shoe division but wants you to advise it on how to present this information to external users sale of its Determine the after-tax loss from the shoe division and show how this information would be presented on the income statement. Explain in a brief memo to the owners why this informa tion is shown this way on the income statement. Earnings before income taxes and Discontinued Operations Tax rate Loss on Discontinued Operations $700,000 20% $250,000

shoe division but wants you to advise it on how to present this information to external users sale of its Determine the after-tax loss from the shoe division and show how this information would be presented on the income statement. Explain in a brief memo to the owners why this informa tion is shown this way on the income statement. Earnings before income taxes and Discontinued Operations Tax rate Loss on Discontinued Operations $700,000 20% $250,000

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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Current Attempt in Progress - Your answer is partially correct. The following information is available for Crane Corp. for the year ended December 31, 2027. Other revenues and gains Other expenses and losses Cost of goods sold Sales discounts Net Sales Sales Revenue Less Sales Returns and Allowances Sales Discounts Prepare a multiple-step income statement for Crane Corp. Cost of Goods Sold Gross Profit Operating Expenses Other Expenses and Losses Income from Operations Other Revenues and Gains Net Income /(Loss) $23,700 eTextbook and Media 3,020 287,400 3,530 Sales revenue Operating expenses Sales returns and allowances CRANE CORP. Income Statement For the Year Ended December 31, 2027 $754,000 217,890 10,500 10500 3530 i 232200 23700 754000 QUROSO 740470 287400 i 453070 217890 i 3020 255900
Use the income statement and the list of changes to answer the question. Lightspeed Industries Income Statement Revenue Cost of Goods Sold (COGS) Gross Income Sales, General, & Administrative Expenses (SG&A) Depreciation Expense Other Expenses Earnings Before Interest & Taxes (EBIT) Interest January 1 to December 31, 2022 (amounts in thousands) Pre-Tax Income Income Taxes Net Income 9,800 1,960 7,840 980 800 400 5,660 170 5,490 2,196 3,294 Between January 1 and December 31, 2022: 1. Accounts Receivable increase by $500,000 2. Accounts Payable increase by $700,000 3. Gross Property, Plant, & Equipment increase by $9,400,000 4. Long Term Debt decreases by $400,000 Assume no other changes What is the Net Cash Flow? Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars. Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed statement of cash flows).
Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 9,710 7,990 475 $ 1,245 114 $ 1,131 396 $ 735 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 Total assets What is the days' sales in receivables for 2022? Cash Accounts receivable Inventory Total $ 3,290 $ 3,025 3,530 4,050 Net fixed assets $ 6,820 $ 7,075 $ 270 $ 300 Accounts payable $ 1,550 1,080 1,940 1,745 980 Long-term debt Common stock Retained earnings Total liabilities & equity $ 6,820 $ 7,075 1,160 3,460 650 2022 $ 1,785 1,330 3,060 900
What is the net income for the BlueDragon company given the following list of accounting itens? note: write the number with at most 2 decimal płaces (eg. 95.17) unsorted Profit & Loss items For the year 2020 (in thousand Php) cost of goods sold (192) wage expense (31) communication expense (5) sales 171 office supplies expense |(6) depreciation & amortization (2) repair & maintenance (10) interest income 49 computer expense (5)
The following information is available for Blue Corp. for the year ended December 31, 2022: Other revenues and gains Other expenses and losses Cost of goods sold $11,100 14,000 164,000 Sales revenue Operating expenses Sales returns and allowances Prepare a multiple-step income statement for Blue Corp. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg (45).) BLUECORP. Income Statement $616,000 197,000 40,000 $
* ces Use the following information to answer this question. Windswept, Incorporated. 2022 Income Statement. (in millions) Net sales Cost of goods sold. Depreciation Earnings before interest and taxes. Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets What is the quick ratio for 20227 $ 9,950 8,060 495 $ 1,395 116 $ 1,279 448 $ 831 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 $290 1,120 1,990 1,785 $3,400 $3,125 3,530 4,150 $ 6,930 $ 7,275 2022 $320 Accounts payable 1,020 Long-term debt Common stock. Retained earnings Total liabilities & equity 2021 $ 1,610 1,160 3,460 700 2022 $1,535 1,360 3,430 950 $ 6,930 $ 7,275
Q3. After analyzing financial statements of two companies of same industry: Shafer Company and Margo Company. Both are paying income taxes on their earnings, both have large inventories and Replacement cost of their product that are on the rise, over the years. A note to financial statements Disclosed that Shafer company is cost is shown far below to its replacement cost and Margo Inventory is shown at a cost close its current replacement cost. Required: Answer the following questions and explain the reasoning behind your answer. a. What method of inventory valuation is probably used by Shafer and Margo? b. Which company probably has been reporting the higher net income, support with figures? c. If both companies sold their entire inventory at the same sales price, which company would you? Expect to report the larger amount of gross profit, support with figures proving facts?
! Required information Use the following information for the Exercies below. (Algo) [The following information applies to the questions displayed below.] In the current year, Randa Merchandising Incorporated sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A listing of the major sections of an income statement follows. 1. 2. 3. 4. 5. 6. 7. 8. Item 1. Net sales 2. Gain on state's condemnation of company property 3. Cost of goods sold 4. Income tax expense 5. Depreciation expense 6. Gain on sale of wholesale business segment, net of tax 7. Loss from operating wholesale business segment, net of tax 8. Loss of assets from meteor strike Exercise 17-17A (Algo) Income statement categories LO A2 Debit Section $ 1,684,000 247,000 264,000 505,000 728,000 Credit $ 3,300,000 262,000 Indicate where each of the following income-related items for this company appears on its current year…
Use the following information for the Problems below. Skip to question [The following information applies to the questions displayed below.]Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANYIncome StatementFor Current Year Ended December 31 Sales revenue $ 127,200 Expenses Cost of goods sold 52,000 Depreciation expense 17,000 Salaries expense 28,000 Rent expense 10,000 Insurance expense 4,800 Interest expense 4,600 Utilities expense 3,800 Net income $ 7,000 LANSING COMPANYSelected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,600 $ 7,800 Inventory 2,980 2,040 Accounts payable 5,400 6,600 Salaries payable 1,080 800 Utilities payable 420 260 Prepaid insurance 360 480 Prepaid rent…
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For Crane Company, the following information is available: Cost of goods sold $386750 Dividend revenue Income tax expense Operating expenses Sales revenue 17300 35800 133500 595000 In Crane's single-step income statement, gross profit O should not be reported. O should be reported at $208250. O should be reported at $225550. O should be reported at $53100.