5.The following information was taken from the records of Carla Inc. for the year 2022:Income tax rate is 21%.Gain on sale of equipment$61,300Loss on discontinued operations (pretax) 253,000Administrative expenses678,10051,40042,70058,770Interest revenueLoss on write-down of inventoryInterest expensePreferred Stock dividendsRetained earnings January 1, 2017Cost of goods solda.b.Selling expensesSales RevenueCommon shares outstanding during 2022 was 205,000. Don't forget to factor in income taxes.Required:Calculate earnings per share for income from continuing operationsCalculate earnings per share for discontinued operationsCalculate earnings per share for net income$50,000651,9001,394,300571,1003,122,200

Discontinued operations refer to those business divisions that the management decides to close due…

5. The following information was taken from the records of Carla Inc. for the year 2022: Income tax rate is 21%. Gain on sale of equipment $61,300 Loss on discontinued operations (pretax) 253,000 Administrative expenses 678,100 Interest revenue Loss on write-down of inventory Interest expense 51,400 42,700 58,770 Preferred Stock dividends Retained earnings January 1, 2017 Cost of goods sold Selling expenses Sales Revenue Common shares outstanding during 2022 was 205,000. Don't forget to factor in income taxes. Required: a. Calculate earnings per share for income from continuing operations b. Calculate earnings per share for discontinued operations Calculate earnings per share for net income C. $50,000 651,900 1,394,300 571,100 3,122,200

5. The following information was taken from the records of Carla Inc. for the year 2022: Income tax rate is 21%. Gain on sale of equipment $61,300 Loss on discontinued operations (pretax) 253,000 Administrative expenses 678,100 Interest revenue Loss on write-down of inventory Interest expense 51,400 42,700 58,770 Preferred Stock dividends Retained earnings January 1, 2017 Cost of goods sold Selling expenses Sales Revenue Common shares outstanding during 2022 was 205,000. Don't forget to factor in income taxes. Required: a. Calculate earnings per share for income from continuing operations b. Calculate earnings per share for discontinued operations Calculate earnings per share for net income C. $50,000 651,900 1,394,300 571,100 3,122,200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1E

See similar textbooks

Similar questions

Bloom Company had beginning unadjusted retained earnings of 400,000 in the current year. At the beginning of the current year, Bloom changed its inventory method from LIFO to FIFO, and the cumulative effect (net of taxes) of this change was 28,000. In addition, Bloom earned net income of 150,000 and paid dividends of 30,000 in the current year. Prepare Blooms retained earnings statement for the current year.
Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
Presented below is X Corporation's selected data for 2020: Retained earnings January 1 ,2020 Pretax Income Stock dividends declared During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a pretax increase in income by: Cash dividends declared During 2020, the company discovered that the 2019 depreciation expense were overstated by a net of tax amount of Tax rate $6,000,000 2,000,000 330,000 40,000 225.000 70.000 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had O Decreased retained earnings by $40.000 Increased retained earnings by $40000 O Increased retained earnings by $28,000 O None of the above
K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
HELP ME
Use the following to answer the four questions below: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a net of tax 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of 10,000 Tax rate 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had
The financial data of Mammoth corporation for the year ended 31st December,2020 is as followsParticulars Variable expense as percentage of sales 66.67Interest Expense ($) 200DOL 5DFL 3Income tax rate 0.35Requirement:a) Prepare income statement for company.
Use the following to answer the four questions below: Presented below is X Corporation's selected data for 2020: Retained Eamings, January 1, 2020 $900,000 Net Income 88,200 Stock dividends declared 14,280 During the from FIFO to LIFO which had resulted in a net of tax year, the company changed its inventory method 11,000 decrease in income Cash dividends declared 21,000 During 2020, the company discovered that the 2019 depreciation expense were overstated by a pretax amount of 10,000 Tax rate 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had
Presented below is X Corporation's selected data for 2020: Retained earnings January 1,2020 Pretax Income Stock dividends declared During the year. the company changed its inventory method from FIFO to LIFO which had resulted in a pretax increase in income by Cash divideds declared During 2020. the company discovered that the 2019 depreciation expense were overstated by a net of tax amount of. $6.000,000 2,000,000 330.000 40.000 225.000 70,000 Tax rate 30%
Below is Rodrigues Ltd's income statement and two balance sheets: Rodrigues Ltd Income Statement for year ending 30th June 2021 Sales COGS Operating expense Depreciation Interest expense Income before tax Tax at 30% Net income $m 600 240 100 40 10 210 63 147 Assets Current assets PPE Cost Accumul. depr. Carrying amount Total assets Rodrigues Ltd Balance Sheet as at 30th June Liabilities Current liabilities Non-current liabilities Owners' equity Retained earnings Contributed equity Total L and OE 2021 $m 98 800 140 660 758 60 130 80 488 758 2020 $m 73 920 100 820 893 50 120 100 623 893 Which of the following statements about the financial year from 30 June 2020 to 30 June 2021 is NOT correct? O a. The increase in net working capital (ANWC) was $15m. O b. Net capital expenditure was negative because in net terms, more property, plant and equipment (PPE) was bought rather than sold. O c. The increase in net working capital was positive largely because in net terms, more inventory was…