The following information was taken from the records of Skysong
Inc. for the year 2017: Income tax applicable to income from
continuing operations $174,148; income tax applicable to loss on
discontinued operations $28,322, and unrealized holding gain on
available-for-sale securities (net of tax) $18,000.
| Gain on sale of equipment | $98,100 | Cash dividends declared | $160,700 | |||
| Loss on discontinued operations | 83,300 | Retained earnings January 1, 2017 | 625,400 | |||
| Administrative expenses | 246,100 | Cost of goods sold | 879,200 | |||
| Rent revenue | 44,500 | Selling expenses | 289,400 | |||
| Loss on write-down of inventory | 65,700 | Sales Revenue | 1,850,000 |
Shares outstanding during 2017 were 105,300.
Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)
In: Accounting
| The following is a partial trial balance for the Green Star Corporation as of December 31, 2016: |
| Account Title | Debits | Credits |
| Sales revenue | 1,300,000 | |
| Interest revenue | 33,000 | |
| Gain on sale of investments | 53,000 | |
| Cost of goods sold | 720,000 | |
| Selling expenses | 175,000 | |
| General and administrative expenses | 78,000 | |
| Interest expense | 43,000 | |
| Income tax expense | 133,000 | |
| 150,000 shares of common stock were outstanding throughout 2016. |
| Required: | |
| 1. |
Prepare a single-step income statement for 2016, including EPS disclosures. (Round EPS answer to 2 decimal places.) |
| 2. |
Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.) |
In: Accounting
| The following is a partial trial balance for the Green Star Corporation as of December 31, 2016: |
| Account Title | Debits | Credits |
| Sales revenue | 1,300,000 | |
| Interest revenue | 33,000 | |
| Gain on sale of investments | 53,000 | |
| Cost of goods sold | 720,000 | |
| Selling expenses | 175,000 | |
| General and administrative expenses | 78,000 | |
| Interest expense | 43,000 | |
| Income tax expense | 133,000 | |
| 150,000 shares of common stock were outstanding throughout 2016. |
| Required: | |
| 1. |
Prepare a single-step income statement for 2016, including EPS disclosures. (Round EPS answer to 2 decimal places.) |
| 2. |
Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.) |
In: Accounting
The following is a partial trial balance for the Green Star Corporation as of December 31, 2016: Account Title Debits Credits Sales revenue 1,900,000 Interest revenue 45,000 Gain on sale of investments 65,000 Cost of goods sold 840,000 Selling expenses 235,000 General and administrative expenses 90,000 Interest expense 55,000 Income tax expense 145,000 150,000 shares of common stock were outstanding throughout 2016. Required: 1. Prepare a single-step income statement for 2016, including EPS disclosures. (Round EPS answer to 2 decimal places.)
| 2. |
Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2 decimal places.) |
rev: 02_25_2015_QC_CS-7596
In: Accounting
In: Accounting
The following incorrect income statement was prepared
by the accountant of the Axel Corporation:
| AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 |
|||||
| Revenues and gains: | |||||
| Sales revenue | $ | 760,000 | |||
| Interest revenue | 49,000 | ||||
| Gain on sale of investments | 96,000 | ||||
| Total revenues and gains | 905,000 | ||||
| Expenses and losses: | |||||
| Cost of goods sold | $ | 410,000 | |||
| Selling expense | 76,000 | ||||
| Administrative expense | 96,000 | ||||
| Interest expense | 33,000 | ||||
| Restructuring costs | 72,000 | ||||
| Income tax expense | 54,500 | ||||
| Total expenses and losses | 741,500 | ||||
| Net Income | $ | 163,500 | |||
| Earnings per share | $ | 1.64 | |||
Required:
Prepare a multiple-step income statement for 2021 applying
generally accepted accounting principles. The income tax rate is
25%. (Amounts to be deducted should be indicated with a
minus sign. Round EPS answer to 2 decimal places.)
In: Accounting
Cash $156,500 Accounts Recieveable 116,650 Allowance for Doubtful Accounts $51,250 Supplies 2,950 Prepaid Insurance 1,700 Building 260,000 Equipment 125,000 Land 111,500 Accumulated Depreciation 167,000 Investment in Bonds held to Maturity 24,000 Accounts Payable 5,650 Current Maturity of Note Payable 3,000 Note Payable 170,000 Unearned Revenue 12,000 Interest Payable 1,500 Salaries Payable 1,950 Common stock 49,100 Retained earnings 100,000 Service Revenue 488,700 Advertising Expense 6,000 Depreciation Expense 55,600 Insurance Expense 15,800 Interest Expense 1,800 Rent Expense 6,700 Salaries Expense 155,000 Supplies Expense 2,200 Travel Expense 550 Utilities Expense 6,200 Loss on Sale of Equipment 2,000 Total $1,050,150 $1,050,150 create a classified balance sheet
In: Accounting
Required information
[The following information applies to the questions
displayed below.]
In 2018, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,204,000 | $ | 3,192,000 | $ | 2,424,400 | |||
| Estimated costs to complete as of year-end | 5,396,000 | 2,204,000 | 0 | ||||||
| Billings during the year | 2,140,000 | 3,256,000 | 4,604,000 | ||||||
| Cash collections during the year | 1,870,000 | 3,200,000 | 4,930,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)
In: Accounting
One year ago your company purchased a machine for $110,000. You have learned that the new, much better machine is available for $150,000. In will be depreciated on a straight line basis and has no salvage value. You expect the machine to produce $60,000 per year in revenue and cost $20,000 per year to operate for the next ten years. The current machine is expected to produce $40,000 per year in revenue and also costs $20,000 per year to operate. The current machine’s depreciation expense is $10,000 per for the next 10 years, after which it will be discarded. It will have no salvage value. The market value of the current machine today is $50,000. Your company’s tax rate is 45% and the opportunity cost of capital is 10%. Should your company replace its year-old machine
In: Finance
Question 5.
Use the following total-product schedule for a resource to answer
the next three questions.
Assume that the quantities of other resources the firm employs
remain constant.
Units of
resource
Total
product
1 12
2 21
3 27
4 32
5 36
a. If the firm’s product sells for a constant $2 per unit, what is
the marginal revenue
product of the third unit of the resource?
b. If the firm’s product sells for a constant $2 per unit and the
price of this resource is $8,
how many units of the resource will the firm employ?
c. If the firm can sell 12 units of output at a price of $1.00 per
unit and 21 units of output
at a price of $0.80 per unit, what is the marginal revenue product
of the second unit
of the resource?
In: Economics