Question

In: Accounting

Haliteck Corporation is based in Halifax. At the end of 20X4, the company’s accounting records show...

Haliteck Corporation is based in Halifax. At the end of 20X4, the company’s accounting records show the following items: A $108,000 loss from hurricane damage. Total sales revenue of $2,800,000, including $420,000 in the Decolite division, for which the company has a formal plan of sale. Interest expense on long-term debt of $69,000. Increase in fair value of marketable securities of $59,000. Operating expenses of $2,140,000, including depreciation and amortization of $520,000. Of the total expenses, $418,000 (including $79,000 in depreciation and amortization) was incurred in the Decolite division. Haliteck Corporation wrote down tangible capital assets by $33,000 during the year in order to reduce the Decolite division’s assets to their estimated recoverable amount. Haliteck has long-term debt denominated in U.S. dollars. Due to the weakening of the U.S. dollar during 20X4, the company has an unrealized gain of $21,000. Haliteck has a subsidiary in France. The euro strengthened during the year, with the result that Norse had an unrealized gain of $15,000 on its net investment in the subsidiary. Haliteck’s income tax expense for 20X4 is $75,000. This amount is net of a tax recovery of $24,000 on the Decolite division and a $29,000 tax benefit from hurricane damage. The company had 40,000 common shares outstanding at the beginning of the year; an additional 9,000 were issued on March 31. Required: Prepare a continuous SCI. (Round your "Earnings per share" answers to 2 decimal places.) Next

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Haliteck Corporation is based in Halifax. At the end of 20X4, the company’s accounting records show...
Haliteck Corporation is based in Halifax. At the end of 20X4, the company’s accounting records show the following items: a. A $110,000 loss from hurricane damage. b. Total sales revenue of $2,850,000, including $425,000 in the Decolite division, for which the company has a formal plan of sale. c. Interest expense on long-term debt of $70,000. d. Increase in fair value of marketable securities of $60,000. e. Operating expenses of $2,150,000, including depreciation and amortization of $525,000. Of the total...
Khalil manufactures widgets. At the end of June 2014 an extract from the accounting records show...
Khalil manufactures widgets. At the end of June 2014 an extract from the accounting records show the following: Work in process inventory July 1, 2013    $ 47,000 Direct materials inventory July 1, 2013    $ 2,000 Electricity for plant    $ 7,000 Customer enquiry centre wages    $ 10,000 Plant cleaning services    $ 3,000 Direct labour    $ 34,000 Sales commission $ 8,000 Direct materials purchased $ 29,000 Depreciation expense (Plant Equipment) $ 9,000 Bad debts expense $ 4,000 Work...
The accounting records of Swifty Corporation show the following data. Beginning inventory 4,000 units at $6...
The accounting records of Swifty Corporation show the following data. Beginning inventory 4,000 units at $6 Purchases 8,500 units at $8 Sales 10,700 units at $11 1) Average unit cost. 2) FIFO 3)LIFO 4) Average cost
Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board...
Brookdale Hospital hired an inexperienced controller early in 20X4. Near the end of 20X4, the board of directors decided to conduct a major fund-raising campaign. They wished to have the December 31, 20X4, statement of financial position for Brookdale fully conform with current generally accepted principles for hospitals. The trial balance prepared by the controller at December 31, 20X4, follows: Cash $ 101,000 Investment in Short-Term Marketable Securities 201,600 Investment in Long-Term Marketable Securities 301,400 Interest Receivable 16,400 Accounts Receivable...
A company’s financial records report the following accounts and balances at the end of the year:...
A company’s financial records report the following accounts and balances at the end of the year: Accounts payable $ 4,000 Accounts receivable    4,700 Cash 14,100 Common stock      5,600 Dividends      2,200 Interest expense 18,500 Notes payable     5,200 Prepaid insurance     2,700 Retained insurance     2,400 Service revenue 25,000 What would the company show as its total credits on its trial balance? a) $39,800 b) $43,400 c) $36,600 d) $42,200 e) $44,400
Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock in 20X1. During 20X4,...
Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock in 20X1. During 20X4, Planet purchased 57,000 Playday doghouses for $20 each and sold 42,000 of them to Saturn for $25 each. Saturn sold 35,000 of the doghouses to retail establishments prior to December 31, 20X4, for $40 each. Both companies use perpetual inventory systems. Required: a. Prepare all journal entries Planet recorded for the purchase of inventory and resale to Saturn Company in 20X4. (If no entry...
Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock in 20X1. During 20X4,...
Planet Corporation acquired 90 percent of Saturn Company’s voting shares of stock in 20X1. During 20X4, Planet purchased 40,000 Playday doghouses for $32 each and sold 25,000 of them to Saturn for $40 each. Saturn sold 18,000 of the doghouses to retail establishments prior to December 31, 20X4, for $55 each. Both companies use perpetual inventory systems. a. Prepare all journal entries Planet recorded for the purchase of inventory and resale to Saturn Company in 20X4. (If no entry is...
Nordway Corporation acquired 90 percent of Olman Company’s voting shares of stock in 20X1. During 20X4,...
Nordway Corporation acquired 90 percent of Olman Company’s voting shares of stock in 20X1. During 20X4, Nordway purchased 51,000 Playday doghouses for $32 each and sold 36,000 of them to Olman for $40 each. Olman sold 29,000 of the doghouses to retail establishments prior to December 31, 20X4, for $55 each. Both companies use perpetual inventory systems. a.Prepare all journal entries Nordway recorded for the purchase of inventory and resale to Olman Company in 20X4. (If no entry is required...
Nordway Corporation acquired 90 percent of Olman Company’s voting shares of stock in 20X1. During 20X4,...
Nordway Corporation acquired 90 percent of Olman Company’s voting shares of stock in 20X1. During 20X4, Nordway purchased 57,000 Playday doghouses for $26 each and sold 42,000 of them to Olman for $32 each. Olman sold all of the doghouses to retail establishments prior to December 31, 20X4, for $47 each. Both companies use perpetual inventory systems. Required: a.Prepare the journal entries Nordway recorded for the purchase of inventory and resale to Olman Company in 20X4. (If no entry is...
Duke Company’s records show the following account balances at December 31, 2021:
Duke Company’s records show the following account balances at December 31, 2021: Sales revenue ................................................$15,000,000Cost of goods sold ............................................9,000,000General and administrative expense .............1,000,000Selling expense ....................................................500,000Interest expense ..................................................700,000 Income tax expense has not yet been determined. The following events also occurred during 2021. All transactions are material in amount.1. $300,000 in restructuring costs were incurred in connection with plant closings.2. Inventory costing $400,000 was written off as obsolete. Material losses of this type are considered to be unusual.3. It was discovered...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT