Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 15, Problem 15.33AP
Preparing an income statement
The following information was taken from the records of Grey Motorsports, Inc. at November 30, 2016:
| Selling Expenses | $ 125,000 |
| Administrative Expenses | 95,000 |
| Income from Discontinued Operations | 11,000 |
| Cost of Goods Sold | 440,000 |
| 4,000 | |
| Net Sales Revenue | 797,000 |
| Common Stock, $5 Par Value, 30,500 shares authorized and issued | $ 152,500 |
| 250,000 | |
| Income Tax Expense: Continuing Operations | 35,000 |
| Income Tax Expense: Income from Discontinued Operations | 4,400 |
Prepare a multi-step income statement for Grey Motorsports for the fiscal year ended November 30, 2016. Include earnings per share.
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Here is the income statement for Splish Brothers Inc.
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Sales revenue
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Gross profit
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Additional information:
1.
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2.
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3.
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place, eg 18 or 2 5%)
(a)
Earnings per share
24
(b)
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(c)
Payout ratio
(d)
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Here is the income statement for Splish Brothers Inc.
SPLISH BROTHERS INC.Income StatementFor the Year Ended December 31, 2022
Net sales
$442,900
Cost of goods sold
258,800
Gross profit
184,100
Expenses (including $16,100 interest and $21,600 income taxes)
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Net income
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Additional information:
1.
Common stock outstanding January 1, 2022, was 22,500 shares, and 35,800 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.)
2.
The market price of Splish Brothers stock was $15 on December 31, 2022.
3.
Cash dividends of $23,600 were declared and paid.
Compute the following measures for 2022. (Round earnings per share to 2 decimal places, e.g. 1.83 and all answers to 1 decimal places, e.g. 1.8 or 2.5%)
(a)
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The following information was taken from the accounting records of Winnifred Corp. at January 1, 2017. The income tax rate is 40%.
Preferred shares, $1 cumulative, 50,000 shares authorized,
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Chapter 15 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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