balance of retained earnings.
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...
Presented below is information related to Oriole Company at
December 31, 2020, the end of its...
Presented below is information related to Oriole Company at
December 31, 2020, the end of its first year of operations. Sales
revenue $785,000 Cost of goods sold 374,000 Selling and
administrative expenses 151,000 Unusual gain on sale of plant
assets 84,000 Unrealized gain on available-for-sale investments
25,000 Interest expense 22,000 Loss on discontinued operations
33,000 Allocation to noncontrolling interest 111,000 Dividends
declared and paid 19,000 Compute the following. Ignore income tax
effects. (a) Income from operations $ (b) Net income...