The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $115,900 91,500 292,800 48,800 73,200 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue > Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) BLUE INC. Income Statement $183,000 3,000,000 1,037,000 $ 366,000 2,318,000

1. ACE Company had pretax GAAP income of $50,000 for the tax year ended December 31. Label each of the following items as either Deferred Tax Liabilities (DTL) or Deferred Tax Assets (DTA) 1. Excess accelerated depreciation for tax purposes, $5,000 2. Unrealized holding gain on securities accounted for under FV-NI, $2,000 3. Unrealized holding loss on securities accounted for under FV-NI, $2,000 4. Rental receipts received in advance, $30,000 5. Litigation contingency accrual, $10,000 6. Six-month prepaid rent deposit, $12,000 40.000 5 2.80

An inexperienced accountant for Crane Transport Corporation showed the following in Crane Transport's 2021 income statement: income before income taxes of $446,000; and unrealized loss on available-for-sale debt securities (before taxes) of $73,000. The unrealized loss and the income before income taxes are both subject to a 20% tax rate. Prepare a corrected partial income statement and a statement of comprehensive income CRANETRANSPORT CORPORATION Partial Income Statement and Statement of Comprehensive Income $

The following information relating to the year ending 30 June 2023 for Penrith Ltd has been obtained from the company's records. Profit for year before further adjustments and tax Retained earnings (1 July 2022) General reserve Revaluation surplus Interim dividend paid Development costs Share Capital $33 000 5 500 3 000 increase the general reserve by $1000 2 500 5 000 4. provide for an estimated tax expense and current tax liability of $7500 on 2022-23 profita 3 500 100 000 On 30 June 2023, the directors decided to: 1. recommend a final cash dividend of $7000, to be ratified by shareholders at the Annual General Meeting to be paid on 15 August 2023. 2. write off development costs 3.

Pina Colada Corp. has income from continuing operations of $413,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1.   An unrealized loss of $64,600 on available-for-sale securities. 2.   A gain of $26,400 on the discontinuance of a division (comprised of a $9,100 loss from operations and a $35,500 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate.Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income. PINA COLADA CORP.Partial Income Statement choose the accounting period                                                            select an income statement item                                                                  $enter a dollar amount select an income statement item                                                                    select an income statement item…

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.

Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) For the Year Ended December 31, 2021 ncome from Continuing Operations before Income Taxes 1164000 ncome Tax Expense urrent Deferred ncome from Continuing Operations Gain on Discontinued Operations 195000 Less v: -39000 i 156000 let Income / (Loss) $ %24 %24

Prepare the bottom portion of Sheridan's 2021 income statement, beginning with “Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sheridan Corporation Income Statement (Partial) For the Year Ended December 31, 2021 ncome from Continuing Operations before Income Taxes 1164000 ncome Tax Expense Current $ Deferred 189000 ncome from Continuing Operations Gain on Discontinued Operations 195000 Less v: -39000 i 156000 let Income / (Loss) $ %24 %24 > >

Required information [The following information applies to the questions displayed below.] Hafnaoui Company reported pretax net income from continuing operations of $903,500 and taxable income of $712,500. The book-tax difference of $191,000 was due to a $242,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $117,000 due to an increase in the reserve for bad debts, and a $66,000 favorable permanent difference from the receipt of life insurance proceeds. b. Compute Hafnaoui Company's deferred income tax expense or (benefit). Note: Enter all numbers as a positive number and indicate whether a deferred tax expense or a deferred tax benefit. X Answer is complete but not entirely correct. Deferred income tax expense $ 712,500

The following information is available for Indigo Corporation for 2016 (its first year of operations). 1.   Excess of tax depreciation over book depreciation, $40,800. This $40,800 difference will reverse equally over the years 2017–2020. 2.   Deferral, for book purposes, of $18,200 of rent received in advance. The rent will be recognized in 2017. 3.   Pretax financial income, $298,300. 4.   Tax rate for all years, 30%. What is the taxable income for 2016?