lear Assets $ 85,000 118,000 272,000 Cash 145,560 229,000 319,000 11,000 704,560 637,000 165,700 471,300 46,000 Accounts receivable Inventory 22,000 497,000 507,000 131,600 375,400 Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Loan to Hymans Company Total assets $1,221,860 $872,400 Liabilities and Stockholders' Equity Accounts payable 314,000 45,000 86,000 445,000 200,000 645,000 343,000 233,860 576,860 $265,000 58,000 81,400 Accrued liabilities Income taxes payable 404,400 105,000 Total current liabilities Bonds payable 509,400 273,000 90,000 363,000 Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders ' eguity $1,221,860 $872,400 24

Bayelsa Corp. had the following transactions in the current year: Short term capital gain Short term capital loss Long term capital gain Long term capital loss If Bayelsa has taxable income of $70,000 before considering the capital transactions, what is Bayelsa's net capital loss that cannot be deducted in the current year? O SO $12,000 -$3,000 $5,000 -$16,000 O $19,000 net capital loss O $11,000 net capital loss O $2,000 net capital loss

orking with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,540,000 in revenues, $3,332,000 in cost of goods sold, $455,000 in erating expenses which included depreciation expense of $144,000, and a tax liability equal to 34 percent of the firm's taxable income. Sandifer Manufacturing Co. plans to reinvest $52.000 its earnings back into the firm, What does this plan leave for the payment of a cash dividend to Sandifer's stockholders? Complete the income statement for Sandifer Manufacturing Co.: (Round to the nearest dollar) 4,540,000 3,332,000 Revenues Less: Cost of Goods Sold Less: Operating Expenses- Less: Interest Expense $ Less: Income Taxes $ $ $ Equals: Gross Profit 455,000 Equals: Net Operating income- 이 $ $ $ $ 1,208,000 753,000 Equals: Earings before Taxes 256,020 Equals: Net Income 5 496,080 The amount that the company will be able to pay as a cash dividend is 5 (Round to the nearest dollar) 753,000

Solv

Powder Company spent $240,000 to acquire all of Sawmill Corporation's stock on January 1, 20X2. The balance sheets of the two companies on December 31, 20X3, showed the following amounts: Cash Accounts Receivable Land Buildings and Equipment Less: Accumulated Depreciation Investment in Sawmill Corporation Accounts Payable Taxes Payable Notes Payable Common Stock Retained Earnings Powder Company $ 30,000 100,000 60,000 500,000 (230,000) 252,000 $ 712,000 $ 80,000 40,000 100,000 200,000 292,000 $ 712,000 Sawmill Corporation $ 20,000 40,000 50,000 350,000 (75,000) $385,000 $ 10,000 70,000 85,000 100,000 120,000 $385,000 Sawmill reported retained earnings of $100,000 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of 10 years from the date of acquisition. Assume Sawmill's accumulated depreciation on the acquisition date was $25,000. Required: Prepare a consolidated…

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…

Trident Corporation had the following cash flows in the current year. Which of the following will be categorized under the financing activities section of the statement of cash flows? O Purchase of $125,000 worth of five-year bonds issued by Towson Utilities O Rent on a warehouse amounting to $1.1 million O Lease income received on a piece of land O Preferred dividends of $330,000 paid to shareholders