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- On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.Current Attempt in Progress The equity section of Crane SA appears below as of December 31, 2022 Share capital-preference (6%preference shares, R$50 par value, authorized 82,000 shares, outstanding 72,000 shares) Share capital-ordinary (R$1 par, authorized and issued 10,000,000 shares) Share premium-ordinary Retained earnings Net income R$:07,200,000 26,400,000 R$3,600,000 10,000,000 16,400,000 133,600,000 R$163,600,000 Net income for 2022 reflects a total effective tax rate of 20%. Included in the ret income figure is a loss of R$9,600,000 (before tax) as a result of ciscontinued operations. Preference divicends of R$216,000were declared and paid in 2022 Dividends of R$800,000were ceclared and paid to ordinary shareholders in 2022 Compute earnings per share data as it should appear on the income statement of Crane SA. (Round answers to 2 decimal places, eg 148)The Esposito Import Company had 1 million shares of common stock outstanding during 2016. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.6 million. All of these amounts are net of tax. Required: Prepare the 2016 EPS presentation for the Esposito Import Company.
- The Esposito Import Company had 1 million shares of common stock outstanding during 2018. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.6 million. All of these amounts are net of tax.Required:Prepare the 2018 EPS presentation for the Esposito Import Company.The income statement of Laguna Company for the years ended December 31, 2018 showed net income of P15,000,000. The net income reflects an income tax rate of 30%. the net income included a casually loss of P5,000,000 before income tax. no dividends on preference shares were declared or paid during the year. the entity reported the following shareholders' equity on December 31, 2018:preference share capital, 10% noncumulative, P50 par value, 100 000 shares P5 000 000ordinary share capital, P100 par value P30 000 000share premium P10 000 000retained earnings P18 000 000treasury ordinary shares, 50 000 at cost P4 000 000what amount should be reportedas basic earnings per share?a.58.00b.60.00c. 73.60d. 48.33ARROCERA EL REY S.A. ARROREY ended 2021 with a net profit before taxes of $218,000. The company is subject to a 35% tax rate and must pay $32,000 in preferred stock dividends before distributing any earnings on the 85,000 shares of common stock currently outstanding. a. Calculate ARROCERA EL REY S.A. ARROREY 2021 earnings per share (EPS). b. If the firm paid common stock dividends of $0.80 per share, how many dollars would go to retained earnings?
- Fisafolia Corporation has gross income from operations of $426,600 and operating expenses of $362,610 for 2020. The corporation also has $42,660 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent. Below is the Dividends Received Deduction table to use for this problem. Percent Ownership 2020 DividendsReceived Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2020.Concord Corporation had net sales of $2,429,400 and interest revenue of $34,300 during 2025. Expenses for 2025 were cost of goods sold $1,454,500, administrative expenses $214,500, selling expenses $299,000, and interest expense $48,800. Concord's tax rate is 30%. The corporation had 109,600 shares of common stock authorized and 62,566 shares issued and outstanding during 2025. Prepare a condensed multiple-step income statement for Concord Corporation (Round earnings per share to 2 decimal places, e.g. 1.48.) CONCORD CORPORATION Income Statement $ $The following information relates to the operations of Branded Ltd. The net profit after tax was $1,000,000. The company distributed ordinary dividends of $600,000 to its shareholders. Over the year, weighted average number of ordinary shares were 2,000,000. Ordinary shares are currently selling for $8.00 per share. What is the earning per share for the company? 0.20. 0.33. 0.40. 0.50.
- The following information relates to Perry Corporation for the year ended 2009 December 31: Common stock outstanding 75,000 shares Income from continuing operations $1,523,200 Loss on discontinued operations (net of tax) 240,000 Extraordinary gain (net of tax) 144,000 Calculate EPS for the year ended 2009 December 31. Present the information in the same format used in the corporation’s income statement.17. Following data were taken from the records of Bassam Company for year 2020: Sales Revenues:$1,000,000; Rent revenues $6,000; Cost of Goods Sold $560,000, Selling expenses $70,000; Administrative and General Expenses $90,000; Interest expenses 20,000; Preference Shares Dividends declared and paid $60,000; Ordinary Shares Dividends declared and paid $80,000; tax rate 25%; No. of common shares outstanding 200,000 shares. Calculate Earnings per share (round answer to the nearest cent)?Fisafolia Corporation has gross income from operations of $426,600 and operating expenses of $362,610 for 2020. The corporation also has $42,660 in dividends from publicly-traded domestic corporations which the ownership percentage was 45 percent. Below is the Dividends Received Deduction table to use for this problem. 2020 Dividends Percent Ownership Received Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% If require, round final answers to the nearest dollar. a. Calculate the corporation's dividends received deduction for 2020. b. Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $319,950. Calculate the corporation's dividends received deduction for 2020. c. Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2020.