Sunland Limited reported the following selected information for the year ended March 31, 2024: Advertising expense $5,000 Income tax payable $5,200 Cash dividends-common 4,000 Interest expense 5, 100 Depreciation expense 3,000 Loss on discontinued operations 18,000 Fees earned 66,000 Rent revenue 30,000 Gain on disposal of equipment 1, 100 Retained earnings, April 1, 2023 15, 000 Holding loss on equity investments 3, 000 Telephone expense 8,000 The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income. Prepare a multi-step income statement and a separate statement of comprehensive income for Sunland Limited.S Profit/ (Loss) for the Year S

Sunland Limited reported the following selected information for the year ended March 31, 2024: Advertising expense $5,000 Income tax payable $5,200 Cash dividends-common 4,000 Interest expense 5, 100 Depreciation expense 3,000 Loss on discontinued operations 18,000 Fees earned 66,000 Rent revenue 30,000 Gain on disposal of equipment 1, 100 Retained earnings, April 1, 2023 15, 000 Holding loss on equity investments 3, 000 Telephone expense 8,000 The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income. Prepare a multi-step income statement and a separate statement of comprehensive income for Sunland Limited.S Profit/ (Loss) for the Year S

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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For year 2022, a company reports net operating profit after taxes (NOPAT) of $32,910.4 million. The following additional information is gathered from its financial statements (in millions): End of 2022End of 2021Operating assets$337,052.7$388,934.1Nonoperating assets$18,916.9$20,649.9Operating liabilities$85,432.7$98,300.2Nonoperating liabilities$170,865.6$196,600.0 What was the company’s free cash flows to the firm (FCFF) for year 2022? [ Select ] ["$8,909.0", "$63,293.4", "$71,924.3", "$83,432.2", "$218,709.6"] This questions is multiple choice with the possible answers above.
Apex Inc. reports the following for a recent year: Income from continuing operations before income tax expense $1,000,000 Loss from discontinued operations $240,000* Weighted average number of shares outstanding 20,000 Applicable tax rate 40% *Net of any tax effect. Question Content Area a. Prepare a partial income statement for Apex Inc., beginning with income from continuing operations before income tax expense. Apex Inc.Partial Income StatementFor the Year Ended December 31 Question Content Area b. Determine the earnings per common share for Apex Inc., including per-share amounts for unusual items. Apex Inc.Partial Income StatementFor the Year Ended December 31 Earnings per common share: $ $
On January 1, 2024, Blossom Corporation had retained earnings of $600,000. During the year, Blossom had the following selected transactions: 1. 2. 3. 4. 5. Declared and paid cash dividends, $245,000. Earned profit before income tax, $750,000. Corrected a prior period error of $85,000, before income tax, which resulted in an understatement of profit in 2023. Reacquired 20,000 common shares for $50,000 more than the original issue price. This was the first time the company had ever reacquired its own shares. Completed a 3-for-1 stock split of the common shares. Blossom has a 25% income tax rate and reports under ASPE. Prepare a statement of retained earnings for the year ended December 31, 2024. (List items that increase adjusted retained earnings first.) BLOSSOM CORPORATION Statement of Retained Earnings $ $
Coronado Ltd. had sales revenue of £ 550,800 in 2022. Other items recorded during the year were: Cost of goods sold £ 336,600 Selling expenses 122,400 Income tax 25,500 Increase in value of employees 15,300 Administrative expenses 10,200 Prepare an income statement for Coronado for 2022. Coronado has 100,000 shares outstanding. (Round earnings per share to 2 decimal places, e.g. 1.48.) CORONADO LTDIncome Statementchoose the accounting period enter an income statement item £ enter a pound amount enter an income statement item enter a pound amount select a summarizing line for the first part enter a total amount for the first part enter an income statement item £ enter a pound amount enter an income statement item enter a pound amount enter a subtotal of the two previous amounts select a summarizing line for the second part enter a total amount for two parts enter an…
Selected comparative statement data for Carla Vista Corporation are presented below. All balance sheet data are as at December 31. Net sales Profit for the year Total assets Total common shareholders' equity (a) Your answer is correct. Asset turnover (b) eTextbook and Media Your answer is incorrect. 2024 $850,000 Return on assets 84,000 615,000 450,000 Calculate asset turnover for 2024. (Round answer to 1 decimal place, e.g. 12.5.) 2023 $810,000 67,000 525,000 13.7 % 320,000 1.4 times Calculate return on assets for 2024. (Round answer to 1 decimal place, e.g. 12.5.)
