31,000 17,000 Net sales $ Cost of goods sold $ Selling and administrative Interest income 330 expenses Interest expense 610 Restructuring costs 3,800 2,100 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component's assets of $4.6 million. 600,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss). Required: Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)

31,000 17,000 Net sales $ Cost of goods sold $ Selling and administrative Interest income 330 expenses Interest expense 610 Restructuring costs 3,800 2,100 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component's assets of $4.6 million. 600,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss). Required: Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding. Sales Revenue $890,000 Cost of Goods sold 300,000 Operating expenses 220,000 Income from discontinued operations 140,000 Loss on disposal of discontinued operations 60,000 1. Determine the income or loss from discontinued operations as reported on the Income Statement 2. Determine the net income or loss from the discontinued segment of the company as reported on the Income Statement 3. What is the EPS of the company
Dietrich Corp. disclosed the following information for 2021. The firm issued $65,000 new equity and $4,790 in dividends. The firm acquired $23,186 in new fixed assets and sold $17,600 of old fixed assets. Net working capital increased by $2,470 during the year. Dietrich Corp. had sales revenue of $264,596, cost of goods sold of $63,864, selling expenses of $53,200, depreciation of $6,780, and tax rate is 20%. a) What is the cash flow from assets of Dietrich Corp. in 2021? b) What is the cash flow to creditors of Dietrich Corp. in 2021? without excel
The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding. Sales Revenue $890,000 Cost of Goods sold 300,000 Operating expenses 220,000 Income from discontinued operations 140,000 Loss on disposal of discontinued operations 60,000 Determine the income or loss from discontinued operations as reported on the Income Statement: Determine the net income or loss from the discontinued segment of the company as reported on the Income Statement: What is the EPS of the company?
8. The following information is related to Diego Company for the year 2025. Cost of goods sold $260,000 Operating expenses Other revenues and gains 5,600 Net sales Unrealized gain on available-for-sale securities Gain on disposal of plastics division related to discontinued operations 15,000 Other expenses and losses. Loss on plastics division operations related to discontinued operations 130,000 440,000 9,600 $ 60,000 50,000 Prepare a multiple-step income statement and a comprehensive income statement for Diego Company (the two statement approach). The income tax rate is 30%, and the weighted-average number of common shares outstanding is 10,000.
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