10 The following information has been extracted from the consolidated financial statements of P for the year ended 31 December 2017 The group has neither purchased nor disposed of any investment during this period. Group statement of profit or loss $ 000 Group operating profit 1,468 Share of associate's profit after tax 136 1,604 Tax on profit on ordinary activities: Income taxes: group (648) Profit on ordinary activities after tax 956 Group statement of financial position at 31 December 2017 2016 $00 $ 00 Investments in associates Share of net assets 932 912 Required What figure should appear in the group statement of cash flows for the year to 31 December 2017 for the associate? (a) (b) Under which heading would you expect this figure to appear in the group statement of cash flows?

10 The following information has been extracted from the consolidated financial statements of P for the year ended 31 December 2017 The group has neither purchased nor disposed of any investment during this period. Group statement of profit or loss $ 000 Group operating profit 1,468 Share of associate's profit after tax 136 1,604 Tax on profit on ordinary activities: Income taxes: group (648) Profit on ordinary activities after tax 956 Group statement of financial position at 31 December 2017 2016 $00 $ 00 Investments in associates Share of net assets 932 912 Required What figure should appear in the group statement of cash flows for the year to 31 December 2017 for the associate? (a) (b) Under which heading would you expect this figure to appear in the group statement of cash flows?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information is related to Splish Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,332,800 34,000,000 21,760,000 95,200 6,392,000 1,115,200 1,691,840 149,600 530,400 598,400 122,400 340,000 108,800 Splish Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Splish sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
View Policies Current Attempt in Progress For its fiscal year ending October 31, 2025, Cullumber Corporation reports the following partial data. Income before income taxes Income tax expense (20% × $390,600) Income from continuing operations Loss on discontinued operations Net income $502,200 78,120 424,080 111,600 $312,480 The loss on discontinued operations was comprised of a $46,500 loss from operations and a $65,100 loss from disposal. The income tax rate is 20% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. CULLUMBER CORPORATION Income Statement (Partial)
Weighted Average Cost of Capital The December 31, 2018, partial financial statements taken from the annual report for AT&T Inc. (T ) follow. Consolidated Statements of Income Dollars in millions except per share amounts 2018 2017 Operating revenues Service $152,345 $145,597 Equipment 18,411 14,949 Total operating revenues 170,756 160,546 Operating expenses Equipment 19,786 18,709 Broadcast, programming and operations 26,727 21,159 Other cost of services (exclusive of depreciation and amortization show separately below) 32,906 37,942 Selling, general and administrative 36,765 35,465 Abandonment of network assets 46 2,914 Depreciation and amortization 28,430 24,387 Total operating expenses 144,660 140,576 Operating income 26,096 19,970 Other income (expense): Interest expense (7,957) (6,300) Equity in net income of affiliates (48) (128)…
Based on the below information and a 22% tax rate - trying to determine the Net Operating Profit after tax. 3M Company Consolidated Statements Of Earnings $ millions Dec. 31, 2018 Dec. 31, 2017 Net sales $ 32,765 $ 31,657 Cost of sales $ 16,682 $ 16,055 Research, development and engineering expenses $ 1,821 $ 1,870 Selling, general and administrative expenses $ 7,602 $ 6,626 Gain on sale of business -$ 547 -$ 586 Total operating expenses $ 25,558 $ 23,965 Operating income $ 7,207 $ 7,692 Nonoperating expense, net $ 207 $ 144 Earnings before income taxes $…
Steele Inc. Consolidated Statements of Income (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense (63,685) (62,398) (63,927) Other income 7,308 10,080 11,529 Gain on sale of investments 0 9,117 0 Income before income taxes $645,179 $745,497 $660,302 Provision for income taxes 254,000 290,000 257,000 Net income $391,179 $455,497 $403,302 Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS Dec. 31, 2023 Dec. 31, 2022 Current assets: Cash and equivalents $320,558 $41,235 Accounts receivable 1,056,911 837,377 Inventories 733,700…
