P 4.The following items are from Taperline Corporation on December 31, 2008. Assumeaflat 40% corporate tax rate on all items, including the casualty loss.Sales$670,000Rental income009'Gain on the sale of fixed assets000'EGeneral and administrative expensesSelling expenses000'L6Interest expense006Depreciation for the period000'01xtraordinary itemeualty loss-pretax)Cost of sales300,000Common stock (30,000 shares outstanding)150,000Requireda. Prepare a single-step income statement for the year ended December31, 2008. Inclu«earnings per sharė for earnings before extraordinaryitems and net income.b. Prepare a multiple-step income statement. Include earnings per sharefor earningsbefore extraordinary items and net income.Single Step Income statonentsenuez-

a) The single step income statement could be a format of income statement that is sometimes adapted…

n Taperline Corporation on December 31, 2008. Assume all items, including the casualty loss. 009' assets 000' ive expenses 000'011 006'I po ualty loss-pretax) 000'01 000'00E shares outstanding) statement for the year ended December31, 2008. Incl before extraordinaryitems and net income. me statement. Include earnings per sharefor earnings net income.

n Taperline Corporation on December 31, 2008. Assume all items, including the casualty loss. 009' assets 000' ive expenses 000'011 006'I po ualty loss-pretax) 000'01 000'00E shares outstanding) statement for the year ended December31, 2008. Incl before extraordinaryitems and net income. me statement. Include earnings per sharefor earnings net 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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Kindly answer number 18 and 19 only.
Selected account balances from the adjusted trial balance for Karam co. at 31/12/2020, are provided below: 5000 account receivables 17900 retained earmings 8000 land held for speculation 1900 treasury shares 500 allowance for doubtful account 10000 share capital 800 dividends 1500 prepaid expenses Assume net loss for 2020 is $5,000, what is the total equity to be reported at the 31/12/2020 statement of financial position? 22,100 25,200 26,000 20,200
Example \8 At 31\12\2011 the balance of investment revenue amounted (9000) ID, monthly investment revenue was (1000 ) ID, the company acquired the investment atl\1\2011. Required\record adjusting and closing entries for the year.
6. An entity provided the fo:louingdata for the year ended December 31. 2019:Retained earnings unappropriated. Januar> Overdepreciation of20i 8 due to prior period error. net oftax 400.000Net incomeRetained earning; appropriated for treasury (original balance is 3,000,000but reduced S) P200,000 by reason of reissuance of the treasury Shares)Retained earnings eppropria:ed for contingencies (begirråpg balance P70C,OOO. 300,000but increased by current appropriation ofP 100,000) 800,000Cash dividends paid to shareholders 1000.000Change in accounting policy from FIFO to a average — credit, net OftaxWhat is the balance of unappropriated retained earnings on December 31, 2019? 4,500.000 300.000b. 4,800,000
Jacob Mills has provided you with the following information: 2019 2020 2021 Taxable capital gains on sale of qualified small business corporation shares . . . . . . . . . . . . . . . . . . . . . $75,000 - $300,000 Business investment loss (before ssec. 39(9) adjustment) - - 160,000 Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . .. - $1,200 2,400 Grossed-up taxable dividends . . . . . . . . . . . . . . . . . .. - 240 - Net rental income (loss) . . . . . . . . . . . . . . . . . . . . . . . - (1300) (320) Carrying charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 3,075 - The 2019 taxable capital gain was fully offset by a capital gains deduction in that year. —REQUIRED Determine Jacob’s capital gains deduction for 2021 supported by all the necessary calculations. Assume that there were no other capital transactions before 2019.
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.
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ine following intormation pertains tO Alpha Computing at the ena of 2021: Assets $957,500 $452,500 $270,000 $330,000 Liabilities Net Income Common Stock Alpha Computing's Retained Earnings account had a zero balance at the beginning of 2021. What amount of dividends did the company declare 2021? Multiple Choice $96,000 $97,000 $98,000 $95.000
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