Vaughn Corporation had net sales of $2,413,000 and interest revenue of $34,000 during 2020. Expenses for 2020 were cost of goods sold $1,455,300, administrative expenses $212,700, selling expenses $294,600, and interest expense $53,200. Vaughn's tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 73,230 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Vaughn Corporation. (Round earmings per share to 2 decimal places, eg 148)

Vaughn Corporation had net sales of $2,413,000 and interest revenue of $34,000 during 2020. Expenses for 2020 were cost of goods sold $1,455,300, administrative expenses $212,700, selling expenses $294,600, and interest expense $53,200. Vaughn's tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 73,230 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Vaughn Corporation. (Round earmings per share to 2 decimal places, eg 148)

Name: Vaughn Corporation had net sales of $2,413,000 and interest revenue o
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Description: Vaughn Corporation had net sales of $2,413,000 and interest revenue of $34,000 during 2020. Expenses for 2020 were cost ofgoods sold $1,455,300, administrative expenses $212,700, selling expenses $294,600, and interest expense $53,200. Vaughn's taxr

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...

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On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.
Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares of 10%, 100 par, nonconvertible preferred stock outstanding, on which the years dividends had been paid. At the beginning of 2019, the company had 7,000 shares of common stock outstanding. On April 2, 2019, the company issued another 2,000 shares of common stock so that 9,000 common shares were outstanding at the end of 2019. Common dividends of 17,000 had been paid during 2019. At the end of 2019, the market price per share of common stock was 17.50. Required: 1. Compute Mononas basic earnings per share for 2019. 2. Compute the price/earnings ratio for 2019.
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
The controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Windsor Corporation had net sales of $2,404,900 and interest revenue of $38,100 during 2020. Expenses for 2020 were cost of goods sold $1,462,600, administrative expenses $214,000, selling expenses $294,200, and interest expense $51,600. Windsor’s tax rate is 30%. The corporation had 102,800 shares of common stock authorized and 73,160 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Windsor Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Nash Corporation had net sales of $2,401,300 and interest revenue of $36,200 during 2020. Expenses for 2020 were cost of goods sold $1,460,400, administrative expenses $214,900, selling expenses $287,300, and interest expense $50,800. Nash’s tax rate is 30%. The corporation had 103,300 shares of common stock authorized and 73,710 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Nash Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Windsor Corporation had net sales of $2,404,900 and interest revenue of $38,100 during 2020. Expenses for 2020 were cost of goods sold $1,462,600, administrative expenses $214,000, selling expenses $294,200, and interest expense $51,600. Windsor’s tax rate is 30%. The corporation had 102,800 shares of common stock authorized and 73,160 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Windsor Corporation.
Kingbird Corporation had net sales of $2,413,600 and interest revenue of $37,500 during 2020. Expenses for 2020 were cost of goods sold $1,469,200, administrative expenses $221,600, selling expenses $294,200, and interest expense $54,800. Kingbird's tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 74,650 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.) KINGBIRD CORPORATION Income Statement
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2020. Expenses for 2020 were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000, and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Brisky Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Nash Corporation had net sales of $2,416,400 and interest revenue of $33,800 during 2020. Expenses for 2020 were cost of goods sold $1,458,000, administrative expenses $215,200, selling expenses $291,000, and interest expense $52,500. Nash’s tax rate is 30%. The corporation had 103,000 shares of common stock authorized and 73,570 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Concord Corporation had net sales of $2,429,400 and interest revenue of $34,300 during 2025. Expenses for 2025 were cost of goods sold $1,454,500, administrative expenses $214,500, selling expenses $299,000, and interest expense $48,800. Concord's tax rate is 30%. The corporation had 109,600 shares of common stock authorized and 62,566 shares issued and outstanding during 2025. Prepare a condensed multiple-step income statement for Concord Corporation (Round earnings per share to 2 decimal places, e.g. 1.48.) CONCORD CORPORATION Income Statement $ $