Presented below is information related to Bramble Company at December 31, 2025, the end of its first year of operations. Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale debt investments Interest expense Loss on discontinued operations Dividends declared and paid Compute the following: (Ignore income tax effects.) $307,460 130,760 54,100 29,580 9,010 6,400 13,050 5.300 Activar Wi

Presented below is information related to Bramble Company at December 31, 2025, the end of its first year of operations. Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale debt investments Interest expense Loss on discontinued operations Dividends declared and paid Compute the following: (Ignore income tax effects.) $307,460 130,760 54,100 29,580 9,010 6,400 13,050 5.300 Activar Wi

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 is information for Novak Corp. for the year ended December 31, 2020: Sales revenue $1,420,000 Loss on inventory due to decline in net realizable value $70,000 Unrealized gain on FV-OCI equity investments 46,000 Loss on disposal of equipment 45,000 Interest income 9,000 Depreciation expense related to buildings omitted by mistake in 2019 56,000 Cost of goods sold 852,000 Retained earnings at December 31, 2019 950,000 Selling expenses 71,000 Loss from expropriation of land 57,000 Administrative expenses 52,000 Dividends declared 46,000 Dividend revenue 15,000 The effective tax rate is 25% on all items. Novak prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. a)Prepare the retained earnings section of the statement of changes in equity for 2020. (List…
WB Inc. reported profits of P 100,000 in its March 31, 2022 interim financial statements. Additional information is shown below (amounts are net of tax): • AP 10,000 cumulative-effect gain resulting from a change in inventory cost flow formula was recognized in profit or loss during the 1 quarter. • In March 2022, a component of an entity was classified as held for sale. Of the total loss on discontinued operations of P 12,000, only P 3,000 has been recognized in the 1" quarter. WB Inc. intends to allocate the remaining P 9,000 loss to the other quarters in 2022. REQUIRED: Compute for the restated profit after tax for the 1" quarter of 2022.
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Compute NOPATThe income statement for TJX Companies follows. THE TJX COMPANIES, INC.Consolidated Statements of Income Fiscal Year Ended ($ thousands) February 2, 2019 Net sales $38,972,934 Cost of sales, including buying and occupancy costs 27,831,177 Selling, general and administrative expenses 6,923,564 Pension settlement charge 36,122 Interest expense, net 8,860 Income before provision for income taxes 4,173,211 Provision for income taxes 1,113,413 Net income $ 3,059,798 Assume that the combined federal and state statutory tax rate is 22%. a. Compute NOPAT using the formula: NOPAT = Net income + NNE. Round to the nearest whole number. b. Compute NOPAT using the formula: NOPAT = NOPBT − Tax on operating profit. Round to the nearest whole number.
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