Required 1Required 2Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.)GREEN STAR CORPORATIONIncome StatementFor the Year Ended December 31, 2021Revenues and gains:Total revenues and gainsExpenses and losses:Total expenses and lossesIncome before income taxesNet incomeEarnings per share The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:Account TitleSales revenueDebitsCredits2,050,00048,00068,000Interest revenueGain on sale of investmentsCost of goods soldSelling expensesGeneral and administrative expensesInterest expenseIncome tax expense870,000250, 00093,00058,000148,000There were 150,000 shares of common stock outstanding throughout 2021.Required:1. Prepare a single-step income statement for 2021, including EPS disclosures.2. Prepare a multiple-step income statement for 2021, including EPS disclosures.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare a multiple-step Income statement for 2021, including EPS disclosures. (Amounts to be deducted should be Indicatedwith a minus sign. Round EPS answer to 2 decimal places.)GREEN STAR CORPORATIONIncome StatementFor the Year Ended December 31, 2021

Name: Required 1Required 2Prepare a single-step income statement for 2021,
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Description: Required 1Required 2Prepare a single-step income statement for 2021, including EPS disclosures. (Round EPS answer to 2 decimal places.)GREEN STAR CORPORATIONIncome StatementFor the Year Ended December 31, 2021Revenues and gains:Total revenues and ga

The income statement is one of the financial statements of the business which tells about the…

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The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Sales revenue Debits Credits 2,050,000 48,000 68,000 Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses 870,000 250,000 93,000 58,000 148,000 Interest expense Income tax expense There were 150,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures.

The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Sales revenue Debits Credits 2,050,000 48,000 68,000 Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses 870,000 250,000 93,000 58,000 148,000 Interest expense Income tax expense There were 150,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures.

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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Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $47,900; total assets, $189,400; common stock, $88,000; and retained earnings, $40,532.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION $ 12,000 9,400 CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity Accounts payable Accrued wages payable 30, 400 Income taxes payable 42,150 2,550 148,300 Long-term note payable, secured by mortgage on plant assets Common stock Retained earnings $ 244,800 Total liabilities and equity Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net income $ 450,600 297,950 152,650 98,700 4,100 49,850 20,082 $ 29,768 $ 16,500 3,200 4,400…
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $51,900; total assets, $249,400; common stock, $81,000; and retained earnings, $36,386.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 448,600 Cost of goods sold 297,950 Gross profit 150,650 98,700 4,200 47,750 19,236 $ 28,514 Operating expenses Interest expense Income before taxes Income tax expense Net income CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 18,000 8,400 30,400 Income taxes payable 34,150 Long-term note payable, secured by mortgage on plant assets Common stock 2,750 150,300 Retained earnings $244,000 Total liabilities and equity Accounts payable Accrued wages payable $ 18,500 4,000 3,200 72,400…
The following information pertains to Austin, Incorporated and Huston Company. Account Title Austin Huston Current assets $ 90,000 $ 87,500 Total assets 320,000 680,000 Current liabilities 29,250 43,750 Total liabilities 210,000 530,000 Stockholders’ equity 290,000 150,000 Interest expense 17,800 21,200 Income tax expense 35,600 30,800 Net income 90,000 93,700 Requireda-1. Compute each company’s debt-to-assets ratio, current ratio, and times interest earned (EBIT must be computed).a-2. Which company has the greater financial risk?b. Compute each company’s return-on-equity ratio and return-on-assets ratio. Use EBIT instead of net income when computing the return-on-assets ratio.
Here is the income statement for Windsor, Inc. WINDSOR, INC.Income StatementFor the Year Ended December 31, 2020 Sales revenue $420,100 Cost of goods sold 235,100 Gross profit 185,000 Expenses (including $16,100 interest and $21,900 income taxes) 72,500 Net income $ 112,500 Additional information: 1. Common stock outstanding January 1, 2020, was 22,400 shares, and 36,600 shares were outstanding at December 31, 2020. 2. The market price of Windsor stock was $12 in 2020. 3. Cash dividends of $22,600 were paid, $4,600 of which were to preferred stockholders. Compute the following measures for 2020. (Round all answers to 2 decimal places, e.g. 1.83 or 2.51%) (a) Earnings per share $enter a dollar amount (b) Price-earnings ratio enter Price-earnings ratio in times times (c) Payout ratio enter percentages % (d) Times interest earned enter Times interest earned times
The following data were taken from the year-end records of Nomura Export Company: Statement of Earnings Items Year 1 Sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (10,000 shares outstanding) Statement of Earnings Items Sales revenue Cost of sales Gross profit Operating expenses Earnings before income taxes Income tax expense (20%) Net earnings Earnings per share (10000 shares) Required: Fill in all of the missing amounts. (Round "Earnings per share" to 2 decimal places.) Year 1 21,750 ? 68% ? 21,750 ? ? ? 2.90 2.90 $ Year 2 $ 219,000 Year 2 219,000 ? 30% ? 30,000 ? ? ? 30,000
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…
Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Goldfinger's common stock during the year. Prepare Goldfinger's income statement for the current year.
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…
Cullumber company has these comparative balance sheet data:
he following information is from Atlanta Corp. for the 12 months ended December 31. Sales revenue $800,000 Cost of goods sold 500,000 Selling and administrative expenses 150,000 Interest expense 5,000 Gain on sale of short-term investments 8,800 Prepare a multiple - step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25 %. Report income tax expense in its own separate section.
For the year ended December 31, Southern Supply had net sales of $7,320,000, costs and other expenses (including income tax) of $6,010,000, and a gain from discontinued operations (net of income tax) of $420,000. a. Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply?
Following are the income statement and balance sheet items for Faison Corporation from the company’s books and records at the end of fiscal year-end 20x1: ($ millions) Contributed capital $1,702 Cost of sales 13,567 Cash 1,393 Long-term liabilities 3,719 Accounts receivable 2,662 Other current assets 604 Other long-term assets 2,079 Other current liabilities 1,299 Other operating expenses 1,212 Other non-operating expenses 161 Inventory 1,093 Accounts payable 2,595 Property, net 3,216 Retained earnings 1,209 Sales 16,463 Tax expense 256 Equity income, net of tax 34 Other equity 523 Required: Using the information above, prepare the company’s year-end income statement and a balance sheet.