Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 10, Problem 51PB
1.
To determine
Prepare the income statement for the year ended December 31, 2012.
2.
To determine
Calculate the earnings per share of the company.
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The following information is related to Nash Company for 2020.
Retained earnings balance, January 1, 2020
$901,600
Sales Revenue
23,000,000
Cost of goods sold
14,720,000
Interest revenue
64,400
Selling and administrative expenses
4,324,000
Write-off of goodwill
754,400
Income taxes for 2020
1,144,480
Gain on the sale of investments
101,200
Loss due to flood damage
358,800
Loss on the disposition of the wholesale division (net of tax)
404,800
Loss on operations of the wholesale division (net of tax)
82,800
Dividends declared on common stock
230,000
Dividends declared on preferred stock
73,600
Nash Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Nash sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
(a1)
New attempt is in…
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2011 ($ in 000s):
Net sales $18,000 Cost of goods sold $10,500
Interest income 200 Selling and administrative expenses 2,500
Interest expense 350 Restructuring costs 800
Extraordinary gain 3,000
In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2011. Income tax expense has not yet been accrued. The income tax rate is 30% on all items of income (loss).
Required:
Prepare a multiple-step income statement for 2011,
Accounting
Carey Corporation gathered the following information for the
fiscal year ended December 31, 2001:
Sales $1,500,000
Extraordinary fire 240,000
Selling and administrative expenses 160,000
Cost of goods sold 800,000
Loss on sale of equipment 40,000
Carey Corporation is subject to a 30% income tax rate.
Chapter 10 Solutions
Financial Accounting
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