The following is information regarding the trial balance of PT Young for 2022 Sales profit from building Disadvantages of closed operations Administrative Burden Rental Income Impairment loss on land Cash Dividend Declared Retained Earnings, January 1, 2022 Cost of goods sold Selling expenses Income $95,000 $75,000 $240,000 $40,000 $60,000 $150,000 $600,000 $850,000 $300,000 $1,700,000 The income tax rate for 2022 is 22%. In addition, there was an unrealized holding gain on non-trading equity securities of $15,000, net of tax. There are ordinary shares outstanding of 100,000. There is a sales return of $250,000. Instructions Prepare a statement of income and other comprehensive income for the period ending 2022 in the correct format!

The following is information regarding the trial balance of PT Young for 2022 Sales profit from building Disadvantages of closed operations Administrative Burden Rental Income Impairment loss on land Cash Dividend Declared Retained Earnings, January 1, 2022 Cost of goods sold Selling expenses Income $95,000 $75,000 $240,000 $40,000 $60,000 $150,000 $600,000 $850,000 $300,000 $1,700,000 The income tax rate for 2022 is 22%. In addition, there was an unrealized holding gain on non-trading equity securities of $15,000, net of tax. There are ordinary shares outstanding of 100,000. There is a sales return of $250,000. Instructions Prepare a statement of income and other comprehensive income for the period ending 2022 in the correct format!

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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1- The 2020 income statement will report a. Recovery of Impairment Loss of $50,000. b. Revaluation surplus of $50,000. C. Recovery of Impairment Loss of $50,000. d. Recovery of Impairment Loss of $50,000, revaluation surplus of $100,000 2- The 31/12/2019 statement of financial position will report land at: a. $500,000 b. $450,000 C. $400,000 d. $350,000
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The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Dux's accounting records is provided also. Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable DUX COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 2024 $78 53 (6) 3 65 40 70 277 (45) $ 535 $34 4 9 3 20 110 (3) 210 24 132 (8) $ 535 2023 $ 33 65 (5) 2 60 36 50 280 (70) $ 451 $ 56 Ramon O 9 3 6 0 85 (4) 200 20 76 $ 451
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Accounting to IAS 12, the following balances were extracted from the books of XYZ Ltd, a manufacturing firm in Ghana on December 31, 2021. i. Profit before Tax GHS100,000 ii. Depreciation of Furniture GHS3,200 iii. Depreciation of Motor Vehicle GHS 5,200 iv. Office rent per annum GHS12,000 v. CEO's residential rent per annum GHS15,000 vi. DVLA fines GHS200 vii. Cost of motor vehicle GHS50,000 viii. Cost of furniture GHS40,000 Required: i. Compute the taxable profit ii. Compute the tax expense assuming previous year's tax outstanding was GHS2,000 due to assessment difference. iii. Total tax expense for the year.
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JC Construction, Inc. has consistently used the percentage of completion method of recognizing income. During 2018 JC started work on a P3,000,000 fixed price construction contract. The accounting records disclosed the following data for the year ended December 31, 2018: Cost incurred P930,000 Estimated Cost to Complete 2,170,000 Progress Billings 1,100,000 Collections 700,000 How much loss should JC have recognized in 2018
The land that Martin Company paid $81,000 to purchase in the prior year had an appraised market value of $112,000 at the end of the current reporting period. Which of the following shows how the change in market value will affect the company's accounting equation? The letters "NA" indicate that the component of the equation is not affected. A. B. C. D. Assets $ 81,000 $ 31,000 NA $ 112,000 =Liabilities + NA NA ΝΑ ΝΑ = = = = Common Stock NA NA NA ΝΑ Retained Earnings $ 81,000 $ 31,000 ΝΑ $ 112,000
From the following data, prepare a profit and loss a/c and a balance sheet as on 31-3-2023. Particulars Shs. Particulars Shs. Drawings 10,000 Capital 30, 000 Purchases 30,000 Purchase returns 1,000 Sales Returns 5,000 Sales 60, 000 Carriage in 2,000 Wages outstanding 2,000 Carriage out 3, 000 Rent received 1,000 Depreciation on Plant 4,000 Reserve for doubtful 1,000 debts Plant account 20,000 Interest (Cr) 5,000 Salaries & wages 3,000 Sundry creditors 6, 000 Bad debts 2,000 Loans 38,000 Premises 20, 000 Interest 5,000 Stock 1.4.95 25,000 Sundry debtors 15,000 1,44,000 1, 44,000 Adjustment: a) Stock on 31-3-23 was Shs.40,000. A fire broke -out in the godown and destroyed stock worth Shs.5, 000. Insurance company had accepted the claim in full. b) Provide for bad debts @ 10% and provide for discount on debtors @ 5% and on creditors @ 10% c) Depreciate buildings at the rate of 15% p.a. d) Rent outstanding amounted to Shs.1,000 e) Closing stock includes samples worth of Shs.2,000. f)…
The following information is available for Northwest Enterprises Ltd., for the year ended December 31, 2017. All amounts noted below are before income tax • Operating income from discontinued operations: • Net sales revenue from continuing operations: • Gain on sale of land used in continuing operations: • Loss on disposal of discontinued operations: • Cost of goods sold for continuing operations: • Operating expenses for continuing operations: Loss due to warehouse fire (continuing operations): $80,000 $75,000 $1,400,000 $32,000 $120,000 $850,000 $325,000 On January 1, 2017, Northwest had 100,000 common shares outstanding. Northwest issued 20,000 common shares on April 1, 2017. On September 1, Northwest declared a 3 for 2 stock split. The company has an income tax rate of 20%. Required: Prepare an income statement in good form for Northwest. Include the required earnings per share disclosure.