Presented below is financial information of the Mayer Corporation for 2020. Gain on the sale of investments Net sales Cost of goods sold Loss on disposal of wholesale division Interest revenue Loss on operations of wholesale division Selling and administrative expenses Dividends declared on common stock Write off of goodwill Dividends declared on preferred stock Effective tax rate on all items is 30% $170,000 $54,000,000 $38,000,000 $690,000 $115,000 $610,000 $9,700,000 $430,000 $800,000 $150,000 Mayer Corporation decided to discontinue its wholesale operations and to retain their manufacturing operations. On July 1, Mayer sold the wholesale operations. During 2020, there were 850,000 shares of common stock outstanding all year. Instructions: Compute each of the following. You must show your work. You may type your answers in the text submission box below or you can use the "Add File" button to upload a Word file or an Excel file. If this option does not work please email me to let me…
Compute NOPATThe income statement for TJX Companies follows. THE TJX COMPANIES, INC.Consolidated Statements of Income Fiscal Year Ended ($ thousands) February 2, 2019 Net sales $38,972,934 Cost of sales, including buying and occupancy costs 27,831,177 Selling, general and administrative expenses 6,923,564 Pension settlement charge 36,122 Interest expense, net 8,860 Income before provision for income taxes 4,173,211 Provision for income taxes 1,113,413 Net income $ 3,059,798 Assume that the combined federal and state statutory tax rate is 22%. a. Compute NOPAT using the formula: NOPAT = Net income + NNE. Round to the nearest whole number. b. Compute NOPAT using the formula: NOPAT = NOPBT − Tax on operating profit. Round to the nearest whole number.
Compute NOPAT The income statement for TJX Companies follows. THE TJX COMPANIES, INC. Consolidated Statements of Income Fiscal Year Ended ($ thousands) February 2, 2019 Net sales $38,973,337 Cost of sales, including buying and occupancy costs 27,831,580 Selling, general and administrative expenses 6,923,967 Pension settlement charge 36,525 Interest expense, net 9,263 Income before provision for income taxes 4,172,002 Provision for income taxes 1,113,816 Net income $3,058,186 Assume that the combined federal and state statutory tax rate is 22%. a. Compute NOPAT using the formula: NOPAT = Net income + NNE. Net income NNE NOPAT Answer Answer b. Compute NOPAT using the formula: NOPAT = NOPBT − Tax on operating profit. NOPBT Tax on operating profit NOPAT Answer Answer
The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 3 decimal places.
Income Statement SectionsDuring the current year, Dale Corporation 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. The company had $830,000 income from continuing operations for the current year. Prepare the lower part of the income statement, beginning with the $830,000 income from continuing operations. Follow tax allocation procedures, assuming that all changes in income are subject to a 40 percent income tax rate. Disregard earnings per share disclosures. Do not use negative signs with any of your answers. Income from Continuing Operations Answer Discontinued Operations Loss from operations of discontinued segment Answer Gain on disposal of discontinued segment Answer Answer Net Income Answer
Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (21%) Net income Dividends Addition to retained earnings Current assets Cash CROSBY, INCORPORATED 2023 Income Statement Accounts receivable Inventory Total Total assets Assets Fixed assets Net plant and equipment EFN $ 21,340 44,280 98,960 $ 164,580 $ 430,000 $ 28,203 65,807 $ 594,580 $ 754,000 589,000 25,000 $ 140,000 21,000 CROSBY, INCORPORATED Balance Sheet as of December 31, 2023 $ 119,000 24,990 $ 94,010 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ 55,500 14,700 $ 70,200 $ 137,000 $ 118,000 269,380 $ 387,380 $ 594,580 If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the 25 percent growth rate in sales? Note: Do not round…
Directly Compute Nonoperating Return with Noncontrolling Interest Selected balance sheet and income statement information from Abbott Laboratories for 2018 follows ($ millions). $ millions Net income Net income attributable to Company shareholders Net operating profit after tax (NOPAT) Net nonoperating expense (NNE) $3,078 3,078 3,822 744 Average net operating assets (NOA) 62,689 Average net nonoperating obligations (NNO) 22,506 Average total equity 40,183 Average equity attributable to Company shareholders 39,924 Compute the following measures a through h. a. Return on equity = (Net income attributable to Company shareholders/Average equity attributable to Company shareholders) Net income attributable to Company shareholders Average equity attributable to Company shareholders ROE %