The LGH Corp. announced that, for the period ending March 31,
2011, it had earned income...
The LGH Corp. announced that, for the period ending March 31,
2011, it had earned income after taxes worth $2,768,028.25 on
revenues of $13,144,680. The company’s costs (excluding
depreciation and amortization) amounted to 61 percent of sales and
it had interest expenses of $392,168. What is the firm’s
depreciation and amortization expense if its tax rate was 34
percent?
Please show all woks and steps
The following is selected information from Monty Corporation for
the fiscal year ending October 31, 2017....
The following is selected information from Monty Corporation for
the fiscal year ending October 31, 2017.
Cash received from customers
$300,000
Revenue recognized
378,000
Cash paid for
expenses
180,000
Cash paid for computers on November 1, 2016 (annual depreciation
is $25,000)
65,000
Expenses incurred, including interest, but excluding any
depreciation
240,000
Proceeds from a bank loan, part of which was used to pay for the
computers
200,000
Based on the accrual basis of accounting, what is Monty
Corporation’s net...
On December 31, 2016, Wildhorse Corporation had 154,000 common
shares outstanding. On April 30, 2017, the...
On December 31, 2016, Wildhorse Corporation had 154,000 common
shares outstanding. On April 30, 2017, the company issued an
additional 59,000 common shares for cash. On July 31, 2017, the
company repurchased and cancelled 27,000 common shares. During the
year ended December 31, 2017, Wildhorse earned income before taxes
of $40,000,000. Not included in this income was a loss from
discontinued operations of $4,900,000 before tax. The company was
subject to a 22% income tax rate. Calculate earnings per share...
Pharoah Inc., a greeting card company, had the following
statements prepared as of December 31, 2017....
Pharoah Inc., a greeting card company, had the following
statements prepared as of December 31, 2017.
PHAROAH INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
Cash
$6,100
$6,900
Accounts receivable
61,900
50,500
Short-term debt investments
(available-for-sale)
34,800
18,200
Inventory
39,900
59,800
Prepaid rent
4,900
4,000
Equipment
155,500
131,200
Accumulated
depreciation—equipment
(34,800
)
(25,300
)
Copyrights
45,700
50,200
Total assets
$314,000
$295,500
Accounts payable
$46,200
$39,700
Income taxes payable
4,000
6,100
Salaries and wages
payable
7,900...
(Related to Checkpoint 4.3) (Profitability analysis) Last
year the P. M. Postem Corporation had sales...
(Related to Checkpoint 4.3) (Profitability analysis) Last
year the P. M. Postem Corporation had sales of $443,000, with a
cost of goods sold of $114,000. The firm's operating expenses were
$126,000, and its increase in retained earnings was $97,630. There
are currently 22,000 shares of common stock outstanding, the firm
pays a $1.56 dividend per share, and the firm has no
interest-bearing debt
.a. Assuming the firm's earnings are taxed at 35 percent,
construct the firm's income statement.
b. ...
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...
For the year ending December 31, 2018, Benson Corporation had
income from continuing operations before taxes...
For the year ending December 31, 2018, Benson Corporation had
income from continuing operations before taxes of $1,250,000 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 2018, Benson sold its Pancake Village restaurant
chain that qualified as a component of an entity. The company had
adopted a plan to sell the chain in May 2018. The income from
operations of the chain from...
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...
Evergreen Corporation is preparing the master budget for the
third quarter ending March 31, 2009. It sells...
Evergreen Corporation is preparing the master budget for the
third quarter ending March 31, 2009. It sells a single
product for $20 a unit. Sales are 25% cash and 75%
credit. The credit sales are collected 30% in the month
of the sale and the remaining 70% is collected in the next
month. No credit sales occurred in December 2008. The
December 31 inventory of finished goods is 15,000 units and
projected sales are 20,000, 55000, 65,000, 75,000, and 85,000 units
for the first months...
1. Martinez Corporation had January 1 and December 31 balances
as follows. 1/1/17 12/31/17 Inventory $78,000...
1. Martinez Corporation had January 1 and December 31 balances
as follows. 1/1/17 12/31/17 Inventory $78,000 $93,000 Accounts
payable 59,000 66,000 For 2017, cost of goods sold was $486,000.
Compute Martinez’s 2017 cash payments to suppliers.
Cash payments to suppliers $
2. In 2017, Grouper Corporation had net cash provided by
operating activities of $552,000, net cash used by investing
activities of $1,057,000, and net cash provided by financing
activities of $573,000. At January 1, 2017, the cash balance was...