Required: 1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.) Sales Costs and expenses 2022 2023 2024 $473,855 $ 694,040 $1,005,900 327,070 Profit from continuing operations $ 312,935 Gain (loss) on discontinued operations 82,160 (109,075) Profit (loss) $ 154,994 $ 534,700 Information on Common Shares for Ace Group Inc. * Shares outstanding on December 31, 2021 32,300 Purchase and retirement of shares on March 1, 2022 3,580 Sale of shares on June 1, 2022 + 13,880 Share dividend of 5% on August 1, 2022 + Shares outstanding on December 31, 2022 Sale of shares on February 1, 2023 + Purchase and retirement of shares on July 1, 2023 6,460 1,790 Shares outstanding on December 31, 2023 Sale of shares on March 1, 2024 + 17,960 Purchase and retirement of shares on September 1, 2024 4,650 Share split of 3:1 on October 1, 2024 + Shares outstanding on December 31, 2024
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Required: Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.)Except for the earnings per share statistics, the 2022, 2023, and 2024 income statements for Ace Group Inc. were originally presented as follows: Required: 1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.) Calculate the weighted-average number of common shares outstanding during the following years: (Do not round intermediate calculations. Round your answers to nearest whole number.) 3. Prepare the earnings per share income statement presentation during the following years: (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign.)
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