Managerial Accounting
Managerial Accounting
14th Edition
ISBN: 9781337270595
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 14, Problem 3E

1.

To determine

Prepare comparative income statement for the two-year period.

2.

To determine

Comment significant relationships revealed by the vertical analysis.

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Current Attempt in Progress Cullumber Corporation has income from continuing operations of $464,000 for the year ended December 31, 2025. It also has the following items (before considering income taxes). 1. An unrealized loss of $128,000 on available-for-sale securities. 2. A gain of $48,000 on the discontinuance of a division (comprised of a $16,000 loss from operations and a $64,000 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations. Income from Continuing Operations Discontinued Operations Loss from Operations Gain from Disposal Net Income/(Loss) CULLUMBER CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 Prepare a statement of comprehensive income. Net Income/(Loss) $ CULLUMBER CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2025 = Other Comprehensive Income Unrealized Loss of Available-for-Sale Securities ✰…
Please make a trial balance, adjusted trial balance, Income statement. end balance ,owners equity statement, Balance sheet , Cash flow statement ,Cash end balance
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