Dex Lukes at December 31, 2020, the end of its first year of operations has the following details: Sales revenue P317,050 Cost of goods sold 144,760 Selling and administrative expenses 49,700 Gain on sale of plant assets 28,090 Unrealized gain on available-for-sale debt investments 9,890 Interest expense P6,250 Loss on discontinued operations P12,880 Dividends declared and paid P4,760 Compute the following: (a) Income from operations (b) Net income (C) Comprehensive income
Q: At January 1, 2020, Beidler Company reported retained earnings of $2,000,000. In 2020, Beidler…
A: The corrected net income is the difference of the net income and the amount of depreciation after…
Q: Wildhorse Corporation has retained earnings of $677,100 at January 1, 2020. Net income during 2020…
A: The retained earnings are referred to as the profits of the company that is kept in the company for…
Q: Prepare the necessary closing entries at December 31, 2020. Use compound journal entries where…
A: Closing entries: Closing entries are those journal entries, which are passed to transfer the final…
Q: Zumbrunn Company’s income statement contained the following condensed information. ZUMBRUNN…
A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…
Q: The net income for the year ended on January 31, 2020 for SC Corporation was $139,000. Additional…
A: The statement of cash flows records all the sources and uses of cash in the business during a…
Q: South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET…
A: Owner equity means the amount which belongs to the owner of the business. It included capital and…
Q: The following income statement and selected balance sheet account data are available for Satelllite…
A: The management of the companies is required to prepared books of records, one of them is a cash flow…
Q: South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET…
A: Cash flows from Operations = Profit after tax + Depreciation + Interest expenses - Increase in…
Q: The following is a partial trial balance for General Lighting Corporation as of December 31, 2018…
A:
Q: Blue Corporation has retained earnings of $689,900 at January 1, 2020. Net income during 2020 was…
A: Retained earnings: Retained earnings are that portion of profits which are earned by a company but…
Q: Presented below is income statement and dividend information of the Nebraska Corporation for the…
A: Solution:- Preparation of the necessary closing entries at December 31, 2021 as follows:- working…
Q: Ivanhoe Company’s income statement for the year ended December 31, 2020, contained the following…
A: There are 3 segments in the statement of cash flows: Cash flow from operating activities Cash flow…
Q: INCOME STATEMENT, 2019 (Figures in $ millions) Revenue $ 1,985 Cost of goods sold 1,065…
A: Shareholders’ Equity: Shareholders' equity (also known as corporate net worth) is a measure of how…
Q: Presented below is information related to Viel Company at December 31, 2020, the end of its first…
A: a. Particulars Amount Sales revenue $310,000 Less: Cost of goods sold (140,000) Gross…
Q: FINALE INC. operates a service business. Total equity amounted to P5,000,000 at the end of 2020.…
A: Cost of goods sold means the cost incurred on the production of the goods that have been sold by the…
Q: [The following information applies to the questions displayed below.] The following financial…
A: Answer - Cashflow Statement Using Indirect Method - The indirect method for a cash flow statement…
Q: The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:…
A: A single step income statement is a basic financial statement format that lists all expenses…
Q: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020…
A: "Since you have posted multiple questions, we will solve the first question for you. To get the…
Q: Tamarisk Company’s income statement for the year ended December 31, 2020, contained the following…
A: The operating activities section of the cash flow statement represents the inflows and outflows of…
Q: Presented below is information related to Whispering Company at December 31, 2020, the end o Sales…
A: Income from operations: =Sales - Cost of goods sold - Selling & administrative expenses Net…
Q: The following pretax amounts pertain to Company for the year ended December 31, 2020:Sales…
A: Retained earning means amount of profit remain after all the adjustment of expense and various…
Q: The Income Statement for the year ended 31st December, 2020 under the method of Historical Cost…
A: Income statements for year ended 31.12.2020 under historical cost accounting of Sohar LLC is Cost of…
Q: Presented below is information related to 2020 for Sheridan Company. Retained earnings, December 31,…
A:
Q: Gambino Enterprises, Inc. reported the following Items of revenues and éxpenses ended December 31,…
A: Multiple-step income statement is a structure of income statement in which the items are grouped…
Q: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020…
A: Retained earnings:- Retained earnings are defined as the portion of the profits left with the firm…
Q: operating activities section
A: Cash receipts from customers = Opening Accounts receivable + Revenue from fees - Closing Accounts…
Q: 11. Presented below is income statement information of the Schefter Corporation for the year ended…
A: Closing Entries are those entries that are made at the end of the year to close all temporary…
Q: Swish Ltd has the following results for the year ended 31 March 2020.…
A: (a) The trading loss for the year ended 31 March 2020 £ 108,100
Q: The following trial balance of Robertson Co. at December 31, 2020 has been adjusted except for…
A: Lets start with basic understanding of term current asset. Current asset are assets which are…
Q: Presented below is information related to Bramble Company at December 31, 2025, the end of its first…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: he following is a partial trial balance for General Lighting Corporation as of December 31, 2021:…
A: Here in this question, we are required to prepare single step income statement and multiple step…
Q: Krauss Company's income statement for the year ended December 31, 2020, contained the following…
A: Cash receipts from customers.
