Shown below are the operating results of Bulalacao Company, a large corporation, since its start of operations: 2016 2017 2018 2019 2020 2021 Gross income 4,000,000 4,500,000 5,500,000 6,000,000 6,500,000 7,000,000 Deductions 5,000,000 5,200,000 5,000,000 5,800,000 6,100,000 6,200,000
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![Problem 5
Shown below are the operating results of Bulalacao Company, a large corporation, since its start of operations:
2016
2017
2018
2019
2020
2021
Gross income
4,000,000
4,500,000
5,500,000
6,000,000
6,500,000
7,000,000
Deductions
5,000,000
5,200,000
5,000,000
5,800,000
6,100,000
6,200,000
What is the income tax respectively in 2019 and 2020?
In the immediately preceding problem, what is the income tax due in 2021?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93c4a046-4ad1-4788-a335-cffd21d294cf%2F9409155a-593c-49c1-8fc9-40687867d910%2Faduhzv_processed.jpeg&w=3840&q=75)
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- Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2024 2023 Sales revenue $ 5,300,000 $ 4,400,000 Cost of goods sold 3,040,000 2,180,000 Administrative expense 980,000 855,000 Selling expense 540,000 482,000 Interest revenue 168,000 158,000 Interest expense 236,000 236,000 Loss on sale of assets of discontinued component 120,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024–9/30/2024 2023 Sales revenue $ 580,000 $ 680,000 Cost of goods sold (380,000) (428,000) Administrative expense (68,000) (58,000) Selling expense (38,000) (38,000) Operating income before taxes…The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income $ 517 13 130 660 250 218 48 516 $144 $ 14.40 Earnings per share Additional information: 1. Selling and administrative expense includes $35 million in restructuring costs. 2. Included in other income is $124 million in income from a discontinued operation. This consists of $90 million in operating income and a $34 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $4 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material. Required: Prepare a revised…Presented below is financial information of the Mayer Corporation for 2020. Gain on the sale of investments Net sales Cost of goods sold Loss on disposal of wholesale division Interest revenue Loss on operations of wholesale division Selling and administrative expenses Dividends declared on common stock Write off of goodwill Dividends declared on preferred stock Effective tax rate on all items is 30% $170,000 $54,000,000 $38,000,000 $690,000 $115,000 $610,000 $9,700,000 $430,000 $800,000 $150,000 Mayer Corporation decided to discontinue its wholesale operations and to retain their manufacturing operations. On July 1, Mayer sold the wholesale operations. During 2020, there were 850,000 shares of common stock outstanding all year. Instructions: Compute each of the following. You must show your work. You may type your answers in the text submission box below or you can use the "Add File" button to upload a Word file or an Excel file. If this option does not work please email me to let me…
- [The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…Dutchess Bosco, Inc. reported the following items in the current year: Capital Gains $44,000,000 Capital Losses $60,000,000 In addition, the corporation reported capital gains for the previous years: 2016 $9041,000 2017 $5,826,000 2018 $5,924.000 2019 $1.771.000 The corporation recovered to show capital gains income in 2021 of $469,200. Calculate the remaining capital gains carryover the corporation has after 2021.Using the financial statements mentioned above estimate the annual rate of interest paid by the corporation (cost of debt). Also, find the tax rate and capitalization ratio (proportions among equity and debt). Using these values that you have found estimate the annual weighted cost of capital (WACC) of the corporation. Income statement PERIOD ENDING: 12/31/2019 Total Revenue $20,972,000 Cost of Revenue $17,755,000 Gross Profit $3,217,000 OPERATING EXPENSES Research and Development $0 Sales, General and Admin. $938,000 Non-Recurring Items $138,000 Other Operating Items $341,000 Operating Income $1,800,000 Add'l income/expense items $180,000 Earnings Before Interest and Tax $1,993,000 Interest Expense $394,000 Earnings Before Tax $1,599,000 Income Tax $326,000 Minority Interest $13,000 Equity Earnings/Loss Unconsolidated Subsidiary $0 Net Income-Cont. Operations $1,286,000 Net Income $1,273,000 Net Income Applicable to Common Shareholders…
- Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2024 2023 $5,250,000 $4,350,000 2,170,000 3,030,000 970,000 845,000 530,000 472,000 167,000 157,000 234,000 Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $116,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 234,000 116,000 1/1/2024-9/30/2024 $ 570,000 (375,000) (67,000) (37,000) $ 91,000 2023 $ 670,000 (422,000) (57,000) (37,000) $ 154,000 In addition to the…Enola Enterprises Income Statement Year Ended Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 42,000 Advertising Expense 12,000 Depreciation Expense-Plant Assets 28,000 Total Operating Expenses Income From Operations Other Income (Expenses) Dividend Revenue Interest Expense Total Other Income (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income 10,800 -3,100 229,000 104,000 125,000 82,000 43,000 7,700 50,700 8,000 42,700 Additional data follow: a) Collections from customers are $13,000 more than sales. b) Dividend revenue, interest expense, and income tax expense equal their cash amounts. c) Payments to suppliers are the sum of cost of goods sold plus advertising expense. d) Payments to employees are $1,700 more than salaries expense. e) Cash payment for the acquisition of plant assets is $108,000.Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 887.00 Cost of goods sold 747.00 Depreciation 37.00 Earnings before interest and taxes (EBIT) $ 103.00 Interest expense 18.00 Income before tax $ 85.00 Taxes 17.85 Net income $ 67.15 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 375 $ 324 Long-term assets 270 228 Total assets $ 645 $ 552 Liabilities and shareholders’ equity Current liabilities $ 200 $ 163 Long-term debt 114 127 Shareholders’ equity 331 262 Total liabilities and shareholders’ equity $ 645 $ 552 The company’s cost of capital is 8.5%. Required: Calculate Watervan’s economic value added (EVA). Note: Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places. What is the company’s return on capital? (Use start-of-year rather than average capital.) Note: Do not…
- Lowell Corporation's results for the year ended December 31, 2021, include the following material items: Sales revenue $ 8,400,000 Cost of goods sold 6,000,000 Selling and administrative expenses 1,300,000 Loss on sale of investments 200,000 Loss on discontinued operations 500,000 Loss on impairment from continuing operations 80,000 Lowell Corporation's income from continuing operations before income taxes for 2021 is: A) $900,000. B) $880,000. C) $320,000 D) $820,000.15. Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2021 2020 Sales revenue $ 4,450,000 $ 3,550,000 Cost of goods sold 2,870,000 2,010,000 Administrative expense 810,000 685,000 Selling expense 370,000 312,000 Interest revenue 151,000 141,000 Interest expense 202,000 202,000 Loss on sale of assets of discontinued component 52,000 — On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $52,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2021–9/30/2021 2020 Sales revenue $ 410,000 $ 510,000 Cost of goods sold (295,000 ) (326,000 ) Administrative expense (51,000 )…
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