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In: Accounting
The following are partial income statement account balances taken from the December 31, 2016, year-end trial...
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The following are partial income statement account balances taken from the December 31, 2016, year-end trial balance of White and Sons, Inc.: restructuring costs, $420,000; interest revenue, $52,000; before-tax loss on discontinued operations, $520,000; and loss on sale of investments, $62,000. Income tax expense has not yet been recorded. The income tax rate is 40%. |
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Prepare the lower portion of the 2016 income statement beginning with $910,000 income from continuing operations before income taxes. Include appropriate basic EPS disclosures. The company had 120,000 shares of common stock outstanding throughout the year. (Amounts to be deducted should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.) |
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Expert Solution
White & Sons, Inc
Partial Income Statement For the Year Ended December 31, 2016
Income before income taxes and extraordinary item $ 9,10,000
Income Tax Expense ($ 3,64,000)
Income before extraordinary item $ 5,46,000
Extraordinary item gain (loss):
Loss on discontinued operations ($520000*60%) ($ 3,12,000)
Net income $ 2,34,000
Earnings per share:
Income before extraordinary item $ 5,46,000
Gain (Loss from earthquake) $ 2,08,000
Net Income $ 3,38,000
Income tax expense = $910000 x 40% = $ 364000
Note: Restructuring costs, interest revenue, and loss on sale of investments are included in income before income taxes and extraordinary item
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Accounts Receivable ......... $42,000
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Income Tax Expense .......... $12,000
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The following account balances were taken from ABC Company’s unadjusted trial balance at December 31, 2020:...
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balance at December 31, 2020:
Accounts Payable ............ $56,000
Accounts Receivable ......... $42,000
Cash ........................ $11,000
Common Stock ................ $63,000
Cost of Goods Sold .......... $52,000
Income Tax Expense .......... $12,000
Insurance Expense ........... $21,000
Inventory ................... $70,000
Land ........................ $68,000
Mortgage Payable ............ $49,000
Patent ...................... $31,000
Prepaid Insurance ........... $17,000
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Accounts Receivable ......... $42,000
Cash ........................ $11,000
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Income Tax Expense .......... $12,000
Insurance Expense ........... $21,000
Inventory ................... $70,000
Land ........................ $68,000
Mortgage Payable ............ $49,000
Patent ...................... $31,000
Prepaid Insurance ........... $17,000
Rental Revenue .............. $46,000
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Interest Income
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Prepaid
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Direct labor
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Income taxes expense
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Indirect labor
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Depreciation expense—Factory
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Miscellaneous production
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Factory supervision
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Office salaries expense
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Factory supplies used
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Raw materials purchases
971,000
Factory utilities
42,000
Rent expense—Office space
21,000
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Direct labor
$
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Income taxes expense
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Depreciation expense—Selling
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10,300
Indirect labor
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Depreciation expense—Factory
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Miscellaneous production
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10,500
Factory supervision
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Office salaries expense
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Factory supplies used
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Raw materials purchases
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Factory utilities
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Income taxes expense
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Depreciation expense—Selling
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Indirect labor
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Miscellaneous production
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11,300
Factory supervision
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Office salaries expense
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Factory supplies used
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Raw materials purchases
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Factory utilities
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Rent expense—Office space
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