31,000 17,000 Net sales $ Cost of goods sold $ Selling and administrative Interest income 330 expenses Interest expense 610 Restructuring costs 3,800 2,100 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component's assets of $4.6 million. 600,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss). Required: Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)

31,000 17,000 Net sales $ Cost of goods sold $ Selling and administrative Interest income 330 expenses Interest expense 610 Restructuring costs 3,800 2,100 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component's assets of $4.6 million. 600,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40% on all items of income (loss). Required: Prepare a multiple-step income statement for 2016, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ces Rembrandt Paint Company had the following income statement items for the year ended December 31, 2024 ($ in thousands): Cost of goods sold Sales revenue Interest revenue Interest expense 380 Selling and administrative expense 580 Restructuring costs $ 17,500 3,900 2,200 $ 32,000 In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $3 million and a gain on disposal of the component's assets of $4.8 million. There were 700,000 shares of common stock outstanding throughout 2024. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2024, including EPS disclosures. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places. REMBRANDT PAINT COMPANY Income Statement For the Year Ended December 31, 2024 ($…
A company recorded the following expenses at the end of the current year: Decrease in inventory P300,000Transportation out 40,000Depreciation 170,000Purchases 800,000Finance cost 20,000Salaries 130,000Freight in 30,000Purchase discount 140,000Sales 2,500,000Loss on sale of equipment 10,000Gain on sale of investment 30,000 14. What amount should be reported as cost of goods sold of the company?a. P690,000b. P990,000c. P390,000d. P970,000 15. What amount should be reported as income by the company?a. P1,170,000b. P1,190,000c. P1,770,000d. P1,470,000
8. The following information is related to Diego Company for the year 2025. Cost of goods sold $260,000 Operating expenses Other revenues and gains 5,600 Net sales Unrealized gain on available-for-sale securities Gain on disposal of plastics division related to discontinued operations 15,000 Other expenses and losses. Loss on plastics division operations related to discontinued operations 130,000 440,000 9,600 $ 60,000 50,000 Prepare a multiple-step income statement and a comprehensive income statement for Diego Company (the two statement approach). The income tax rate is 30%, and the weighted-average number of common shares outstanding is 10,000.
The following information is related to Dickinson Company for 2020. Retained earnings balance, January 1, 2020 $ 980,000 Sales revenue 25,000,000 Cost of goods sold 16,000,000 Interest revenue 70,000 Selling and administrative expenses 4,700,000 Write-off of goodwill 820,000 Income taxes for 2020 1,244,000 Gain on the sale of investments 110,000 Loss due to flood damage 390,000 Loss on the disposition of the wholesale division (net of tax) 440,000 Loss on operations of the wholesale division (net of tax) 90,000 Dividends declared on common stock 250,000 Dividends declared on preferred stock 80,000 Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement…
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,
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The following information is related to Dickinson Company for the year ended December 31, 2020. Retained earnings balance, January 1, 2020 $980,000 25,000,00 Sales revenue 16,000,00 Cost of goods sold Gain on life insurance proceeds 70,00-| Selling, general, and administrative expenses 4,700,000 Write-off of goodwill 820,000 Gain on the sale of investments 110,000 Loss due to write-down of inventory to NRV Loss on the disposition of the wholesale division 390,000 530,000 Income tax rate 30% Dividends declared on common stock 250,000 Dividends declared on preferred stock Common shares outstanding 80,000 500,000 Dickinson Company decided to discontinue and sell its entire wholesale operations. The disposal is considered a discontinued operation. Instructions: Prepare a retained earnings statement.
KGOTSO CO INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 P'000 P'000 Sales 720 Raw materials consumed Staff costs 70 94 Depreciation Loss on disposal of non-current asset 118 18 300 420 Operating profit Interest payable 28 392 Profit before tax Тахation 124 268 Profit for the year KGOTSO CO STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 2021 P'000 P'000 Non-current assets Cost 1,596 (318) 1.278 1,560 (224) 1.336 Depreciation Current assets Inventory Trade receivables 24 76 20 58 Bank 48 148 1.426 56 134 1.470 Total assets Equity and liabilities Equity Share capital Share premium Retained carnings 360 340 36 24 716 1,112 514 878 Non-current liabilities Long-term loans Current liabilities 200 500 Trade payables Тахation 12 6. 102 114 1426 Total equity and liabilities 1470 Additional information: i. Dividends paid were P66,000. ii. During the year, the company paid P90,000 for a new piece of machinery. Required: Prepare the statement of cash flows for Kgotso Co for the year…
The following information is related to Sheridan Company for 2020. Retained earnings balance, January 1, 2020 $999,600 Sales Revenue 25,500,000 Cost of goods sold 16,320,000 Interest revenue 71,400 Selling and administrative expenses 4,794,000 Write-off of goodwill 836,400 Income taxes for 2020 1,268,880 Gain on the sale of investments 112,200 Loss due to flood damage 397,800 Loss on the disposition of the wholesale division (net of tax) 448,800 Loss on operations of the wholesale division (net of tax) 91,800 Dividends declared on common stock 255,000 Dividends declared on preferred stock 81,600 Sheridan Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Sheridan sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. (a1) Prepare a…
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): $ 18,000 Cost of goods sold Sales revenue Interest revenue 100 300 Selling and administrative expense Restructuring costs $ 10,500 2,500 800 Interest expense 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 2021. Income tax expense has not yet been recorded. The income tax rate is 25% on all items of income (loss). Required: Prepare a multiple-step income statement for 2021, including EPS disclosures. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands except earnings per share. Round EPS answers to 2 decimal places.)
15. The Lucio Corporation presented the following balances from the historical peso income statement for the year ended December 31, 2018: Sales P350,000 Cost of goods sold Depreciation - building Depreciation - equipment All other expenses Other information include: 218,000 34,000 23,000 48,000 • Merchandise available for sale came from 2017 inventory of P28,750 and 2018 purchases of P220,000. Building costing P850,000 was acquired at the end of 2015. Equipment totalled P115,000, of which P85,000 was bought at the end of 2015 and P30,000 was bought at the end of 2017. • The company uses the FIFO method of inventory valuation; average indexes for the year are used in restating inventories. General price indexes at year end are as follows: 2015 - 100 2017 - 106 2016 - 102 2018 - 112 (assume that all changes in the general price level index tool place more or less evenly during the year.) What should Lucio Corporation report as net income for the year ended December 31, 2018 restated for…