Use this information to answer the following questions:Plano Co. 12/31/2021Partial Trial Balance DataSales revenueInterest revenueGain on sale of investmentsCost of goods soldSelling expenseInterest expenseGeneral and administrative expensesDebits500,000150,00040,000100,000Credits700,00060,000110,000Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has notyet been accrued. The effective tax rate is 25%.48. Required: Prepare a single-step income statement with earnings per share disclosure.49. Required: Prepare a multiple-step income statement with earnings per share disclosure.

Use this information to answer the following questions: Plano Co. 12/31/2021 Partial Trial Balance Data Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Interest expense General and administrative Debits 500,000 150,000 40,000 100,000 Credits 700,000 60,000 110,000 expenses 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%. 48. Required: Prepare a single-step income statement with earnings per share disclosure. 49. Required: Prepare a multiple-step income statement with earnings per share disclosure.

Use this information to answer the following questions: Plano Co. 12/31/2021 Partial Trial Balance Data Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Interest expense General and administrative Debits 500,000 150,000 40,000 100,000 Credits 700,000 60,000 110,000 expenses 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%. 48. Required: Prepare a single-step income statement with earnings per share disclosure. 49. Required: Prepare a multiple-step income statement with earnings per share disclosure.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Esposito Import Company had 1 million shares of common stock outstanding during 2021. Its income statement reported the following items: income from continuing operations, $10 million; loss from discontinued operations, $2.3 million. All of these amounts are net of tax. Required:Prepare the 2021 EPS presentation for the Esposito Import Company. (Amounts to be deducted should be indicated with a minus sign. Round your answers to 2 decimal places.)
The trial balance of Plano Company included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Debits Credits $ 612,000 77,000 127,000 Cost of goods sold Selling expense Interest expense General and administrative expenses $ 455,000 133,000 23,000 86,000 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. PLANO COMPANY Income Statement For the Year Ended December 31, 2024 Revenues and gains: Total revenues and gains Expenses: Total expenses Income before income taxes Eamings per share
Berry Company reported the following on the company's income statement in two recent years: Current Year Prior Year Interest expense $499,000 $598,800 Income before income tax expense 7,435,100 $9,101,760 a. Determine the number of times interest charges were earned for current Year and prior Year. Round to one decimal place. Current Year Prior Year b. Is the number of times interest charges are earned improving or declining?
You have calculated the adjusted profit for the company to be $2,000,000. Capital allowance was $20,0000 . The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. Question 5Answer a. $1,100,000 b. $500,000 c. $200,000 d. $750,000
Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $16,200; Liabilities = $13,600; Revenues = $25,200; Expenses = $31,600. Required: 1. Calculate net loss. 2. Calculate stockholders' equity at the end of the period.
T Corporation (the Company) has historically filed its federal and state income tax returns on the cash method of accounting. For the year ended December 31, 2021, management has decided to change its method of accounting to the accrual method. The Company's trial balance, as of and for the year ended December 31, 2021, is as follows. T Corporation Trial Balance 12.31.21 Debit Credit Cash 25,000 Accounts receivable 230,000 1,750,000 Equipment Accumulated depreciation Accounts payable Notes payable bank Common stock 1,750,000 45,000 20,000 5,000 Retained earnings (deficit) 1,315,000 Sales 4,250,000 Expenses 2,750,000 Totals 6,070,000 6,070,000 Required: 1. Calculate the Section 481 adjustment with respect to the Company's 2021 change in accounting method from the cash method to the accrual method. 2. Indicate whether the adjustment is a positive adjustment or a negative adjustment.
i have completed this in excel but would like to compare my answers
INCOME TAXES SURVIVE Company reported net income for the current year 2020 before taxes is P3,511,000. The following differences were noted between the financial reporting and tax reporting: Financial Tax Interest on depository accounts P 53,000 Warranty expense 260,000 P 115,000 Revenue from installment sales 584,000 319,000 Advance collections from customers 75,000 Provision for probable losses 406,000 Insurance premiums on senior managers' life insurance 120,000 The income tax rate is 30% and is not expected to change in the future. Estimated tax payments for the last three quarters amounted to P850,000. . 1. At what amount should income tax expense be reflected in the income statement ending December 31, 2020?
An inexperienced accountant for Culver Corporation showed the following in the income statement: income before income taxes $395,000 and unrealized gain on available-for-sale securities (before taxes) $92,100. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 25% tax rate.Prepare a correct statement of comprehensive income. CULVER CORPORATIONPartial Statement of Comprehensive Income Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income $Enter a dollar amount Select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome…
I just need number 2, thanks!
Skysong Inc., a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155,500 131,200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46,200 $39,700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4,000 Short-term loans payable 7,900 10,000 Long-term loans payable 59.800 68,600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500
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