Q: The net income for the year ended on September 30, 2020 for TC Corporation was $111,000. Additional…
A:
Q: Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows:…
A: Statement of Cash Flows: Statement of Cash Flow is one of the main four financial statements,…
Q: Ali Co., a publicly traded company, has prepared its income statement for the year ending December…
A:
Q: On December 31, 2018, the company posted an eding capital of 30 million. the following yer, the…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Flint Company’s income statement for the year ended December 31, 2020, contained the following…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest…
A: Introduction: The balance sheet, also known as the statement of financial position, is the third…
Q: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020…
A: Solution: Based on the data above, prior period adjustment (related to 2019 depreciation expense)…
Q: Gutierrez Company reported net income of $191,900 for 2020. Gutierrez also reported depreciation…
A: Introduction: Statement of cash flows: All cash in and out flows are shown in statement of cash…
Q: Cardigan Corporation's results for the year ended December 31, 2022, include the following material…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Q: Inits income statement for the year ended December 31, 2020, Pina Company reported the following…
A: Income statement forms a part of financial statement of an entity and is prepared with a view to…
Q: Tamarisk Co. reports the following information for 2020: sales revenue $769,400, cost of goods sold…
A: Stockholder's Equity This is one of the important part in the preparation of final financial…
Q: Corporation XYZ Income Satement For the year that ends in December 31, 2022 Sales $ 660,000 Cost of…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Master Pogi Company's statement of comprehensive income for the year ended December 31, 2021,…
A: The company has provided Statement of Comphensive Income for the year ended 31st December 2021.…
Q: Bang Company reported a Retained Earnings balance of P150,000 on December 31, 2021. The following…
A: Depreciation expense net of tax = Depreciation expense x (1 - tax rate) = 25000 * (1-0.25) = P18,750
Q: Below is the information as at the end of accounting year of December 2020: Details RM Debtors…
A: Cash budget: It is the plan of expected cash receipts and payment during the year. It is used to…
Q: Current Attempt in Progress The comparative statement of financial position for Sunland Corporation…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Step by step
Solved in 4 steps
- Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).Comprehensive: Income Statement and Retained Earnings Milwaukee Manufacturing Company presents the following partial list of account balances, after adjustments, as of December 31, 2019: The following information is also available but is not reflected in the preceding accounts: a. The company sold Division E (a major component of the company) on August 2, 2019. During 2019, Division E had incurred a pretax loss from operations of 16,000. However, because the acquiring company could vertically integrate Division E into its facilities, Milwaukee Manufacturing was able to recognize a 42,000 pretax gain on the sale. b. On January 2, 2019, without warning, a foreign country expropriated a factory of Milwaukee Manufacturing which had been operating in that country. As a result of that expropriation, the company has incurred a pretax loss of 30,000. c. The common stock was outstanding for the entire year. A cash dividend of 1.20 per share was declared and paid in 2019. d. The 2019 income tax expense totals 31,050 and consists of the following: Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for selling expenses and for general and administrative expenses (include depreciation expense where applicable in these schedules). 2. Prepare 2019 multiple-step income statement for Milwaukee Manufacturing. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Milwaukee Manufacturings return on common equity for 2019 if its average shareholders equity during 2019 was 500,000? What is your evaluation of this return on common equity if its target for 2019 was 15%? 5. Next Level Discuss how Milwaukee Manufacturings income statement in Requirement 2 might be different if it used IFRS.Comprehensive: Income Statement and Supporting Schedules The following s a partial list of the account balances, after adjustments, of Silvoso Company on December 31, 2019: The following information is also available: 1. The company declared and paid a 0.60 per share cash dividend on its common stock. The stock was outstanding the entire year. 2. A physical count determined that the December 31, 2019, ending inventory is 34,100. 3. A tornado destroyed a warehouse, resulting in a pretax loss of 12,000. The last tornado in this area had occurred 10 years earlier. 4. On May 1, 2019, the company sold an unprofitable division (R). From January through April, Division R (a major component of the company) had incurred a pretax operating loss of 8,700. Division R was sold at a pretax gain of 10,000. 5. The company is subject to a 30% income tax rate. Its income tax expense for 2019 totals 4,230. The breakdown is as follows: 6. The company had average shareholders equity of 150,000 during 2019. Required: 1. As supporting documents for Requirement 2, prepare separate supporting schedules for cost of goods sold, selling expenses, general and administrative expenses, and depreciation expense. 2. Prepare a 2019 multiple-step income statement for Silvoso. Include any related note to the financial statements. 3. Prepare a 2019 retained earnings statement. 4. Next Level What was Silvosos return on common equity for 2019? What is your evaluation of Silvosos return on common equity if last year it was 10%?