The following is the excerpt of financial information of SVT Corporation on December 31, 2022: Account Amount Gross profit P5,000,000.00 Operating Expense 120,000.00 Other expense 300,000.00 Income Tax expense 50,000.00 Current Assets 450,000.00 Non-current assets 7,000,000.00 Total Liabilities 750,000.00 What percent is SVT Corporation's return on asset on December 31, 2022? 67.61% cannot be determined 64.71% D 60.8%
Dietrich Corp. disclosed the following information for 2021. The firm issued $65,000 new equity and $4,790 in dividends. The firm acquired $23,186 in new fixed assets and sold $17,600 of old fixed assets. Net working capital increased by $2,470 during the year. Dietrich Corp. had sales revenue of $264,596, cost of goods sold of $63,864, selling expenses of $53,200, depreciation of $6,780, and tax rate is 20%. a) What is the cash flow from assets of Dietrich Corp. in 2021? b) What is the cash flow to creditors of Dietrich Corp. in 2021?
Earlyrain Inc.'s 2023 income statement, excluding the earnings per share portion of the statement, was as follows: Revenues Expenses: Depreciation. Income taxes Other expenses Profit from continuing operations Loss from operating discontinued business segment (net of $18,900 tax benefit) Loss on sale of business segment (net of $11,720 tax benefit). Profit Profit from continuing operations Loss from discontinued operations Profit Basic $520,000 $ 44,100 59,500 178,000 281,600 $238,400 $ 51,500 31,600 The weighted-average number of common shares outstanding during the year was 100,000 Present the earnings per share portion of the 2023 income statement. (Round the final answers to 2 decimal places. Loss should be entered with negative sign.) (83,100) $155,300
Selected information follows for Sheridan Corporation for 2023: Accounts payable $60,300 Cash 240,000 Cost of goods sold 580, 000 Income tax expense 31, 400 Interest expense 3,500 Retained earnings 377,000 Sales revenue 757, 500 Selling expenses 61,800 Calculate Sheridan's net income for 2023. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net income Senter the net income in dollars 79800 Incorrect answer eTextbook and Media
Revenues and operating (marketing and administrative) expenses for the year 2021 are P7,500,000 and P4,000,000 respectively. How much is the change in Retained Earnings for the year 2021 due to the equity securities indicate whether increase or decrease?
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The following are preliminary financial statements for Angel Co. and Lion Co. for the year ending December 31, 2018 prior to Angel’s acquisition of Lion. Angel Co. LionCo. Sales $360,000 $228,000 Expenses (240,000) (132,000) Net income $120,000 $ 96,000 Retained earnings, January 1, 2018 $480,000 $252,000 Net income (from above) 120,000 96,000 Dividends declared (36,000) -0- Retained earnings, December 31, 2018 $564,000 $348,000 Current assets $360,000 $120,000 Land 120,000 108,000 Building (net) 480,000 336,000 Total assets $960,000 $564,000 Liabilities $108,000 $132,000 Common stock 192,000 72,000 Additional paid-in capital 96,000 12,000 Retained earnings, December 31, 2018 564,000 348,000 Total liabilities and stockholders’ equity $960,000 564,000 On December 31, 2018 (subsequent to the preceding statements), Angel exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Lion. Angel's stock on that date has a fair value of $60 per share. Angel…