Presented below is information related to Wise Company on December 31, 2017, the end of its first year of operations. Sales revenue Cost of goods sold Selling and administrative expenses $775,000 $350,000 $125,000 $75,000 Gain on sale of plant assets Unrealized gain on available-for-sale investments $25,000 Interest expense $15,000 Loss on discontinued operations $30,000 Allocation to non-controlling interest $100,000 Dividends declared and paid $12,000 Compute the following. a. Income from operations. b. Net income. c. Net income attributable to Wise Company's controlling stockholders. d. Comprehensive income. e. Retained earnings balance on December 31, 2017.
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- On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was estimated at 2,000. The equipment will be depreciated over 10 years using the double-declining balance method. Counting the year of acquisition as one-half year, Mundo should record 2019 depredation expense of: a. 7,680 b. 9,000 c. 9,600 d. 10,000Below are the income statement items from Bertha Company for the year end December 31, 2014 Sales revenue $5,400,000 Cost of goods sold $2,300,000 Interest revenue $30,000 Loan from abandonment of plant assets Gain from extinguishment of debt Unrealized holding loss on an available for sale investment, net of $90,000 $56,000 tax $24,000 Selling expenses Administrative expenses Effect of change in estimated useful lives of fixed assets Loss from earthquake (unusual and infrequent) Gain on disposal of a component of Bertha's business $580,000 $380,000 $70,000 $60,000 $100,000 Instructions:Presented below is information related to Anderson Company for 2022. Sales revenue 25,000,000Cost of goods sold 16,000,000Interest expense 70,000Selling and administrative expenses 4,700,000Loss from write-off of goodwill. 820,000Gain on the sale of investments 110,000Loss due to flood damage 390,000Loss on the disposition of the wholesale division 8 00,000Loss on operations of the wholesale division 150,000Dividends declared on ordinary shares 250,000Dividends declared on…
- Equipment and Accumulated Depreciation-Equipment. The following information pertains to Luo Company at the end of 2014 for the following accounts: Equipment Accum Deprec Beginning balance Acquisitions Disposals Ending Balance Beginning Balance Depreciation Expense Disposals Ending Balance $ 100,000 65,000 21,000 144,000 $45,000 15,000 7,000 53,000 In addition Luo Company's Income Statement reported a gain on disposal of Equipment of $9,000. What amount was reported on Statement of Cash Flows as "cash flow from sale of equipment? Show the calculation.Prepare an Income Statement of Company Alfex as at 31 Dec. 2020.a) Write off (in minus) of short-term financial assets 9 000b) Other costs by nature 4 000c) Change in inventories of traded goods + 2 000d) Revenue from sale of building 50 000e) Income tax 10%f) Revenue from sale of traded goods 12 000g) Retained profits from previous years 10 000h) Accumulated depreciation of building 49 000i) Historical cost of building 102 000The BGD Co. had the following data at the end of 2018: Balance Sheet as at December 31 2017 2018 Non-current Assets Cost Depn NBV Cost Depn NBV Goodwill 100,000 50,000 Building 260,000 260,000 260,000 260,000 Equipment 210,000 15,000 195,000 290,000 35,000 255,000 Current Assets Stock 22,000 20,000 Short Term Investment 15,000 30,000 Debtors 22,000 13,000 Bank 10,000 0 Cash 12,000 81,000 9,000 72,000 636,000 637,000 Equity & Liabilities Capital & Reserve Share Capital ($1 Ord Shares) 220,000 200,000 Share Premium 15,000 15,000 General Reserves 37,000 47,000 Retained Earnings 121,000 393,000 257,000 519,000 Non-Current Liabilities 10% Debenture 202,000 47,000 Current Liabilities Creditors 17,000 24,000 Bank overdraft 0 6000 Tax Payable 14,000 20,000 Dividends 10,000 41,000 21,000 71,000 636,000 637,000 Condensed Income Statement Sales 950,000, Gross profit 550,000, profit before tax 325,000, tax (145,000), profit after tax 180,000, dividends (34,000),…