- Presented below is information related to Blossom Company at December 31, 2020, the end of its first year of operations. Sales revenue $322,170 Cost of goods sold 138,320 Selling and administrative expenses 51,700 Gain on sale of plant assets 30,260 Unrealized gain on available-for-sale debt investments 9,200 Interest expense 5,820 Loss on discontinued operations 12,220 Dividends declared and paid 4,580 Compute the following: (a) Income from operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Comprehensive income $enter a dollar amount (d) Retained earnings balance at December 31, 2020 $enter a dollar amountPresented below is information related to Whispering Company at December 31, 2020, the end of its first year of operations. Sales revenue $326,200 Cost of goods sold 126,370 Selling and administrative expenses 47,200 Gain on sale of plant assets 31,080 Unrealized gain on available-for-sale debt investments 9,620 Interest expense 6,320 Loss on discontinued operations 11,900 Dividends declared and paid 4,700 Compute the following: (a) Income from operations (b) Net income (c) Comprehensive income %24 (d) Retained earnings balance at December 31, 2020 $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
- The following information is related to Dickinson Company for the year ended December 31, 2020. Retained earnings balance, January 1, 2020 $980,000 25,000,00 Sales revenue 16,000,00 Cost of goods sold Gain on life insurance proceeds 70,00-| Selling, general, and administrative expenses 4,700,000 Write-off of goodwill 820,000 Gain on the sale of investments 110,000 Loss due to write-down of inventory to NRV Loss on the disposition of the wholesale division 390,000 530,000 Income tax rate 30% Dividends declared on common stock 250,000 Dividends declared on preferred stock Common shares outstanding 80,000 500,000 Dickinson Company decided to discontinue and sell its entire wholesale operations. The disposal is considered a discontinued operation. Instructions: Prepare a retained earnings statement.An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 16. What is the income from continuing operations for 2020? a. 4,000,000 b. 3,800,000 c. 2,800,000 d. 2,600,000 17. What net amount of loss should be reported as results of discontinued operations for 2020? a. 1,500,000 b. 1,700,000 c. 1,050,000 d. 1,400,000 18. What is the net income for 2020? a. 2,500,000 b. 1,750,000 c. 1,400,000 d. 1,540,000Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations. Sales revenue $310,000 Cost of goods sold 140,000 Selling and administrative expenses 50,000 Gain on sale of plant assets 30,000 Unrealized gain on available-for-sale debt investments 10,000 Interest expense 6,000 Loss on discontinued operations 12,000 Dividends declared and paid 5,000 Instructions Compute the following: (a) income from operations, (b) net income, (c) comprehensive income, and (d) retained earnings balance at December 31, 2020. (Ignore income tax effects.)
- Presented below is information related to Crane Company at December 31, 2020, the end of its first year of operations. Sales revenue $784,000 Cost of goods sold 374,000 Selling and administrative expenses 144,000 Unusual gain on sale of plant assets 71,000 Unrealized gain on available-for-sale investments 40,000 Interest expense 25,000 Loss on discontinued operations 47,000 Allocation to noncontrolling interest 113,000 Dividends declared and paid 19,000 Compute the following. Ignore income tax effects. (a) Income from operations $ (b) Net income $ (c) Net income attributable to Crane Company’s controlling stockholders $ (d) Comprehensive income $ (e) Retained earnings balance at December 31, 2020 $Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2021 2020 Sales revenue $ 4,450,000 $ 3,550,000 Cost of goods sold 2,870,000 2,010,000 Administrative expense 810,000 685,000 Selling expense 370,000 312,000 Interest revenue 151,000 141,000 Interest expense 202,000 202,000 Loss on sale of assets of discontinued component 52,000 — On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $52,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2021–9/30/2021 2020 Sales revenue $ 410,000 $ 510,000 Cost of goods sold (295,000 ) (326,000 ) Administrative expense (51,000 ) (41,000 )…Presented below is information related to Viel Company at December 31, 2020, the end of its first year of operations. Sales revenue $310,000 Cost of goods sold 140,000 Selling and administrative expenses 50,000 Gain on sale of plant assets 30,000 Unrealized gain on available-for-sale debt securities 10,000 Interest expense 6,000 Loss on discontinued operations 12,000 Allocation to non-controlling interest 40,000 Dividends declared and paid 5,000 Instructions Compute the following: (a) income from operations, (b) net income, (c) net income attributable to Viel Company controlling shareholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 2020. (Ignore income taxes.)