Question

In: Accounting

The following information is related to Whispering Company for 2020. Retained earnings balance, January 1, 2020$1,078,000...

The following information is related to Whispering Company for 2020.

Retained earnings balance, January 1, 2020$1,078,000

Sales Revenue27,500,000

Cost of goods sold17,600,000

Interest revenue77,000

Selling and administrative expenses5,170,000

Write-off of goodwill902,000

Income taxes for 2020 1,368,400

Gain on the sale of investments121,000

Loss due to flood damage429,000

Loss on the disposition of the wholesale division (net of tax)484,000

Loss on operations of the wholesale division (net of tax)99,000

Dividends declared on common stock275,000

Dividends declared on preferred stock88,000

Whispering Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Whispering sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.

Expert Solution

ekkarill92 answered 2 years ago

The following information is related to Nash Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Nash Company for 2017. Retained earnings balance, January 1, 2017 $983,980 Sales Revenue 26,111,200 Cost of goods sold 16,270,700 Interest revenue 78,300 Selling and administrative expenses 4,791,200 Write-off of goodwill 839,300 Income taxes for 2017 1,430,000 Gain on the sale of investments 112,800 Loss due to flood damage 399,900 Loss on the disposition of the wholesale division (net of tax) 456,100 Loss on operations of the wholesale division (net of tax) 97,110 Dividends declared...

The following information is related to Stellar Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Stellar Company for 2017. Retained earnings balance, January 1, 2017 $993,230 Sales Revenue 26,284,300 Cost of goods sold 16,139,200 Interest revenue 79,400 Selling and administrative expenses 4,749,600 Write-off of goodwill 824,400 Income taxes for 2017 1,303,600 Gain on the sale of investments 119,300 Loss due to flood damage 397,000 Loss on the disposition of the wholesale division (net of tax) 451,900 Loss on operations of the wholesale division (net of tax) 88,730 Dividends declared...

The following information is related to Kingbird Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Kingbird Company for 2017. Retained earnings balance, January 1, 2017 $981,000 Sales Revenue 26,100,000 Cost of goods sold 16,100,000 Interest revenue 71,000 Selling and administrative expenses 4,710,000 Write-off of goodwill 821,000 Income taxes for 2017 1,254,000 Gain on the sale of investments 111,000 Loss due to flood damage 391,000 Loss on the disposition of the wholesale division (net of tax) 441,000 Loss on operations of the wholesale division (net of tax) 91,000 Dividends declared...

The following information is related to Pronghorn Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Pronghorn Company for 2017. Retained earnings balance, January 1, 2017 $985,470 Sales Revenue 26,100,500 Cost of goods sold 16,248,000 Interest revenue 76,300 Selling and administrative expenses 4,796,300 Write-off of goodwill 839,700 Income taxes for 2017 1,349,100 Gain on the sale of investments 115,500 Loss due to flood damage 398,800 Loss on the disposition of the wholesale division (net of tax) 451,200 Loss on operations of the wholesale division (net of tax) 91,620 Dividends declared...

The following information is related to Tamarisk Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Tamarisk Company for 2017. Retained earnings balance, January 1, 2017 $997,920 Sales Revenue 26,276,500 Cost of goods sold 16,204,700 Interest revenue 80,500 Selling and administrative expenses 4,747,500 Write-off of goodwill 826,300 Income taxes for 2017 1,345,000 Gain on the sale of investments 117,800 Loss due to flood damage 391,000 Loss on the disposition of the wholesale division (net of tax) 446,800 Loss on operations of the wholesale division (net of tax) 86,050 Dividends declared...

The following information is related to Sandhill Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Sandhill Company for 2017. Retained earnings balance, January 1, 2017 $984,980 Sales Revenue 26,208,100 Cost of goods sold 16,176,000 Interest revenue 80,400 Selling and administrative expenses 4,730,800 Write-off of goodwill 822,700 Income taxes for 2017 1,410,700 Gain on the sale of investments 118,000 Loss due to flood damage 398,500 Loss on the disposition of the wholesale division (net of tax) 443,800 Loss on operations of the wholesale division (net of tax) 93,420 Dividends declared...

The following information is related to Buffalo Company for 2017. Retained earnings balance, January 1, 2017...

The following information is related to Buffalo Company for 2017. Retained earnings balance, January 1, 2017 $997,830 Sales Revenue 26,123,300 Cost of goods sold 16,214,400 Interest revenue 78,400 Selling and administrative expenses 4,737,300 Write-off of goodwill 827,800 Income taxes for 2017 1,287,700 Gain on the sale of investments 113,900 Loss due to flood damage 397,600 Loss on the disposition of the wholesale division (net of tax) 457,400 Loss on operations of the wholesale division (net of tax) 96,820 Dividends declared...

Problem 4-1 The following information is related to Flint Company for 2017. Retained earnings balance, January...

Problem 4-1 The following information is related to Flint Company for 2017. Retained earnings balance, January 1, 2017 $989,040 Sales Revenue 26,170,900 Cost of goods sold 16,226,200 Interest revenue 77,000 Selling and administrative expenses 4,772,600 Write-off of goodwill 829,100 Income taxes for 2017 1,349,000 Gain on the sale of investments 117,100 Loss due to flood damage 392,900 Loss on the disposition of the wholesale division (net of tax) 455,300 Loss on operations of the wholesale division (net of tax) 93,560...

P4-1 (Multiple-Step Income, Retained Earnings) The following information is related to Dickinson Company for 2014.Retained earnings...

P4-1 (Multiple-Step Income, Retained Earnings) The following information is related to Dickinson Company for 2014.Retained earnings balance, January 1, 2014 $ 980,000Sales revenue 25,000,000Cost of goods sold 16,000,000Interest revenue 70,000Selling and administrative expenses 4,700,000Write-off of goodwill 820,000Income taxes for 2014 1,244,000Gain on the sale of investments (normal recurring) 110,000Loss due to fl ood damage—extraordinary item (net of tax) 390,00Loss on the disposition of the wholesale division (net of tax) 440,000Loss on operations of the wholesale division (net of tax) 90,000...

P4.1B: Karlin Company Information for 2020. Retained earnings , January 1, 2020 2,250,000 Sales revenue 53,000,000...

P4.1B: Karlin Company Information for 2020. Retained earnings , January 1, 2020 2,250,000 Sales revenue 53,000,000 Cost of goods sold 33,000,000 Interest revenue 120,000 Selling and administrative expenses 8,900,000 Write-off of goodwill 2,100,000 Income taxes for 2020 3,650,000 Loss on the sale of investments 53,000 Loss due to hurricane damage 1,100,000 Gain on the disposition of the retail division (net of tax) 23,000 Loss on operations of the retail division (net of tax) 231,000 Dividends declared on common stock 350,000...