An inexperienced accountant for Marigold Corp. showed the following in the income statement: income before income taxes $432,000 and unrealized gain on available-for-sale securities (before taxes) $85,200. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 33% tax rate. Prepare a correct statement of comprehensive income. MARIGOLD CORP. Partial Statement of Comprehensive Income $ $ >

An inexperienced accountant for Marigold Corp. showed the following in the income statement: income before income taxes $432,000 and unrealized gain on available-for-sale securities (before taxes) $85,200. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 33% tax rate. Prepare a correct statement of comprehensive income. MARIGOLD CORP. Partial Statement of Comprehensive Income $ $ >

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 most recent financial statements for Bradley, Inc., are shown here (assuming no income taxes): Sales Costs Income Statement. Net income Assets: Total EFN $6,800 -4,080 $2,720 Balance Sheet. $20,400 Debt $20,400 Equity Total $10,600 9,800 $20,400 Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next year's sales are projected to be $7,752. What is the external financing needed? (A negative value should be indicated by a minus si Do not round intermediate calculations. Round your answer to the nearest whole number.)
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An inexperienced accountant for Culver Corporation showed the following in the income statement: income before income taxes $395,000 and unrealized gain on available-for-sale securities (before taxes) $92,100. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 25% tax rate. Prepare a correct statement of comprehensive income. CULVER CORPORATION Partial Statement of Comprehensive Income Textbook and Modi V v $
I need last two requirement i.e 4 and 5 The pre-tax income statements for Moonstone Ltd. for two years (summarized) were as follows: 20X8 20X9 Revenues $ 266,000 $ 330,000 Expenses 181,000 237,000 Pre-tax income $ 85,000 $ 93,000 For tax purposes, the following income tax differences existed: a. Revenues on the 20X9 statement of profit and loss include $37,000 rent, which is taxable in 20X8 but was unearned at the end of 20X8 for accounting purposes. b. Expenses on the 20X9 statement of profit and loss include political contributions of $12,500, which are not deductible for income tax purposes. c. Expenses on the 20X8 statement of profit and loss include $20,900 of estimated warranty costs, which are not deductible for income tax purposes until 20X9. Required: 1. What was the accounting carrying value and tax basis for unearned revenue and the warranty liability at the end of 20X8 and 20X9? 2. Compute (a) income tax payable, (b) deferred income tax, and (c) income tax expense for each…
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATIONIncome Statement Sales $ 47,600 Costs 35,600 Taxable income $ 12,000 Taxes (25%) 3,000 Net income $ 9,000 Dividends $ 3,000 Addition to retained earnings 6,000 The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g., 32.16.) HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Percentage of Sales Assets…
12. The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATIONIncome StatementFor the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 790,000 Interest revenue 52,000 Gain on sale of investments 99,000 Total revenues and gains 941,000 Expenses and losses: Cost of goods sold $ 425,000 Selling expense 79,000 Administrative expense 99,000 Interest expense 36,000 Restructuring costs 75,000 Income tax expense 56,750 Total expenses and losses 770,750 Net Income $ 170,250 Earnings per share $ 1.70 Required:Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.)
COD Corporation's accounting records include the following items, listed in no particular order, at December 31, 2025: View the data. The income tax rate for COD Corporation is 21%. Prepare COD Corporation's income statement for the year ended December 31, 2025. Omit earnings per share. Use the multi-step format. Prepare the income statement through the income before taxes, then complete the income statement through the net income. (Use parentheses or a minus sign to enter amounts for Other Expenses.) COD Corporation Income Statement Year Ended December 31, 2025 Data Income Before Income Taxes - Other Income and (Expenses) $ Net Sales Revenue Gain on Discontinued Operations (12,000) 167,800 2,400 Cost of Goods Sold 80,000 Operating Expenses 55,000 Print Done ☑
JBC Inc. has the following information reported by its chief accountant for the current year: Sales Operating income Total assets Current liabilities Target rate of return Corporate tax rate WACC $4,500,000 $505,000 $2,500,000 $150,000 18% 35% 13% How much is stakeholders' expected return in dollars? O a) $55,500 O b) $22,750 c) $305,500 d) $305,500
The most recent financial statements for Martin, Inc., are shown here: Income Statement $18,000 -10,800 $7,200 -1,512 Sales Costs Taxable income Taxes (21%) Net income $5,688 Balance Sheet $40,000 33,800 Assets $73,800 Debt Equity Total $73,800 Total $73,800 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $985 was paid, and Martin wishes to maintain a constant payout ratio. Next year's sales are projected to be $22,320. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Cheetahs Limited’s Statement of Comprehensive Income for the year ended 31 December 2021 and the Statement of Financial Position as at 31 December 2021 and 2020 are as follows: Statement of Comprehensive Income R million (m) Revenue 723 Less Cost of sales (453) Gross profit 270 Less Distribution costs 71 Administtrative expenses 30 (101) 169 Rental income 27 Operating profit 196 Less Interest payable (26) Profit on ordinary activities before taxation 170 Less Tax on profit on ordinary activities (36) Profit on ordinary activities after taxation 134 Retained profit brought forward from last year 123 257 Less Dividend paid on ordinary shares (60) Retained profit carried forward 197 Statement of Financial Position as at 31 December 2020 and 2021 2020 2021 Rm Rm Non-current assets Property, plant and equipment Land and Buildings 310 310 Plant and machinery 325 314 635 624…
Seifert Corporation reports the following account balances: Sales revenues $700,000, Rental revenues $180,000, General and Administrative expenses $320,000, Selling expenses $280,000, Income tax expenses $60,000, and Dividends paid $220,000. By what amount will Net income on a Single-step Income statement differ from Net income on a Multiple-step Income statement if Seifert prepares both formats?
Pecorino Company had pretax financial income of P2,500,000 in the current year. The entity made corporate estimated tax payment in the amount of 180,000 during the current year. To compute the provision for income tax, the following information was provided: Interest income received 360,000 Tax depreciation in excess of financial statement amount 160,000 Rent received in advance 280,000 Corporate tax rate 30% What amount of total tax expense should be reported?a. 714,000b. 726,000c. 642,000d. 594,000