- Extract from the statement of P&L and OCI of Don Ltd for year ended 30 June 20X8 and the Balance Sheet at 30 June 20X7 and 20X8 are given below. 20X7 20X8 Sales $2,120,000 Interest revenue $3,000 Loss on sale of plant and equipment ($25,000) Current Assets Interest receivable $1,500 $3,000 Non-current assets Plant and equipment (at cost) $410,000 $425,000 (-) Accumulated depreciation ($85,000) ($102,000) Loan to CEO $60,000 $45,000 Current liabilities Trade Payables $14,200 $34,250 Additional information: On 1 January 20X8 Don Ltd sold plant and equipment with a carrying amount of $75,000 (cost $100,000) and received $50,000 cash. An item of plant and equipment was purchased on 29 June 20X8. Not all of this was paid for with cash. $30,000 of this amount was purchased on credit and is in the trade payables balance at 30 June 20X8. Don Ltd…The following information is available for Northwest Enterprises Ltd., for the year ended December 31, 2017. All amounts noted below are before income tax • Operating income from discontinued operations: • Net sales revenue from continuing operations: • Gain on sale of land used in continuing operations: • Loss on disposal of discontinued operations: • Cost of goods sold for continuing operations: • Operating expenses for continuing operations: Loss due to warehouse fire (continuing operations): $80,000 $75,000 $1,400,000 $32,000 $120,000 $850,000 $325,000 On January 1, 2017, Northwest had 100,000 common shares outstanding. Northwest issued 20,000 common shares on April 1, 2017. On September 1, Northwest declared a 3 for 2 stock split. The company has an income tax rate of 20%. Required: Prepare an income statement in good form for Northwest. Include the required earnings per share disclosure.Shamrock, Inc.’s income statement contained the condensed information below. Shamrock, Inc.Income StatementFor the Year Ended December 31, 2017 Service revenue $1,775,100 Operating expenses, excluding depreciation $1,123,620 Depreciation expense 100,650 Loss on disposal of plant assets 29,280 1,253,550 Income before income taxes 521,550 Income tax expense 102,480 Net income $419,070 Shamrock, Inc.’s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable $128,100 $109,800 Accounts payable 75,030 58,560 Income taxes payable 23,790 12,810 Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows 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 information is related to Whispering Company for 2025. Retained earnings balance, January 1, 2025 $1,078,000 Sales revenue 27,500,000 Cost of goods sold 17,600,000 Interest revenue 77,000 Selling and administrative expenses 5,170,000 Write-off of goodwill 902,000 Income taxes for 2025 1,368,400 Gain on the sale of investments 121,000 Loss due to flood damage 429,000 Loss on the disposition of the wholesale division (net of tax) 484,000 Loss on operations of the wholesale division (net of tax) 99,000 Dividends declared on common stock 275,000 Dividends declared on preferred stock 88,000 Whispering Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Whispering sold the wholesale operations to Rogers Company. During 2025, there were 500,000 shares of common stock outstanding all year. (a1) Prepare a multiple-step income statement. (Round earnings per share to 2…In the 31 Dec 2017 annual report of Sun Ltd, the equipment A was reported as follows: Equipment A (at cost) $ 900 000 Accumulated Depreciation (400 000) Estimated useful life 7 years Sun Ltd measure the equipment by the revaluation model. At 31 Dec 2017, Equipment A was revalued to $ 450,000. Required Prepare the journal entries to revalue the equipment A at 31 Dec 2017, using netting and gross up approachFollowing are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018: Penske Stanza Revenues $ (700,000 ) $ (400,000 ) Cost of goods sold 250,000 100,000 Depreciation expense 150,000 200,000 Investment income Not given 0 Dividends declared 80,000 60,000 Retained earnings, 1/1/18 (600,000 ) (200,000 ) Current assets 400,000 500,000 Copyrights 900,000 400,000 Royalty agreements 600,000 1,000,000 Investment in Stanza Not given 0 Liabilities (500,000 ) (1,380,000 ) Common stock (600,000 ) ($20 par) (200,000 ) ($10 par) Additional paid-in capital (150,000 ) (80,000 ) Note: Parentheses indicate a credit balance. On January 1, 2018, Penske acquired all of Stanza’s outstanding stock for $680,000 fair value in cash and common stock. Penske also paid $10,000 in…