The Bonita Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2021: Accounts payable   12,600   Income tax payable 4,500 Accounts receivable   28,400   Insurance expense 3,500 Accumulated depreciation—equipment   5,600   Prepaid insurance 2,600 Cash   18,200   Rent expense 5,900 Common shares   6,580   Retained earnings 20,220 Depreciation expense   4,600   Salaries expense

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On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Inventories (net) LIFO reserve Net Income 2022 468,611 3,476 13,918 Assume corporate tax rate of 40%. 2021 437,396 3,271 13,622 Question: If Collette had used FIFO method instead of LIFO method, what net income would Collette report in 2022?

The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS Cost of goods sold Depreciation expense, building Gain on exchange Gain on sale of assets from discontinued operations Insurance expense Interest expense Interest income Loss on sale of trading investment 140,000 23,000 a) Prepare a multi-step income statement in good form. Please make sure your final anewarts) are accurate to 2 decimal places Dylex Corporation For the Year Ended December 31, 200 125,000 100,000 54,000 52,000 X 58,000 135,000 Operating loss of discontinued operation to disposal date 100,000 Salaries expense 160.000 Sales ** 900,000 REQUIRED DISCLOSURES b) Calculate basic eamings per share (EPS) from continuing operations. Please make sure your final…

Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation had total assets of $554,000, total liabilities of $261,800, common stock of $139,300, and retained earnings of $152,900. During 2019, KJ had net income of $225,200, paid dividends of $74,400, and issued additional common stock for $93,900. KJ's total assets at the end of 2019 were $721,800. Required: Calculate the amount of liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.

The current ratio is defined as current assets divided by current liabilities. On December 29, 2021 Ohio Company had current assets of $200 and current liabilities of $100. On December 30, Ohio paid salary payable int the amount of $50. Calculate the current ratio on December 31, 2021.