Prepare, in good form, a comparative income statement, beginning with income from operations, for Sandhill Corporation for the fiscal years ended May 31, 2020, and May 31.2021. This statement will be included in Sandhill's annual report and should display the appropriate earnings per share presentations. (Round earnings per share to 2 decimal places, eg $1.55.)
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.Waterway Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,746,000 and income from operations for the fiscal year ended May 31, 2021, was $2,459,000. In both years, the company incurred a 10% interest expense on $2,370,000 of debt, an obligation that requires interest-only payments for 5 years. The company experienced a loss from discontinued operations of $591,000 on February 2021. The company uses a 20% effective tax rate for income taxes. The capital structure of Waterway Corporation on June 1, 2019, consisted of 976,000 shares of common stock outstanding and 19,700 shares of $50 par value, 6%, cumulative preferred stock. There were no preferred dividends in arrears, and the company had not issued any convertible securities, options, or warrants. On October 1, 2019, Waterway sold an additional 510,000…
- Wildhorse Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Wildhorse's fiscal year ends May 31. The following information is available. 1. 2. 3. 4. 5. 6. 7. 1. Income from operations before income tax for Wildhorse was $1,500,000 and $1,900,000, respectively, for the fiscal years ended May 31, 2021, and 2020. 2. Wildhorse experienced a loss from discontinued operations of $600,000 from a business segment disposed of on March 3, 2021. A 20% combined income tax rate applies to all of Wildhorse Corporation's profits, gains, and losses. Wildhorse's capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Wildhorse issued 136,000 of $10 par value, 5% cumulative preferred shares in 2013. All of these shares are outstanding, and no preferred dividends are in arrears. Determine the…ABC Company is preparing its December 31, 2019 financial statements. The financial statements are authorized for issue on March 31, 2020. Income before 25% income tax but after consideration of these items amounted to P 5.4M. The following occurred: March 15, 2020 - dividend of 3M was declared and a contractual profit share payment of 90OT was made, based on the profit for the year ended 12/31/2019. February 1, 2020 - customer settled to the entity its due amounting to P 550,000 for the past 5 months. Allowance worth P 60T was made against this account in the financial statements. March 20, 2020 - manufacturing plant was partially destroyed by fire last December 20, 2019. Estimate of a professional regarding the damage was received on the given date which amounted to P 950T. What total before- tax amount should be recognized in profit or loss for 2019 to reflect adjusting events after the reporting period? some other amount 1,670,000 1,750,000 1,790,000The entity has collected P20,000 interest during 2020. While P3,700 is recorded in interest receivable on its December 31, 2020 statement of financial position and P10,000 on December 31, 2019. The interest revenue to be reported in the Company’s statement of comprehensive income for 2020 is?
- Agassi Corporation is preparing the comparative financial statements to be included in the annual report to shareholders. Agassi employs a fiscal year ending May 31. Income before income tax for Agassi was P1,400,000 and P660,000 respectively for fiscal year ended May 31, 2019 and 2018. Agassi experienced a loss from discontinued operations of P400,000 in March2018. A 40% combined income tax rate pertains to any and all of Agassi Corporation’s profits, gains, and losses. Agassi’s capital structure consists of preference shares and ordinary shares. The company has not issued any convertible securities or warrants and there are no outstanding share options. Agassi issued 40,000 shares of P100 par value, 6% cumulative preference shares in 2018. All of these shares are outstanding, and no preference dividends are in arrears. There were 1,000,000 shares of P1 par ordinary shares outstanding on June 1, 2017. On September 1, 2017, Agassi sold an additional 400,000 ordinary shares at P17 per…Monty Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Monty employs a fiscal year ending May 31.Income from operations before income taxes for Monty was $1,320,000 and $706,000, respectively, for fiscal years ended May 31, 2021 and 2020. Monty experienced a loss from discontinued operations of $438,000 on March 3, 2021. A 20% combined income tax rate pertains to any and all of Monty Corporation’s profits, gains, and losses.Monty’s capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options.Monty issued 38,100 shares of $100 par value, 6% cumulative preferred stock in 2017. All of this stock is outstanding, and no preferred dividends are in arrears.There were 1,092,000 shares of $1 par common stock outstanding on June 1, 2019. On September 1, 2019, Monty sold an additional 405,600 shares of the common stock at…Monty Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Monty employs a fiscal year ending May 31.Income from operations before income taxes for Monty was $1,320,000 and $706,000, respectively, for fiscal years ended May 31, 2021 and 2020. Monty experienced a loss from discontinued operations of $438,000 on March 3, 2021. A 20% combined income tax rate pertains to any and all of Monty Corporation’s profits, gains, and losses.Monty’s capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options.Monty issued 38,100 shares of $100 par value, 6% cumulative preferred stock in 2017. All of this stock is outstanding, and no preferred dividends are in arrears.There were 1,092,000 shares of $1 par common stock outstanding on June 1, 2019. On September 1, 2019, Monty sold an additional 405,600 shares of the common stock at…
- Christina Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Christina employs a fiscal year ending May 31. Income from operations before income taxes for Christina was $1,400,000 and $660,000, respectively, for fiscal years ended May 31, 2021 and 2020. Christina experienced a loss from discontinued operations of $400,000 on March 3, 2021. A 20% combined income tax rate pertains to any and all of Christina Corporation's profits, gains, and losses. Christina's capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Christina issued 40,000 shares of $100 par value, 6% cumulative preferred stock in 2017. All of this stock is outstanding, and no preferred dividends are in arrears. There were 1,000,000 shares of $1 par common stock outstanding on June 1, 2019. On September 1, 2019, Christina sold an additional…The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS Cost of goods sold Depreciation expense, building Gain on exchange Gain on sale of assets from discontinued operations Insurance expense Interest expense Interest income Loss on sale of trading investment 140,000 23,000 a) Prepare a multi-step income statement in good form. Please make sure your final anewarts) are accurate to 2 decimal places Dylex Corporation For the Year Ended December 31, 200 125,000 100,000 54,000 52,000 X 58,000 135,000 Operating loss of discontinued operation to disposal date 100,000 Salaries expense 160.000 Sales ** 900,000 REQUIRED DISCLOSURES b) Calculate basic eamings per share (EPS) from continuing operations. Please make sure your final…Upright Company reported a retained earnings balance of P4,000,000 on January 1 ,2021. In August 2021, the entity determined that insurance premiums of P600,000 for the three-year period beginning January 1, 2020, had been paid and fully expensed in 2020. The income tax rate is 30%. What amount should be reported as corrected retained earnings on January 1, 2021? a. 4,200,000 b. 4,280,000 c. 4,400,000 d. 4,420,000