- → C #becausesneaker... HW CH 17 v2.cengagenow.com/ilrn/take... Custom Order Appendix: Income statement and earnings per share for discontinued operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense Loss from discontinued operations Weighted average number of shares outstanding Applicable tax rate *Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc. Partial Income Statement For the Year Ended December 31 Check My Work $670,000 $120,000* 60,000 40% Apex Inc. Partial Income Statement For the Year Ended December 31 Earnings per common share: b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items. Enter answers in dollars and cents, rounding to the nearest whole cent. 回 DUL + : ?

- → C #becausesneaker... HW CH 17 v2.cengagenow.com/ilrn/take... Custom Order Appendix: Income statement and earnings per share for discontinued operations Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense Loss from discontinued operations Weighted average number of shares outstanding Applicable tax rate Net of any tax effect. a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc. Partial Income Statement For the Year Ended December 31 Check My Work $670,000 $120,000 60,000 40% Apex Inc. Partial Income Statement For the Year Ended December 31 Earnings per common share: b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items. Enter answers in dollars and cents, rounding to the nearest whole cent. 回 DUL + : ?

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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Required: Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.) Statement of Earnings Items Gross sales revenue Sales returns and allowances Net sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (20,000 shares outstanding) $ Year 1 179,000 $ 50% 19,900 2.59 Year 2 251,000 19,900 35% 21,900
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You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid: A B C2015 Internally generated net income . . . . $30,000 $20,000 $10,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,0002016 Internally generated net income . . . . 50,000 30,000 25,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0002017 Internally generated net income . . . . 40,000 40,000 30,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0001. Assume Company A acquires an 80% interest in Company B on January 1, 2015, and Company B acquires a 60% interest in Company C on January 1, 2016. Prepare the simple equity method adjusting entries made by Companies A and B for subsidiary…
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A CMA performs a horizontal analysis on Jones Co’s historical data. Her results are shown below (in millions): Year 1 Year 2 Year 3 Year 4 Sales 250 275 280 285 Earnings Before Taxes 175 185 195 205 Tax Rate 35% 35% 35% 20% What is the percentage increase in net income from Year 1 to Year 3? Question options: 23.3% 11.4% 46.7% 55.9%
In 20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $61,00O in both 20X4 and 20X5 for financial reporting purposes. Net income in 20X6 is correct. The tax rate is 35%. The error was made only for financial reporting, affecting depreciation and deferred income tax accounts. CCA had been recorded correctly, and thus there will be no change in taxes payable. Additional information: 20X6 20X5 Beginning retained earnings Earnings (includes error in 20X5) Dividends declared $450,000 84,600 61,800 $427,600 95,100 72,700 Required: 1. Record the entry in 20X6 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry for 20X6 to correct the error.