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 $289,090 141,730 52,600 28,020 9,100 6,190 11,550 4,600
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What is the income from operations and the net income?
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- Assume an income statement with the following classifications: RevenuesCost of goods soldDistribution expensesGeneral & administrative expensesOther revenues and expensesIncome tax on income from continuing operationsGain from disposal of discontinued operationsIncome tax on gain from discontinued operationsNone of the above Indicate by letter how each of the following should be classified: Advertising expenseAmortization of a patent held as an investmentCash dividend received on short-term investmentDepreciation on plant that manufactures good for sale (prior to sale of the goods)Freight on salesIncome tax effect of loss on sale of plantIncome tax on gain on sale of short-term investment in securitiesInterest expenseInterest revenueLoss on sale of patentDividend revenue from investmentSalary of company presidentSalesSales returnsServices soldWhich depreciation method calculates annual depreciation expense based on the book value of an asset? a. double-declining balanceb. sum-of-the-years'-digitsc. inventory systemsd. group depreciationWHat is the Fixed Assets Turnover Ratio ? given Noncurrent Assets Equity securities - at fair value through other comprehensive income 8, 21 16,267,140 Due to related parties - noncurrent portion 8, 21 347,927,681 Property and equipment - net 9 6,390,497,964 Deferred tax assets 19 64,994,497 Retirement benefits asset 18 16,267,140 Other non-current assets 10, 21 30,221,963 Available for sale investment 10 - Total Noncurrent Assets 6,849,909,245 Revenue 2,104,932,423
- While calculating operating profit which will be added to net profit a. Profit on Sale of Asset b. Increase in General Reserves c. Interest received d. Refund of TaxAnalyze the influence of return on sales and asset turnover on the return on assets (ROA). Use absolute differences method. Year 200A Year 200B Sales, S'000 Profit, S'000 45612 46418 12116 12813 Assets, $'000 32745 33186Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
- Question When computing depreciation expence of PE bo g toutle-decing e depreciation method produce the seme OA aual book vatue of the asset OR lotal depreciation expecse over the assets usetul e Oc amnua depreciation expense of the assat. OD. annual tax paid. MacBookk Prochoose from the following accounts: Accumulated Other Comprehensive Income Allowance for Investment Impairment Bond Investment at Amortized Cost Cash Commission Expense Dividends Receivable Dividend Revenue FV-NI Investments FV-OC|Investments Gain on Disposal of Investments - FV-NI Gain on Disposal of Investments - FV-OCI Gain on Sale of Investments GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Investment in Associate Investment Income or Loss Loss on Discontinued Operations Loss on Disposal of Investments FV-NI Loss on Disposal of Investments FV-OCI Loss on Impairment Loss on Sale of Investments No Entry Note Investment at Amortized Cost Other Investments Recovery of Loss from Impairment Retained Earnings Unrealized Gain or Loss Unrealized Gain or Loss - OCIhttps://uagm.blackboard.com/bbcswe... https://uagm.blackboard.com/bbcsw... Answered: 23. The acco C. Loss from continuing operations d. Loss from discontinued operations с. 5. All of the following components are shown in the income statement net of applicable taxes except a. Discontinued operations b. Cumulative effect of a change in accounting principle C. Gain or loss on sales of plant assets d. Extraordinary gain of loss 6. Which of the following would not be classified as a current asset on a classified balance sheet? a. Investment securities (trading) b. Short-term investments C. Intangible assets d. Prepaid expenses 7. Which of the following is not a long-term investment? a. Stock held to exert influence on another company b. Land held for speculation C. Trademarks d. Cash surrender value of life insurance On a multiple-sten income statement gains or losses on sale of equinment would
- Which of the following is (are) acceptable valuation(s) for reporting of assets on the balance sheet? 1. inventories at lower of cost or net realizable value. 2. accounts receivable at net realizable value. 3. plant and equipment at cost 4. investments at acquisition cost Select one: 1 and 4 1 and 3 1 and 2 2 and 4G, Total Asset Turnover Sales/ Total Assets g. Asset TurnoverReturn on total assets
