Accounting The following information is available for Sage Hill Inc. for the year ended December 31, 2017: Loss on discontinued operations Rent revenue Income tax applicable to continuing operations Administrative expenses $68,000 95,000 314,000 509,000 20.000 Retained earnings January 1, 2017 Selling expenses Income tax applicable to loss on discontinued operations Cost of goods sold $1,420,000 867,000 24,000 1,672,000 2.750.000
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- The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from…Kamulinda Company Limited (KCL) has provided the following financial information that relates to the year ended 31 December 2020: Statement of profit or loss Sales revenue Cost of sales Gross profit Administrative costs Distribution costs Operating profit Interest received Interest paid Profit before tax Taxation Profit after tax Shs '000' Assets: Non-current assets Accumulated depreciation Netbook value Investments Current assets: Inventory 250,400 (87,900) 162,500 (35,000) (50,000) 77,500 45,000 Shs '000' (25,000) 97,500 (20,000) 77,500 Statement of position as at 31 December: 2020 2019 Shs '000' Shs '000' 459,000 246,000 (125,000) (89,000) 334,000 157,000 76,000 156,000 100,000 Find current assets continued- Accounts receivable Cash at hand Cash at bank Total assets Equity and liabilities: Share capital Share premium Retained earnings Revaluation Non-current liabilities: Long term loan Current liabilities: Accounts payable Interest payable Tax Bank overdraft 24,450 65,000 655,450…Splish Inc. provided the following information for the year 2020. $ Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities 756,000 302,400 378,000 2,394,000 100,800 1.071,000 138,600 129,402 21,420 235,620 76,230 2,520 SPLISH, INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue $ 2394000 Rent Revenue 100800 Total Revenues 2494800 Expenses Cost of Goods Sold 1071000 Selling Expenses 378000 Administrative Expenses 302400 Total Expenses Income From Continuing Operations Before Income Tax Income From Continuing Operations Less : Applicable Income Tax Reduction Income From Continuing…
- The following information was taken from the records of Tamarisk Inc. for the year 2020: Income tax applicable to income from continuing operations $205,700: income tax applicable to loss on discontinued operations $28.050, and unrealized holding gain on available-for-sale securities (net of tax) $16,500. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of Inventory $104,500 (a) 82,500 264.000 44,000 66,000 Shares outstanding during 2020 were 100,000. Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $165,000 2.280,000 TAMARISK INC. 935,000 330,000 2,090,000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)The following income statement does not reflect intraperiod tax allocation. INCOME STATEMENT For the Fiscal Year Ended March 31, 2018 ($ in millions) Revenues $1,010 (422) Cost of goods sold Gross profit Operating expenses 588 (204) (110) Income tax expense Income before discontinued operations Loss from discontinued operations, net of tax 274 (109) $ 165 Net income The company's tax rate is 40%. Required: Recast the income statement to reflect intraperiod tax allocation. (Loss amounts should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Income Statement For the fiscal year ended March 31, 2018 (S in millions) Gross profit (loss) Operating expenses Income from continuing operations before income taxes Income before discontinued operations Net income (loss)(NOL without Valuation Account) Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019. Pretax Income (loss) Tax Rate 2013 $ 40,000 30% 2014 25,000 30% 2015 50,000 30% 2016 80,000 40% 2017 (180,000) 45% 2018 70,000 40% 2019 100,000 35% Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2016–2019 were enacted in 2016. Instructions(a) Prepare the journal entries for the years 2017–2019 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryback and carryforward. Assume that Jennings elects the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the lossyear.(b) Indicate the effect the 2017 entry(ies) has on the December 31, 2017, balance sheet.(c) Prepare the portion of the income statement,…
- 1.) Prepare statement of Comprehensive Income from the information given below of ABC SAOC for the year ended 31st December 2018: Sales Revenue Cost of sales Gross profit Other income Salaries and other employee related costs General and administrative expenses Selling and distribution expenses Net finance costs Taxation Fair value gain on financial assets Unrealized holding loss classified as available for sale 38,277,238 27,721,482 10,555,756 199,882 4,260,314 970,694 4,519,766 24,450 263,382 394,898 Investments on 59,236Flounder Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax Dividends Net income Retained Earnings, January 1, 2023 Flounder should report retained earnings at January 1, 2023, as adjusted at OOO $5616000. $5022000. $9609000. $7000000. $1384000 1029000 3203000 6406000Information for 2023 follows for Marigold Corp Retained earnings, January 1, 2023 Sales revenue Cost of goods sold Interest income Selling and administrative expenses Unrealized gain on FV-OCI equity investments (gains/losses not recycled) Loss on impairment of goodwill Income tax on continuing operations for 2023 (assume this is correct) Assessment for additional income tax for 2021 (normal, recurring, and not caused by an error) Gain on disposal of FV-NI investments Loss from flood damage Loss on disposal of discontinued division (net of tax of $64,500) Loss from operation of discontinued division (net of tax of $42,250) Dividends declared on common shares Dividends declared on preferred shares $2,030,000 35,300,000 27,564,000 151,000 4,740,000 333,000 517,000 570,200 440,000 122,000 418,000 258,000 169,000 220,000 63,800
- (NOL Carryback and Carryforward, Valuation Account Needed) Beilman Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Pretax Income (Loss) Tax Rate 2015 $120,000 40% 2016 90,000 40 2017 (280,000) 45 2018 120,000 45 The tax rates listed were all enacted by the beginning of 2015. Instructions(a) Prepare the journal entries for years 2015–2018 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized.(b) Prepare the income tax section of the 2017 income statement beginning with the line “Operating loss before income taxes.”(c) Prepare the income tax section of the 2018 income statement beginning with the line “Income…Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.Intraperiod Tax Allocation Wright Company reports the following information for the year ended December 31, 2019: Required: 1. Prepare the year-end journal entry necessary to record the 2019 intraperiod income tax allocation in regard to the preceding information. 2. Prepare Wrights 2019 income statement and statement of retained earnings.