Ramsec Corp at December 31, 2020, the end of its first year of operations has the following details:Sales revenue P317,050Cost of goods sold 144,760Selling and administrative expenses 49,700Gain on sale of plant assets 28,090Unrealized gain on available-for-sale debt investments 9,890Interest expense P6,250 Loss on discontinued operations P12,880 Dividends declared and paidP4,760Compute the following:(a) Income from operations(b) Net income(c) Comprehensive income(d) Retained earnings balance at December 31, 2020

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Answered: Ramsec Corp at December 31, 2020, the…

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 information is related to Vaughn Company for 2020. Retained earnings balance, January 1, 2020 $1,156,400 Sales Revenue 29,500,000 Cost of goods sold 18,880,000 Interest revenue 82,600 Selling and administrative expenses 5,546,000 Write-off of goodwill 967,600 Income taxes for 2020 1,467,920 Gain on the sale of investments 129,800 Loss due to flood damage 460,200 Loss on the disposition of the wholesale division (net of tax) 519,200 Loss on operations of the wholesale division (net of tax) 106,200 Dividends declared on common stock 295,000 Dividends declared on preferred stock 94,400 Vaughn Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Vaughn sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Partially correct answer…
Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations. Sales revenue $784,000 Cost of goods sold 374,000 Selling and administrative expenses 144,000 Unusual gain on sale of plant assets 71,000 Unrealized gain on available-for-sale investments 40,000 Interest expense 25,000 Loss on discontinued operations 47,000 Allocation to noncontrolling interest 113,000 Dividends declared and paid 19,000 Compute the following. Ignore income tax effects. (a) Income from operations $ (b) Net income $ (c) Net income attributable to Crane Company’s controlling stockholders $ (d) Comprehensive income $ (e) Retained earnings balance at December 31, 2020 $
Forecast an Income StatementSeagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $20,780 Cost of revenue 14,916 Product development 1982 Marketing and administrative 906 Amortization of intangibles 46 Restructuring and other, net (44) Total operating expenses 17,806 Income from operations 2,974 Interest income 168 Interest expense (448) Other, net 50 Other expense, net (230) Income before income taxes 2,744 (Benefit) provision for income taxes (1,280) Net income $4,024 Forecast Seagate’s 2020 income statement assuming the following income statement relations ($ millions). Revenue growth 5% Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change…
Crane Company's income statement for the year ended December 31, 2025, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $621,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $849,000 60,000 27,000 708,000 141,000 40,000 $101,000 Crane's balance sheet contained the following comparative data at December 31. 2025 2024 Accounts receivable $36,000 $52,000 Accounts payable 43,000 32,000 Income taxes payable 4,100 8.200 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. CRANE COMPANY Partial Statement of Cash Flows
Based on the accounting records, the total assets book value as of January 1, 2021 is P1,875,362.99 but due to inflation the current cost is determined to be P1,990,800.21 while the total liabilities is P988,123.54 as of January 1, 2021. The company received additional investments of P651,345.22 during the year while dividends declared and paid is P450,650. At the end of the year, the books reported Total assets of P2,992,748.55 and liabilities of P1,555,661.24. What is the net income (loss) under the physical capital concept?
Please answer in good accounting form. Thankyou What is the retained earnings balance ending December 31, 2021?
The following are extracts from an income statement of Al Noor Company for the year ended 31 December 2020: Sales revenue RO 10,000; Cost of sales RO 8,500; Salaries expense RO 300; Advertising expense RO 200; Depreciation expense RO 100; Insurance expense RO 150; Unrealized gain on investment securities RO 1,000. The comprehensive income is: a. RO (250) b. RO 750 c. RO 1,000 d. RO 1,750
The Oscar Meyer Corporation earned $33 million in 2019 on sales of $450.5 million. The company's balance sheet also listed current assets of $27 million, and fixed assets of $378 million. What is the firms Return on Assets (ROA)? a. 0.211 b. 0.201 O c. -0.029 d. -0.049 e. 0.081
The condensed financial statements of Soule Company for the years 2013 and 2014 are presented below. Soule Company Balance Sheets (in EUR) December 31 2014 2013 Current Assets Cash and cash equivalents 330 360 Accounts receivable (net) 470 433 Invnetory 430 390 Prepaid expenses 120 160 Total Current Assets 1,350 1,343 Property, plant, and equipment 420 380 Investments 10 10 Intangibles and other assets 530 510 Total Assets 2,310 2,243 Current Liabilities 900 810 Long-term liabilities 390 393 Stockholders' equity - common 1,020 1,040 Total liabilities and stockholders' equity 2,310 2,243 Soule Company Income Statements For the year ended December 31 2014 2013 Sales revenue 4,000 3,600 Cost and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Internet expenses 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606 355 Income tax expense 242 142 Net income 364 213 Compute the current ratio for year 2014.
The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue. Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss. Interest expense General and administrative expense Debits $ 165,000 6,050,000 650,000 475,000 35,000 550,000 Credits $ 8,250,000 65,000 125,000 142,500 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format.
The following information is related to Splish Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,332,800 34,000,000 21,760,000 95,200 6,392,000 1,115,200 1,691,840 149,600 530,400 598,400 122,400 340,000 108,800 Splish Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Splish sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.

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