Q1) A company has the following accounts’ balances at the end of the year: Building (Net) 20 year life left $ 4,000,000. The replacement cost for the Building is 4,500,000 USD. Inventory 40,000 unit at $20 each with a replacement cost $22. And cost of goods sold of $500,000 with a replacement cost of 520,000. Required: Indicate how the above information would affect the financial statements of the company when adopting the current cost accounting model. You need to determine the realized and unrealized profit.
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- An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 16. What is the income from continuing operations for 2020? a. 4,000,000 b. 3,800,000 c. 2,800,000 d. 2,600,000 17. What net amount of loss should be reported as results of discontinued operations for 2020? a. 1,500,000 b. 1,700,000 c. 1,050,000 d. 1,400,000 18. What is the net income for 2020? a. 2,500,000 b. 1,750,000 c. 1,400,000 d. 1,540,000An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 What is the income from continuing operations for 2020? a. 4,000,000 b. 3,800,000 c. 2,800,000 d. 2,600,000Presented below is information related to Watt Company in its first year of operation. The following information is provided at December 31, 2021, the end of its first year.Sales revenue 450,000Cost of goods sold 210,000Selling and administrative expenses 75,000Gain on sale of plant assets 45,000Unrealized gain on available-for-sale financial assets 15,000Financial costs 10,000Loss on discontinued operations 20,000Allocation to non-controlling interest 60,000Dividends declared and paid 8,000 Compute the following (a) income from operations, (b) net income, (c) net income attributable to Watt Company shareholders, (d) comprehensive income, and (e) retained earnings balance at December 31, 2021.
- How do you figure: Income from continuing Operation and Discontinued Operation for this problem? Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2021 2020 Sales revenue $ 4,400,000 $ 3,500,000 Cost of goods sold 2,860,000 2,000,000 Administrative expense 800,000 675,000 Selling expense 360,000 302,000 Interest revenue 150,000 140,000 Interest expense 200,000 200,000 Loss on sale of assets of discontinued component 48,000 — On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $48,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2021–9/30/2021 2020 Sales revenue $ 400,000 $ 500,000 Cost…Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2021 2020 Sales revenue $ 4,400,000 $ 3,500,000 Cost of goods sold 2,860,000 2,000,000 Administrative expense 800,000 675,000 Selling expense 360,000 302,000 Interest revenue 150,000 140,000 Interest expense 200,000 200,000 Loss on sale of assets of discontinued component 48,000 — On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $48,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2021–9/30/2021 2020 Sales revenue $ 400,000 $ 500,000 Cost of goods sold (290,000 ) (320,000 ) Administrative expense (50,000 ) (40,000 )…Allied Construction and Axis Construction reported the following information in their annual financial statements ($ in millions): Allied Construction 2021 2020 Sales $ 50,000 $ 45,000 Net income 3,900 4,000 Total assets 26,000 24,000 Axis Construction 2021 2020 Sales $ 87,000 $ 72,000 Net income 3,400 4,100 Total assets 53,000 64,000 Required: 1. Calculate Allied Construction's return on assets, profit margin, and asset turnover ratio for 2021. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) 1-return on assets: _____% 2- profit margin: ________% 3-asset turnover: _____times 2. Calculate Axis Construction's return on assets, profit margin, and asset turnover ratio for 2021. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) 1-return on assets: _____% 2- profit margin: ________% 3-asset turnover: _____times 3-a. Which company…
- Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2024 2023 Sales revenue $ 5,300,000 $ 4,400,000 Cost of goods sold 3,040,000 2,180,000 Administrative expense 980,000 855,000 Selling expense 540,000 482,000 Interest revenue 168,000 158,000 Interest expense 236,000 236,000 Loss on sale of assets of discontinued component 120,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024–9/30/2024 2023 Sales revenue $ 580,000 $ 680,000 Cost of goods sold (380,000) (428,000) Administrative expense (68,000) (58,000) Selling expense (38,000) (38,000) Operating income before taxes…Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2024 2023 $5,250,000 $4,350,000 2,170,000 3,030,000 970,000 845,000 530,000 472,000 167,000 157,000 234,000 Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $116,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 234,000 116,000 1/1/2024-9/30/2024 $ 570,000 (375,000) (67,000) (37,000) $ 91,000 2023 $ 670,000 (422,000) (57,000) (37,000) $ 154,000 In addition to the…What is the net income for the BlueDragon company given the following list of accounting itens? note: write the number with at most 2 decimal płaces (eg. 95.17) unsorted Profit & Loss items For the year 2020 (in thousand Php) cost of goods sold (192) wage expense (31) communication expense (5) sales 171 office supplies expense |(6) depreciation & amortization (2) repair & maintenance (10) interest income 49 computer expense (5)
- During 2022, Mastermind Corporation had: Revenue of $766,000 Cost of Goods Sold of $225,000 Operating expenses of $58,000 Interest expense of $3,500 Depreciation Expense of $13,000 During the year Mastermind Corporation paid: 40% of net income in dividends 21% in corporate taxes A. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Rename Sheet 1 “Income Statement”. Every calculation needs a working Excel formula*. Include the dividend and additions to Retained Earnings below the income statement. B. Calculate Mastermind’s Operating Cash Flow beneath the Income Statement.* Be sure to label it.The following information is related to Dickinson Company for 2020. Retained earnings balance, January 1, 2020 $ 980,000 Sales revenue 25,000,000 Cost of goods sold 16,000,000 Interest revenue 70,000 Selling and administrative expenses 4,700,000 Write-off of goodwill 820,000 Income taxes for 2020 1,244,000 Gain on the sale of investments 110,000 Loss due to flood damage 390,000 Loss on the disposition of the wholesale division (net of tax) 440,000 Loss on operations of the wholesale division (net of tax) 90,000 Dividends declared on common stock 250,000 Dividends declared on preferred stock 80,000 Dickinson Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Instructions Prepare a multiple-step income statement…An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000 Cost of goods sold 2,400,000 Administrative expenses 700,000 Loss on sale of equipment 100,000 Sales commissions 500,000 Interest revenue 450,000 Freight out 150,000 Loss on early extinguishment of long-term debt 200,000 Doubtful accounts expense 150,000 What is the net income for 2020?