Presented below is information related to Bramble Company at December 31, 2025, the end of its first year of operations. Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale debt investments Interest expense Loss on discontinued operations Dividends declared and paid Compute the following: (Ignore income tax effects.) $307,460 130,760 54,100 29,580 9,010 6,400 13,050 5.300 Activar Wi

View Policies Current Attempt in Progress For its fiscal year ending October 31, 2025, Cullumber Corporation reports the following partial data. Income before income taxes Income tax expense (20% × $390,600) Income from continuing operations Loss on discontinued operations Net income $502,200 78,120 424,080 111,600 $312,480 The loss on discontinued operations was comprised of a $46,500 loss from operations and a $65,100 loss from disposal. The income tax rate is 20% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. CULLUMBER CORPORATION Income Statement (Partial)

The following is information for Novak Corp. for the year ended December 31, 2020: Sales revenue   $1,420,000   Loss on inventory due to decline in net realizable value   $70,000 Unrealized gain on FV-OCI equity investments   46,000   Loss on disposal of equipment   45,000 Interest income   9,000   Depreciation expense related to buildings omitted by mistake in 2019   56,000 Cost of goods sold   852,000   Retained earnings at December 31, 2019   950,000 Selling expenses   71,000   Loss from expropriation of land   57,000 Administrative expenses   52,000   Dividends declared   46,000 Dividend revenue   15,000         The effective tax rate is 25% on all items. Novak prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.  a)Prepare the retained earnings section of the statement of changes in equity for 2020. (List…

WB Inc. reported profits of P 100,000 in its March 31, 2022 interim financial statements. Additional information is shown below (amounts are net of tax): • AP 10,000 cumulative-effect gain resulting from a change in inventory cost flow formula was recognized in profit or loss during the 1 quarter. • In March 2022, a component of an entity was classified as held for sale. Of the total loss on discontinued operations of P 12,000, only P 3,000 has been recognized in the 1" quarter. WB Inc. intends to allocate the remaining P 9,000 loss to the other quarters in 2022. REQUIRED: Compute for the restated profit after tax for the 1" quarter of 2022.