If answered within 30mins,it would be great. Adventure Place Inc. had the following accounting income for the year endedDecember 31, 2019:$1,725,0001,185,000540,000(265,000)(98,000)|(76.000)101,00023.000$ 124.000RevenueCost of goods soldGross profitOperating expensesAmortizationMiscellaneous expensesOperating incomeGain on sale of investmentsAccounting incomeIncluded in operating expenses are:$9,500 in meals and entertainment expenses related to client marketing- $7,800 for membership in a local golf club, which is used to bring in clients- $20,000 in corporate income tax instalment paymentsIncluded in miscellaneous expenses are:$4,800 in legal costs paid as part of a working capital loan obtained during the year$5,600 for donations to charities$1,400 in interest and penalties on late income taxes$700 in interest on late municipal tax paymentsAt the beginning of 2019, Adventure Place Inc. had undepreciated capital cost balancesof: At the beginning of 2019, Adventure Place Inc. had undepreciated capital cost balancesof:Class 1 building used more than 90% for office space, acquired in 2009 – $348,670Class 8 small tools and equipment – $267,780Class 10 vehicles – $98,413During the year, $25,600 in small tools were purchased for use in regular operations.Two Člass 10 vehicles were disposed of during the year for proceeds of $17,500 each.Each of the vehicles had an original cost of $30,000. Investments with a cost of $60,000were sold during the year for $83,000.Adventure Place Inc. had a net capital loss carryforward balance of $52,400 at thebeginning of the year.Required:Beginning with accounting income, and adjusting as needed, calculate the minimum netincome for tax purposes and taxable income for Adventure Place Inc. for 2019.

Taxable Income refers to the base upon which income tax system imposes tax. Taxable income…

Adventure Place Inc. had the following accounting income for the year ended December 31, 2019: Revenue Cost of goods sold Gross profit Operating expenses Amortization Miscellaneous expenses Operating income Gain on sale of investments $1,725,000 1,185,000 540,000 (265,000) (98,000) (76.000) 101,000 23.000

Adventure Place Inc. had the following accounting income for the year ended December 31, 2019: Revenue Cost of goods sold Gross profit Operating expenses Amortization Miscellaneous expenses Operating income Gain on sale of investments $1,725,000 1,185,000 540,000 (265,000) (98,000) (76.000) 101,000 23.000

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Refer to the following financial statements of Delima Corporation for 2019 and 2020: Delima Corporation Income Statements For the year ended 31 December (in millions) 2020 2019 $13,198 $ 7,750 $ 5,448 $3,472 $ 1,976 233 $ 12,397 $ 7,108 $ 5,289 $ 3,299 $ 1,990 $ $4 $ 1,742 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Other (income) expense, net $ 248 11 Income before income taxes $ 1,732 Income tax expense 503 502 Net income $ 1,229 $ 1,240 Delima Corporation Balance sheet For the year ended 31 December (in millions) Assets 2020 2019 Current assets Cash 444 $ $ 1,188 $ 1,132 460 $ 1,190 $ 1,056 Accounts receivables (net) Inventories Other current assets 247 225 $ 3,027 $ 3,281 $ 5,593 $ 2,915 $ 3,128 $ 5,804 $ 11,847 Total current assets Property (net) Other assets Total assets $11,901 Liabilities and Stockholders' Equity $ 3,313 $ 6,826 $ 1,762 $11,901 $ 3,184 $ 6,509 $ 2,154 $ 11,847 Current liabilities…
[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Numerator: 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 156,366 KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 1 1 / 1 1 58,007 36,990 94,997 61,369 12,581 $ 74,141 $ 48,788 December 31 2021 $ 62,574 0 Current Ratio 114,438 $ 177,012 $ 25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,881 $…
The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…
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HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years ended 3rd December 2019 2020       Revenue and gains Sales revenue 495,500 496,738.75 Interest revenue 278,500 279,196.25 Investment Income 71,700 71,879.25 Other revenue 101,500 101,753.75 Total revenue and gains 947,200 949,968 Expenses and losses                                                            Cost of good sold 450,000 447,750 Selling&administrative 185,000 184,075 Computer (operating) 42,500 42,288 Depreciation 50,000…
The comparative statements of Pharoah Company are presented here: Pharoah CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,898,740 $1,758,700 Cost of goods sold 1,066,740 1,014,200 Gross profit 832,000 744,500 Selling and administrative expenses 508,200 487,200 Income from operations 323,800 257,300 Other expenses and losses    Interest expense 23,400 21,400 Income before income taxes 300,400 235,900 Income tax expense 93,400 74,400 Net income $207,000 $161,500 Pharoah CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets    Cash $60,100 $64,200    Debt investments (short-term) 74,000 50,000    Accounts receivable 126,000 111,000    Inventory 127,400 116,900      Total current assets 387,500 342,100 Plant assets…
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The comparative statements of Pharoah Company are presented here: Pharoah CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,898,740 $1,758,700 Cost of goods sold 1,066,740 1,014,200 Gross profit 832,000 744,500 Selling and administrative expenses 508,200 487,200 Income from operations 323,800 257,300 Other expenses and losses Interest expense 23,400 21,400 Income before income taxes 300,400 235,900 Income tax expense 93,400 74,400 Net income $207,000 $161,500 Pharoah CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,000 111,000 Inventory 127,400 116,900 Total current assets 387,500 342,100 Plant assets…
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