Hello tutor please help me Pharoah Co. had the following amounts related to itspension plan in 2017.Actuarial liability loss for 2017Unexpected asset gain for 2017$30,80017,000Accumulated other comprehensive income(G/L) (beginning balance)7,700 CrDetermine for 2017: (a) Pharoah's other comprehensiveincome (loss), and (b) comprehensive income. Netincome for 2017 is $26,900; no amortization of gain orloss is necessary in 2017.

Step 1: Definition of Comprehensive IncomeComprehensive income includes both net income and other…

Answered: Pharoah Co. had the following amounts…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

See similar textbooks

Similar questions

Calculate the following ratios from the income statement and balance sheet all are required 1-Payables Turnover 2-Debt-Equity Ratio 3-Debt Ratio 4-Total Asset Turnover 5-Fixed Asset Turnover Statement of financial positionas at 31 December 2018 2018 2017 Note RO RO ASSETS Non-current assets Property, plant and equipment 14 8,407,572 9,300,442 Deferred tax assets 12 40,977 18,550 8,448,549 9,318,992 Current assets Inventories 15 430,885 422,421 Trade and other receivables 16 1,129,440 1,235,724 Due from related parties 24 70,300 73,050 Cash and bank balances 17 6,856,734 6,439,709 Total current assets 8,487,359 8,170,904 Total assets 16,935,908 17,489,896 EQUITY…
The current sections of Teal Mountain Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Teal Mountain Inc.’s net income for 2017 was $156,366. Depreciation expense was $27,594. 2017 2016Current assets Cash $107,310 $ 101,178Accounts receivable 81,760 90,958Inventory 171,696 175,784Prepaid expenses 27,594 22,484Total current assets $388,360 $390,404Current liabilities Accrued expenses payable $ 15,330 $ 5,110Accounts payable 86,870 94,024Total current liabilities $102,200 $ 99,134 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The following is a statement of earned surplus prepared by the company for 2021: Balance, 1/1669.1 Additions: orldwisecriou Change in estimate of 2021 bo amortization expense Gain on sale of land Interest income Profit for 2021 Total N Abse Deductions: Increased depreciation due to change in estimated life played at tan Dividends declared and paid tga ol Loss on sale of equipment Loss from major casualtyd betet Balance, 12/31 P 2,800 18,350 4,500 13,680 a. P7,260 loss b. P5,060 loss C. P4,940 profit d. P2,740 profit P 85,949 P 5,000 10,000 3,860 27,730 39,330 125,279 46,590 P 78,689 The adjusted profit or loss that should be reported in the company's income statement for the year ended Dec. 31, 2021 is 2995100225 16 31010-2012
The following condensed information was reported by Peabody Toys, Inc., for 2018 and 2017:($ in thousands)2018 2017Income statement informationNet sales $5,200 $4,200Net income 180 124Balance sheet informationCurrent assets $ 800 $ 750Property, plant, and equipment (net) 1,100 950Total assets $1,900 $1,700Current liabilities $ 600 $ 450Long-term liabilities 750 750Paid-in capital 400 400Retained earnings 150 100Liabilities and shareholders’ equity $1,900 $1,700Required:1. Determine the following ratios for 2018:a. Profit margin on salesb. Return on assetsc. Return on shareholders’ equity2. Determine the amount of dividends paid to shareholders during 2018.This exercise is based on the Peabody Toys, Inc., data from E 4–27.
The pretax financial income (or loss) figures for Whispering Company are as follows. 2016 325,000 2017 104,000 2018 (208,000 ) 2019 (128,000 ) 2020 164,000 2021 124,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2016, and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Whispering Company uses the carryback provision. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)
The 2017 Annual Report of Tootsie Roll Industries contains the following information. (in millions) December 31, 2017 December 31, 2016 Total assets $930.9 $920.1 Total liabilities 197.1 208.6 Net sales 515.7 517.4 Net income 80.7 67.2 Compute the following ratios for Tootsie Roll for 2017. (a) Asset turnover (Round answer to 3 decimal places, e.g. 0.851 times.) enter the asset turnover rounded to 4 decimal places times (b) Return on assets (Round answer to 2 decimal places, e.g. 4.87%.) enter the return on assets in percentages rounded to 2 decimal places % (c) Profit margin on sales (Round answer to 2 decimal places, e.g. 4.87%.) enter the profit margin on sales in percentages rounded to 3 decimal places %
The pretax financial income (or loss) figures for Marin Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (43,000 ) 2020 116,000 2021 104,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary. Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a credit amount enter an account title to record carryback enter a debit amount enter a credit amount 2018 enter an account title to record carryforward enter a debit amount enter a…
The pretax financial income (or loss) figures for Marin Company are as follows. 2015 $161,000 2016 248,000 2017 76,000 2018 (161,000 ) 2019 (390,000 ) 2020 119,000 2021 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)
The pretax financial income (or loss) figures for Teal Mountain Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (38,000 ) 2020 111,000 2021 105,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)
and 2017 balance shccts is liated below in milions of collars). Ramakrishnan, Inc. reaated 2018 net income ef S55 milian and ccpreciation of 53.C50 co0. The top part of Ramakriahnan, Inc's 20 2011 2017 2011 207 eet asseTS Cach an markatale tacuritie Accounta recedvatie Ientory Iatal vest 1la 11iries heeruad vager and taar Accsunta payable Hites payoble Intat to 67 194 $144 Calculete the 2018 net cesh fiow trom opersting actvides tor Hamakrishnan. Inc. (Enter your answer in dollars not in millions.
The pretax financial income (or loss) figures for Shamrock Company are as follows. 2017 81,000 2018 (51,000 ) 2019 (35,000 ) 2020 111,000 2021 95,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years.Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 2017 enter an account title to record carryback enter a debit amount enter a…
Need help

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS