Earlyrain Inc.'s 2020 income statement, excluding the earnings per share portion of the statement, was as follows: Revenues Expenses: Depreciation Income taxes Other expenses Profit from continuing operations Loss from operating discontinued business segment (net of $15,300 tax benefit) Loss on sale of business segment (net of $8,120 tax benefit) Profit Profit from continuing operations Loss from discontinued operations Profit Basic 73.700 00 → $400,000 $ 41,700 53,500 166,000 261,200 $138,800 $ 45,500 The weighted average number of common shares outstanding during the year was 100,000. Present the earnings per share portion of the 2020 income statement. (Round the final answers to 2 decimal places. Loss should be entered with negative sign.) 19,600 (65,100) $ 73,700

Earlyrain Inc.'s 2020 income statement, excluding the earnings per share portion of the statement, was as follows: Revenues Expenses: Depreciation Income taxes Other expenses Profit from continuing operations Loss from operating discontinued business segment (net of $15,300 tax benefit) Loss on sale of business segment (net of $8,120 tax benefit) Profit Profit from continuing operations Loss from discontinued operations Profit Basic 73.700 00 → $400,000 $ 41,700 53,500 166,000 261,200 $138,800 $ 45,500 The weighted average number of common shares outstanding during the year was 100,000. Present the earnings per share portion of the 2020 income statement. (Round the final answers to 2 decimal places. Loss should be entered with negative sign.) 19,600 (65,100) $ 73,700

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 12P

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Earlyrain Inc.'s 2023 income statement, excluding the earnings per share portion of the statement, was as follows: Revenues Expenses: Depreciation. Income taxes Other expenses Profit from continuing operations Loss from operating discontinued business segment (net of $18,900 tax benefit) Loss on sale of business segment (net of $11,720 tax benefit). Profit Profit from continuing operations Loss from discontinued operations Profit Basic $520,000 $ 44,100 59,500 178,000 281,600 $238,400 $ 51,500 31,600 The weighted-average number of common shares outstanding during the year was 100,000 Present the earnings per share portion of the 2023 income statement. (Round the final answers to 2 decimal places. Loss should be entered with negative sign.) (83,100) $155,300
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…
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The Gloria Corporation's comparative statements of comprehensive income lor de years 2021 and 2020 are presented below: 2020 720,000 450,000 270,000 30,000 300,000 190,000 110,000 20,000 90,000 2021 1,000,000 P 600,000 400,000 P 80,000 Sales Cost of Sales Gross Profit Other Operating Income Total Income P 480,000 280,000 200,000 P 80,000 120,000 P P P Less: Selling and Administrative Expenses Profit from Operations before Interest and Income Tax Interest Expense Profit The following errors were discovered : The following had been overlooked by the company at the end of 2021 and 2020: Unearned commission income Prepaid rent Accrued interest receivable Accrued wages expense 2021 6,400 21,000 12,000 22,000 2020 8,000 16,000 8,000 25,000 Advances of P90,000 received from customers in 2021 were credited to Sales, although deliveries were made only in 2022. Purchase of merchandise, P15,000, shipped FOB destination in December 2020 and received by the company in 2021 were recorded as…
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For the base case in this section, as a percentage of sales, COGS = 69 percent, SGA = 15 percent, R&D = 2.5 percent. Depreciation, Interest expense are fixed as stated. Tax Rate is 21 percent.