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Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($in 000) Net sales E2-5 Preparing a multiple-step income statement (LO 2-5, LO 2-6) $5,281,954 Costs and expenses Cost of products sold 4,765,505 Marketing, administrative, and other expenses 193,147 Interest expense 17,143 Other, net 54,529 Total expenses before taxes 5,030,324 Earnings before income taxes Provision for income taxes Net income Retained earnings at 1/1/20X1 251,630 (52,842) 198,788 3,046,660 Dividends on common stock (100,000) Retained earnings at 12/31/20X1 $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55. c. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1.

Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($in 000) Net sales E2-5 Preparing a multiple-step income statement (LO 2-5, LO 2-6) $5,281,954 Costs and expenses Cost of products sold 4,765,505 Marketing, administrative, and other expenses 193,147 Interest expense 17,143 Other, net 54,529 Total expenses before taxes 5,030,324 Earnings before income taxes Provision for income taxes Net income Retained earnings at 1/1/20X1 251,630 (52,842) 198,788 3,046,660 Dividends on common stock (100,000) Retained earnings at 12/31/20X1 $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55. c. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 39E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
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Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($in 000) Net sales E2-5 Preparing a multiple-step income statement (LO 2-5, LO 2-6) $5,281,954 Costs and expenses Cost of products sold 4,765,505 Marketing, administrative, and other expenses 193,147 Interest expense 17,143 Other, net 54,529 Total expenses before taxes 5,030,324 Earnings before income taxes Provision for income taxes Net income Retained earnings at 1/1/20X1 251,630 (52,842) 198,788 3,046,660 Dividends on common stock (100,000) Retained earnings at 12/31/20X1 $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55. c. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1.
Transcribed Image Text:Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($in 000) Net sales E2-5 Preparing a multiple-step income statement (LO 2-5, LO 2-6) $5,281,954 Costs and expenses Cost of products sold 4,765,505 Marketing, administrative, and other expenses 193,147 Interest expense 17,143 Other, net 54,529 Total expenses before taxes 5,030,324 Earnings before income taxes Provision for income taxes Net income Retained earnings at 1/1/20X1 251,630 (52,842) 198,788 3,046,660 Dividends on common stock (100,000) Retained earnings at 12/31/20X1 $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55. c. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1.
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