Question
In: Accounting
Presented below is an income statement for Kinder Company for the year ended December 31, 2015....
Presented below is an income statement for Kinder Company for the year ended December 31, 2015.
Kinder Company
Income Statement
For the Year Ended December 31, 2015
Net sales $850,000
Costs and expenses:
Cost of goods sold 640,000
Selling, general, and administrative expenses 70,000
Other, net 20,000 730,000
Income before income taxes 120,000
Income taxes 36,000
Net income $ 84,000
Additional information:
1. "Selling, general, and administrative expenses" included a charge of $7,000 for impairment of intangibles.
2. "Other, net" consisted of interest expense, $5,000, and a discontinued operations loss of $15,000 before taxes. If the loss had not occurred, income taxes for 2015 would have been $40,500 instead of $36,000.
3. Kinder had 20,000 ordinary shares outstanding during 2015.
Instructions
Prepare a corrected income statement, including the appropriate per share disclosures.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Presented below is income statement information of the Nebraska Corporation for the year ended December 31,...
Presented below is income statement information of the Nebraska
Corporation for the year ended December 31, 2018.
Sales Revenue
836,000
Cost of goods sold
445,000
Salaries expense
108,000
Insurance expense
38,000
Dividend revenue
4,800
Depreciation expense
36,000
Miscellaneous
30,000
Income tax expense
53,000
Loss on sale of investments
9,800
Rent expense
28,000
Required:
Prepare the necessary closing entries at December 31, 2018. (If
no entry is required for a transaction/event, select "No journal
entry required" in the first account field.)...
Presented below is income statement information of the Schefter Corporation for the year ended December 31,...
Presented below is income statement information of the Schefter
Corporation for the year ended December 31, 2018. Sales revenue $
512,000 Salaries expense 82,800 Interest revenue 6,800 Advertising
expense 11,500 Gain on sale of investments 9,200 Cost of goods sold
281,600 Insurance expense 14,300 Interest expense 3,900 Income tax
expense 41,000 Depreciation expense 24,000 Required: Prepare the
necessary closing entries at December 31, 2018
Presented below are 11 income statement items from Braun Company for the year ended December 31,...
Presented below are 11 income statement items from Braun Company
for the year ended December 31, 2020.
Sales revenue $2,700,000
Cost of goods sold 1,150,000
Interest revenue 15,000
Loss from abandonment of plant assets 45,000
Gain from extinguishment of debt 28,000
Selling expenses 290,000
Administrative expenses 190,000
Effect of change in estimated useful lives of fixed assets
(included in administrative expenses) 35,000
Loss from earthquake 30,000
Gain on disposal of discontinued operation 50,000
Instructions
a. Using the information above, prepare...
Presented below are 11 income statement items from Braun Company for the year ended December 31,...
Presented below are 11 income statement items from Braun Company
for the year ended December 31, 2020.
Sales revenue $2,700,000
Cost of goods sold 1,150,000
Interest revenue 15,000
Loss from abandonment of plant assets 45,000
Gain from extinguishment of debt 28,000
Selling expenses 290,000
Administrative expenses 190,000
Effect of change in estimated useful lives of fixed assets
(included in administrative expenses) 35,000
Loss from earthquake 30,000
Gain on disposal of discontinued operation 50,000
Instructions
b. Compute comprehensive income for Braun...
Pinnacle Manufacturing Company Income Statement For the Year ended December 31 2016 2015 2014 ...
Pinnacle Manufacturing
Company
Income Statement
For the Year ended December 31
2016
2015
2014
Net sales
$150,737,628
$148,586,037
$144,686,413
Cost of goods sold
109,284,780
106,255,499
101,988,165
Gross profit
41,452,848
42,330,538
42,698,248
Operating expenses
37,177,738
38,133,969
37,241,108
Income from
operations
4,275,110
4,196,569
5,457,140
Other revenues and gains
—
—
—
Other expenses and losses
2,181,948
2,299,217
2,397,953
Income before income tax
2,093,162
1,897,352
3,059,187
Income tax
883,437
858,941
1,341,536
Net income for the year
1,209,725
1,038,411...
Financial statements for Kinder Corporation are presented below. KINDER CORPORATION Comparative Balance Sheet December 31  
Financial statements for Kinder Corporation are presented
below.
KINDER CORPORATION
Comparative Balance Sheet
December 31
2015
2014
Assets
Cash...................................................................................................
$
4,000 $
6,000
Accounts receivable
(net)..................................................................
16,000
12,000
Inventory............................................................................................
20,000
18,000
Land...................................................................................................
28,000
8,000
Equipment..........................................................................................
62,000
60,000
Accumulated
depreciation—equipment............................................
(20,000)
(14,000)
Total
assets..................................................................................
$110,000
$90,000
Liabilities and Stockholders' Equity
Accounts
payable..............................................................................
$
10,000
$16,000
Long-term notes
payable...................................................................
34,000
19,000
Common stock ($10 par
value).........................................................
...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 2014 Gross...
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2014 and 2015
2015
2014
Gross sales
$
19,000
$
15,000
Sales returns and allowances
1,000
100
Net
sales
$
18,000
$
14,900
Cost
of merchandise (goods) sold
12,000
9,000
Gross profit
$
6,000
$
5,900
Operating expenses:
Depreciation
$
700
$
600
Selling and administrative
2,200
2,000
Research
550
500
Miscellaneous
360
300
Total operating
expenses
$
3,810
$...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 2014 Gross...
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2014 and 2015
2015
2014
Gross sales
$
19,000
$
15,000
Sales returns and allowances
1,000
100
Net
sales
$
18,000
$
14,900
Cost
of merchandise (goods) sold
12,000
9,000
Gross profit
$
6,000
$
5,900
Operating expenses:
Depreciation
$
700
$
600
Selling and administrative
2,200
2,000
Research
550
500
Miscellaneous
360
300
Total operating
expenses
$
3,810
$...
The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is presented below
The statement of cash flows for the year ended December 31, 2021, for Bronco Metals is presented below.
Required:Prepare the statement of cash flows assuming that Bronco prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements.
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Maris CorporationIncome StatementYear Ended December 31, 20XX Sales$3,800,000 Cost of goods sold2,250,000 Gross profits1,550,000 Selling and administrative expense540,000 Amortization expense200,000 Operating income810,000 Interest expense43,000 Earnings before taxes767,000 Taxes440,000 Earnings after taxes327,000 Preferred stock dividends30,000 Earnings available to common shareholders$297,000 Shares outstanding198,000 Earnings per share$1.50 Statement of...
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