Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2024. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable $32.130 75,600 252,000 390,600 18,900 37,800 3,780 (a1) Interest expense Notes payable Retained earnings (Aug. 1, 2023) Salaries expense Sales Supplies expense Unearned revenue Prepare a multiple-step income statement. $6.300 126,000 All accounts have normal balances and total assets equal $1.030.050. Kingbird has a 20% income tax rate. KINGBIRD INC. Income Statement 443,520 176,400 837,900 12.600 15,120

Wildhorse Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Wildhorse's fiscal year ends May 31. The following information is available. 1. 2. 3. 4. 5. 6. 7. 1. Income from operations before income tax for Wildhorse was $1,500,000 and $1,900,000, respectively, for the fiscal years ended May 31, 2021, and 2020. 2. Wildhorse experienced a loss from discontinued operations of $600,000 from a business segment disposed of on March 3, 2021. A 20% combined income tax rate applies to all of Wildhorse Corporation's profits, gains, and losses. Wildhorse's capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Wildhorse issued 136,000 of $10 par value, 5% cumulative preferred shares in 2013. All of these shares are outstanding, and no preferred dividends are in arrears. Determine the…

Sagar

On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Inventories (net) LIFO reserve Net Income 2022 468,611 3,476 13,918 Assume corporate tax rate of 40%. 2021 437,396 3,271 13,622 Question: If Collette had used FIFO method instead of LIFO method, what net income would Collette report in 2022?

The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS Cost of goods sold Depreciation expense, building Gain on exchange Gain on sale of assets from discontinued operations Insurance expense Interest expense Interest income Loss on sale of trading investment 140,000 23,000 a) Prepare a multi-step income statement in good form. Please make sure your final anewarts) are accurate to 2 decimal places Dylex Corporation For the Year Ended December 31, 200 125,000 100,000 54,000 52,000 X 58,000 135,000 Operating loss of discontinued operation to disposal date 100,000 Salaries expense 160.000 Sales ** 900,000 REQUIRED DISCLOSURES b) Calculate basic eamings per share (EPS) from continuing operations. Please make sure your final…