Global Inc. provided the following changes on December 31, 2020. Current assets P 3,000,000 Increase Noncurrent assets 2,500,000 Decrease Current liabilities 1,600,000 Decrease Noncurrent liabilities 1,000,000 Increase Share Capital 1,000,000 Increase Share premium capital 800,000 Increase There were no changes in retained earnings for 2020 other than P2,000,000 dividend payment and year-end results of operations. 1. How much is the net income for 2020

Global Inc. provided the following changes on December 31, 2020. Current assets P 3,000,000 Increase Noncurrent assets 2,500,000 Decrease Current liabilities 1,600,000 Decrease Noncurrent liabilities 1,000,000 Increase Share Capital 1,000,000 Increase Share premium capital 800,000 Increase There were no changes in retained earnings for 2020 other than P2,000,000 dividend payment and year-end results of operations. 1. How much is the net income for 2020

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 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.
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Fisafolia Corporation has gross income from operations of $426,600 and operating expenses of $362,610 for 2020. The corporation also has $42,660 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent. Below is the Dividends Received Deduction table to use for this problem. Percent Ownership 2020 DividendsReceived Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2020.
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