tax rate and had 8,000 shares of common stock outstanding for the year. Starting with pretax income from continuing operatio

For its fiscal year ending October 31, 2022, Blue Corporation reports the following partial income statement data. Income before income taxes Income tax expense (40% × $603,000) Income from continuing operations Gain from discontinued operations Net income $603,000 241,200 361,800 134,000 $495,800 The gain from discontinued operations consists of two parts: a $67,000 loss from operations and a $201.000 gain from the disposal of the operation. The income tax rate is 40% on all items. Prepare a correct income statement, beginning with income before income taxes. BLUE CORPORATION Income Statement (Partial) 6A LA $

he following information is from Atlanta Corp. for the 12 months ended December 31. Sales revenue $800,000 Cost of goods sold 500,000 Selling and administrative expenses 150,000 Interest expense 5,000 Gain on sale of short-term investments 8,800 Prepare a multiple - step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25 %. Report income tax expense in its own separate section.

For the year ended December 31, Southern Supply had net sales of $7,320,000, costs and other expenses (including income tax) of $6,010,000, and a gain from discontinued operations (net of income tax) of $420,000. a. Prepare a condensed income statement (including earnings per share), assuming that 910,000 shares of common stock were outstanding throughout the year. b. Which earnings per share figure would you recommend be used to compute the price-earnings ratio for Southern Supply?

Collette​'s Cookie Company provided the following account balances from its​ year-end trial balance. During the​ year, Collette issued​ no-par common stock. The proceeds of the new issue were $20,000 . The company is subject to a 40​% income tax rate. The beginning balance in common stock was $460,000 . Collette’s Cookie CompanyTrial Balance (Selected Accounts)For the Current Year Ended December 31AccountDebitCreditRetained Earnings, Beginning Balance $1,100,300Accumulated Other Comprehensive Income, Beginning Balance$52,350 Dividends54,000 Sales 1,100,000Interest Income 3,300Dividend Income 3,650Gain on Sale of Property 6,500Gain on Disposal of Plant Assets 85,000Unrealized Gain on Trading Investments 27,350Unrealized Gain on Available-for-Sale Bonds before Tax 3,400Gain on Sale of Discontinued Operations before Tax 50,600Cost of Goods Sold400,000 Selling Expenses33,000 Office Supplies Expense56,700 Amortization Expense11,500 Sales Salaries Expense24,000 Advertising Expense23,000…

ABC Inc. had the following data for last year: Net income = $1000; Net operating profit after taxes (NOPAT) = $900; Total assets = $3,200; and Total operating capital = $2,200. Information for the just-completed year is as follows: Net income = $1,300; Net operating profit after taxes (NOPAT) = $1225; Total assets = $2,900; and Total operating capital = $2,800. How much free cash flow did the firm generate during the just-completed year?

The trial balance of Plano Company included the following accounts as of December 31, 2024:   Debits Credits Sales revenue   $ 622,000 Interest revenue   76,000 Gain on sale of investments   126,000 Cost of goods sold $ 440,000   Selling expense 134,000   Interest expense 24,000   General and administrative expenses 88,000   Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a single-step income statement with earnings per share disclosure. Note: Round earnings per share answer to 2 decimal places.

The following are partial income statement account balances taken from the December 31, 2024, year-end trial balance of White and Sons, Incorporated: restructuring costs, $300,000; interest revenue, $40,000; before-tax loss on discontinued operations, $400,000; and loss on sale of investments, $50,000. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare the lower portion of the 2024 income statement beginning with $800,000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 100,000 shares of common stock outstanding throughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.

The following are partial income statement account balances taken from the December 31, 2024, year - end trial balance of White and Sons, Incorporated: restructuring costs, $ 450,000; interest revenue, $55,000; before - tax loss on discontinued operations, $550,000; and loss on sale of investments, $65,000. Income tax expense has not yet been recorded. The income tax rate is 25 % . Prepare the lower portion of the 2024 income statement beginning with $875, 000 income from continuing operations before income taxes. Include appropriate EPS disclosures. The company had 150,000 shares of common stock outstanding throughout the year. Note: Loss amounts should be indicated with a minus sign. Round "EPS" answers to 2 decimal places.

For the current year, Vidalia Company reported revenues of $250,000 and expenses of $225,000. At the beginning of the year, its retained earnings had a balance of $95,000. During the year, Vidalia paid $11,000 dividends to shareholders. Its contributed capital was $56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalia's assets total $237,500 on December 31 of the current year. What are Vidalia's total liabilities on December 31 of the current year?