Revenue Statement December 31, 2019 Sales (net Plus: Income from operations of discontinued Division P (net of $960 income taxes) Less: Dividends declared ($1.50 per common share) Net revenues Less: Selling expenses Gross profit Less: Operating expenses: Interest expense Loss on sale of Division P (net of $1,200 income tax credit) Cost of goods sold Income tax expense on income from continuing operations $ 179,000 2,240 (7,500) $ 173,740 (19,000) $ 154,740 $ 4,100 2,800 110,700 5,370 Total operating expenses (122,970) $ 31,770 Operating income Miscellaneous items: Dividend revenue General and administrative expenses Income before unusual items Unusual items: Loss on sale of land Correction of error in last year's income (net of $1,500 income taxes) Net income $ 1,800 (24,300) (22,500) $9,270 $ (4,800) 3,500 (1,300) $ 7,970 Retained Earnings Statement December 31, 2019 Beginning retained earnings Add: Net income Adjusted retained earnings Less: Loss from theft (net of $2,760 income tax credit) Ending retained earnings $62,850 7,970 $70,820 (6,440) $64,380 Coprige 30 Cimpuge Laming A Righn Roeral. Mag se coglod. samet. er duplicandia sker ia part Due to dedseik sgte tet pary co ay be ngproned trethe ak ndir schupri biialvien hes demel eet omte d mey llet be orenl king npeiener. Cempupe Leenin erves terigemnt al omietny tie sene rig m me Problems 5-69 You determine that the account &alances listed on the statements are correct but are incorrectly classified in certain cases. The company faces a 30% tax rate. No shares of common stock were issued or retired during 2019.

Need help please. Thank you

Joseph Bright lists the following transactions for the period ended 30 September 2017. Classify EACH item as follows: i. Write either capital or revenue in the expenditure type column to indicate the type of expenditure involved or EACH item. ii. Insert a-check mark (√) in the appropriate column to indicate whether the item is reported-in the Statement of profit or loss or in the Statement of financial position. The first one is done as an example. Description CLASSIFICATION OF EXPENDITURE Expenditure Type Statement where item should be reported Statement of Profit Statement of Example Wages of the computer operators 1 Cost of customizing software for use in business 2 Installing thief detection equipment 3 Cost of paper used for printing receipts during the year 4 Cost of toner used by the computer printer 5 Cost of adding extra memory to the compute or loss Revenue financial position

Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…

What is the adjusting journal entry on December 31, 2019?  Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000 Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000 Debit Retained Earnings, P100,000; Credit Financial Asset FVPL, P100,000 Debit Retained Earnings, P300,000; Credit Unrealized Gain (P&L), P300,000 Debit Retained Earnings, P200,000; Credit Unrealized Holding Gain/Loss (P&L), P200,000 None of the choices

Gamma Corporation has been in business for 6 years as of 2021. Management presents 2-year comparative financial statements. In 2021, Gamma decides to change from FIFO to LIFO for inventory costing. Which of the following statements are true with respect to how Gamma must report this change on its financial statements? I. Re-state both the 2021 and 2020 Income statements. II. Report the change on the 2021 Income Statement only. III. Report the cumulative change in Retained Earnings for 2016-2020 as an adjustment to beginning Retained Earnings on the 2021 Statement of Retained Earnings. IV. Report the cumulative change in Retained Earnings for 2016-2019 as an adjustment to beginning Retained Earnings on the 2020 re-stated Statement of Retained Earnings. V. Adjust the carrying amount of Inventory on the 2021 Balance Sheet. I and IV O II, III, and V OI, IV, and V OI and III

I need help with these please.  A. Record transfer of net loss to retained earnings. B. Record transfer of net income to retained earnings. C. Record repurchase of shares for retirement. D. Record declaration of cash dividend. E. Record payment of cash dividend.

Perform the Reperformance or Recalculation procedures to check the mathematical accuracy ofthe Income Statement. What issue did you find? What is the next step? Create a Correctedversion of the Income Statement. Income Statement       For the Year Ended For the Year Ended Revenue 3/31/2021 3/31/2022 Sales Revenue: Corporate Accounts  $              353,739.57  $              343,050.56 Sales Revenues: Storefront  $                80,649.00  $                91,411.50 Total Sales Revenue  $             434,388.57  $             434,462.06 Cost of Goods Sold: Ingredients  $                69,736.39  $                64,645.64 Cost of Goods Sold: Boxes and Cupcake Cups  $                  3,875.55  $                  3,755.55 Cost of Goods Sold: Beverages  $                  5,466.50  $                  5,681.50 Total COGS  $                76,078.44  $                74,082.69 Gross Profit  $             358,310.13  $             360,379.37 Interest Revenue  $…

A revenue was earned in 2019 but payment is not received until 2020. Using the accrual basis of accounting, the revenue should appear on:    A. the 2020 income statement  B. the 2019 income statement  C. both the 2019 and 2020 income statements  D. neither the 2019 nor 2020 income statement

On the attached page prepare a well-formatted multi-section income statement for the Fiona Company for the fiscal year ending December 31, 2020 from the data below. Use the entire figures as shown on your income statement.Note: For items in section 2 (Other Items) and section 4 (Below-the-line Items) use brackets if an item will have a negative impact on earnings.   In section 1 individual items are not generally shown in brackets except for calculated margins or totals if negative.   Cost of Goods Sold amounted to $20,000. Sale of equipment that had a historical cost of $1,400 had accumulated depreciation of $910 and was sold for $890. The tax rate related to such a transaction is 25%. Non-taxable interest income on municipal bonds of $300 Sales revenue totaled $35,000. Interest expense totaled $500 for the period. Selling and Administrative Expenses amounted to $6,000 The company discontinued operations during the year that will result in total losses before taxes of $2,000. This…