The following information is related to Dickinson Company for the year ended December 31, 2020.Retained earnings balance, January 1, 2020$980,00025,000,00Sales revenue16,000,00Cost of goods soldGain on life insurance proceeds70,00-|Selling, general, and administrative expenses4,700,000Write-off of goodwill820,000Gain on the sale of investments110,000Loss due to write-down of inventory to NRVLoss on the disposition of the wholesale division390,000530,000Income tax rate30%Dividends declared on common stock250,000Dividends declared on preferred stockCommon shares outstanding80,000500,000Dickinson Company decided to discontinue and sell its entire wholesale operations. The disposal isconsidered a discontinued operation.Instructions: Prepare a retained earnings statement.

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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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Excerpts from the annual report of XYZ Corporation follow: 2019 $675,138 $241,154 $64,150 $93,650 $25,100 2020 Cost of goods sold Inventory Net income $754,661 $219,686 $31,185 $68,685 $26,900 Retained earnings LIFO reserve Tax rate 20% 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a. $34,165 O b. $30,375 O c. $32,625 d. $36,545
Presented below is information related to Sheridan Corp. for the year 2020. Net sales $1,196,000 Write-off of inventory due to obsolescence $73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 69,920 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)
what is the post-tax loss from discontinued operation for 2020?
Presented below is information related to Sheridan Corp. for the year 2020. Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items SHERIDAN CORP.Income Statement For the Year Ended December 31, 2020 Particulars Amount Amount Net Sales $11,96,000 Cost of Good Sold $7,17,600 Gross Profit $4,78,400 Operating Expenses Selling Expenses $59,800 Administrative Expenses $44,160 Total Operating Expenses $1,03,960 Income from Operations $3,74,440 Other Revenues and Gains Dividend Revenue $18,400 Interest $6,440 $24,840…
elected items from Lemus Enterprises 12-31-2019 and 12-31-2018, financial statements are presented below: 2019 2018 Accounts receivable $ 40,000 $ 36,000 Merchandise inventory $ 28,000 35,000 Net sales 190,000 186,000 Cost of goods sold 114,000 108,000 Total assets 425,000 405,000 Total shareholders' equity 240,000 225,000 Net income 32,500 28,000 Lemus's 2019 asset turnover is (rounded): Group of answer choices 3.73. 2.79. 2.24. 0.46.
Madsen Company reported the following information for :2020 Sales revenue Cost of goods sold Operating expenses O dividends 220,000 Unrealized holding gain on available-for-sale debt securities 180,000 Cash O $420,000 $2,040,000 1,400,000 $128,000 For 2020, Madsen would report other comprehensive income of 8,000 .a .b
An inventory loss of P900,000 from decline in net realizable value occurred in April 2021. Chicken Wings Company recorded this loss in April 2021 after its March 31, 2021 quarterly report was issued. Of its loss, P200,000 was recovered by the end of the year. How should this loss and subsequent gain be reflected in the quarterly statements (1st, 2nd, 3rd and 4th, respectively) in profit(loss) of Jimin Company? a. P(225,000), P(225,000), P(225,000), P(225,000) b. P0, P(900,000), P0, P200,000 c. P0, P(300,000), P(300,000), P(300,000) d. P0, P(900,000), P0, P0
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: 2021 2020 Sales revenue $ 15,000,000 $ 9,600,000 Cost of goods sold 9,200,000 6,000,000 Gross profit 5,800,000 3,600,000 Operating expenses 3,200,000 2,600,000 Operating income 2,600,000 1,000,000 Gain on sale of division 600,000 — 3,200,000 1,000,000 Income tax expense 800,000 250,000 Net income $ 2,400,000 $ 750,000 On October 15, 2021, Jackson entered into a tentative agreement to sell the assets of one of its divisions. The division qualifies as a component of an entity as defined by GAAP. The division was sold on December 31, 2021, for $5,000,000. Book value of the division’s assets was $4,400,000. The division’s contribution to Jackson’s operating income before-tax for each year was as follows: 2021 $400,000 2020 $300,000 Assume…
Identify and Compute NOPATFollowing is the income statement for Lowe’s Companies Inc. LOWE’S COMPANIES INC. Consolidated Statement of Earnings Twelve Months Ended (In millions) Feb. 1, 2019 Net sales $142,618 Cost of sales 96,802 Gross margin 45,816 Expenses Selling, general and administrative 34,826 Depreciation and amortization 2,954 Operating income 8,036 Interest expense, net 1,248 Pretax earnings 6,788 Income tax provision 2,160 Net earnings $4,628 Compute its net operating profit after tax (NOPAT) for the 12 months ended February 1, 2019, assuming a 22% total statutory tax rate.Note: Round your answer to the nearest whole dollar (millions).
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.
HELP ME
Kruber corp as at December 31, 2021, the end of its first year of operations has the following details: Sales revenue RM317,050 Cost of goods sold RM144,760 Selling and administrative expenses RM 49,700 Gain on sale of plant assets RM28,090 Unrealized gain on available-for-sale debt investments was RM 9,890 Interest expense 6,250 Loss on discontinued operations 12,880 Dividends declared and paid 4,760 Compute: (a) Income from operations (b) Net income (c) Comprehensive income

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