Question 1MQuestion 6RM 70,0005,00012,000Cost of Goods SoldDividends DeclaredFlood Loss (pre-tax)General Expense8,0009,00011,000116,000131,000Other IncomeOther ExpenseRetained Earnings, January 1, 2010SalesSelling Expense7,000Required:Prepare in good form a multiple-step income statement for the year 2019 (until EPS). Assume a50% tax rate and that 5,000 shares of common stock were outstanding during the year. e-

A multi-step income statement is a statement that shows revenues and expenses separately. This…

Cost of Goods Sold RM 70,000 Dividends Declared Flood Loss (pre-tax) General Expense Other Income Other Expense Retained Earnings, January 1, 2010 Sales 5,000 12,000 8,000 9,000 11,000 116,000 131,000 7,000 Selling Expense Required: Prepare in good form a multiple-step income statement for the year 2019 (until EPS). Assume a 50% tax rate and that 5,000 shares of common stock were outstanding during the year. --

Cost of Goods Sold RM 70,000 Dividends Declared Flood Loss (pre-tax) General Expense Other Income Other Expense Retained Earnings, January 1, 2010 Sales 5,000 12,000 8,000 9,000 11,000 116,000 131,000 7,000 Selling Expense Required: Prepare in good form a multiple-step income statement for the year 2019 (until EPS). Assume a 50% tax rate and that 5,000 shares of common stock were outstanding during the year. --

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Origami Inc. reported the following items on its financial statements for the year ended December 31, 2020: Sales $780,000 Selling and general expenses 20,000 Dividends 5,000 Cost of sales 700,000 Other expenses 15,000 Income tax expense 12,500 What amount will be reported as retained earnings on the December 31, 2020 balance sheet, assuming this is the first year of operations? Select one: a. Cannot be determined from the information provided b. $22,500 c. $42,500 d. $27,500
The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales $ 270,000 Costs 185,000 EBIT $ 85,000 Interest expense 17,000 Taxable income $ 68,000 Taxes (at 21%) 14,280 Net income $ 53,720 Dividends $ 21,488 Addition to retained earnings $ 32,232 BALANCE SHEET, YEAR-END, 2019 Assets Liabilities Current assets Current liabilities Cash $ 3,000 Accounts payable $ 10,000 Accounts receivable 8,000 Total current liabilities $ 10,000 Inventories 29,000 Long-term debt 170,000 Total current assets $ 40,000 Stockholders’ equity Net plant and equipment 210,000 Common stock plus additional paid-in capital 15,000 Retained earnings 55,000 Total assets $ 250,000 Total liabilities plus stockholders' equity $ 250,000 Sales and…
Compute NET Profit margin ratio Income Statement ($M) 2019 Revenue 372 Depreciation Other Operating Expense 12 271 Income Before Taxes 89 Тахes 23 66 20 Net Income Dividends Earnings per share Dividends per share Common Shares Outstanding 0.72 0.22 92
Use the following to answer the four questions below: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the from FIFO to LIFO which had resulted in a net of tax year, the company changed its inventory method 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of 10,000 Tax rate 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had
Corporation XYZ Income Satement For the year that ends in December 31, 2022 Sales $ 660,000 Cost of goods sold $ (450,000) Gross income $ 210,000 Operating expenses (see note) $ (144,000) Interest expense $ (5,300) Unrealized loss on stock investments $ (500) Profit from sale of equipment $ 1,000 $ (148,800) Income before taxes $ 61,200 Tax expenses $ (18,360) NET INCOME $ 42,840 Partial information of the Comparative Statement of Financial Position (Excluding cash, all current asset accounts and current debts of the company are summarized here) 31/12/22 31/12/21 Difference Accounts Receivable $ 63,000 $ 72,000 $ Allowance for uncollectable accounts $ 1,000 $ 700 $ Inventory $ 114,000 $ 90,000 $ Accounts Payable $ 24,000 $ 42,000 $ Interest Payable $ 2,500 $ 1,000 $ Taxes payable $ 5,200 $ 4,000 $ Discount on bonds payable $ 2,000 $ 2,300 $ Other information 1. During the year, the corporation write-off $200 from the uncollectable accounts During the year, there we no emissions or…
Quality Instruments had retained earnings of $320,000 at December 31, 2020. Net income for 2021 totaled $215,000, and dividends declared for 2021 were $95,000. How much retained earnings should Quality report at December 31, 2021? OA. $415,000 OB. $440,000 OC. $320,000 OD. $535,000
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, 2 units 30 Bal., 4,400 units, 80% completed Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost…
The following information pertains to MNA Corporation for the year ended December 31, 2020: Accumulated profits, January 1, 2020 P1,500,000 Net income for 2020 300,000 Cash dividends declared December 1, 2020 and distributable on January 10, 2021 490,000 Share dividends declared November 25, 2011 and distributed on December 15, 2020 370,000 Required: Compute the balance of accumulated profits as of December 31, 2020.
EASSY Manufacturing Company presents the following: Statement of Comprehensive Income December 31, 2020 Sales Cost of sales Gross profit Operating expenses Income before taxes Income tax (30%) Net income 000 INE CHARACTE NIV Current assets Non-current assets Total assets Current liabilities Non-current liabilities Ordinary shares Retained earnings Total liabilities and shareholders' equity Required: Compute the following: Statement of Financial Position December 31, 2020 THE Truth SERVICE 1. Expected increase in assets. 2. Spontaneous increase in current liabilities.. 3. Projected statements of comprehensive income. 4. Expected increase in retained earnings 5. Additional funds needed 6. Projected balance sheet વ P 6,000,000 4,200,000 1,800,000 Additional information: 1. Dividends paid out of P630,000 earnings in 2020 amount to P378,000. 2. Only current assets and current liabilities are directly related to sales. 3. The business expects a 30% increase in sales next year. 4. The…
Presented below is X Corporation's selected data for 2020: Retained earnings January 1 ,2020 Pretax Income Stock dividends declared During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a pretax increase in income by: Cash dividends declared During 2020, the company discovered that the 2019 depreciation expense were overstated by a net of tax amount of Tax rate $6,000,000 2,000,000 330,000 40,000 225.000 70.000 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had O Decreased retained earnings by $40.000 Increased retained earnings by $40000 O Increased retained earnings by $28,000 O None of the above
(Profitability Ratio)What is the Earnings Per Share in 2019?
Consider the following partial income statements and balance sheets for Lillard Corp. For the year ended December 31, Net income Less income attributable to noncontrolling 5,700 interests Net income attributable to Lillard Corp. 100,400 107,300 Lillard Corp. shareholders' equity Noncontrolling interests Total equity What is Lillard's return on equity for 2024? 11.7% O 11.5% 12.3% 11.9% 2024 2023 108,000 113,000 11.1% 7,600 Dec. 31, 2024 Dec. 31, 2023 861,000 888,000 32,400 30,600 893,400 918,600

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS