Presented below is information Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2018. Dividends declared Effect on prior years of change in accounting principle (credit) Loss from operations of discontinued component of business Gain from disposal of component of business Federal tax rate of 30% on all items Prepare a multiple-step income statement for 2020. Assume the 350,000 shares of outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 5.25.) Ivanhoe Corp. INCOME STATEMENT $4,290,000 2,640,000 209,000 154,000 66,000 44,000 99,000 165,000 231,000 264,000 484,000 528,000 660,000 S

Presented below is information Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2018. Dividends declared Effect on prior years of change in accounting principle (credit) Loss from operations of discontinued component of business Gain from disposal of component of business Federal tax rate of 30% on all items Prepare a multiple-step income statement for 2020. Assume the 350,000 shares of outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 5.25.) Ivanhoe Corp. INCOME STATEMENT $4,290,000 2,640,000 209,000 154,000 66,000 44,000 99,000 165,000 231,000 264,000 484,000 528,000 660,000 S

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
You have partial information from an entity financial statements as follows: Accounts receivable Allowance for doubtful accounts Inventory FV-NI Investments Accounts payable Unearned revenues Equipment Accumulated depreciation - equipment Sales Cost of goods sold Depreciation expense Bad debt expense Loss on sale of equipment Loss on sale of FV-NI investments Holding gain- FV-NI investments Note also the following: Accounts written off that were recoved during 2024: $ $ $ $ $ 2024 4,450,000 $ (198,000) $ 3,820,000 $ 1020000 2,740,000 $ 365,000 $ 200,000 -98,000 $ $ $ $ $ 2023 3,690,000 (165,000) 4,490,000 925000 2,630,000 430,000 189,000 -89,000 20,560,000 9,250,000 10,000 356,000 5,500 5000 33000 25,000 Required 1) Calculate the cash collected from customers in 2024. 2) Calculate the cash paid to suppliers for purchase of inventory. 3) One FV-NI investment was sold during the year. Its carrying value at the beginning of the year was: $ 125,000 Calculate the NET cash generated/used up…
You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…
1.) Prepare statement of Comprehensive Income from the information given below of ABC SAOC for the year ended 31st December 2018: Sales Revenue Cost of sales Gross profit Other income Salaries and other employee related costs General and administrative expenses Selling and distribution expenses Net finance costs Taxation Fair value gain on financial assets Unrealized holding loss classified as available for sale 38,277,238 27,721,482 10,555,756 199,882 4,260,314 970,694 4,519,766 24,450 263,382 394,898 Investments on 59,236
The following is information for Bramble Corp. for the year ended December 31, 2023 Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,260,000 41,000 6,000 756,000 63,000 47,000 20,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2022 Retained earnings at December 31, 2022 Loss from expropriation of land Dividends declared $73,000 30,000 The effective tax rate is 35% on all items. Bramble prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. 58,000 910,000 64,000 48,000
Expenses: b. Calculate the company's net income for 2019. $ $ 0 0 0
Compute RNOA with Disaggregation Refer to the balance sheet information below for Home Depot. Jan. 28, Feb. 3, 2019 2018 $14,357 $13,918 Operating assets Nonoperating assets Total assets Operating liabilities Nonoperating liabilities Total liabilities Net sales Operating expense before tax Net operating profit before tax (NOPBT) Other expense Income before tax Tax expense Net income $ millions NOPAT $ Numerator a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 22%. Note: 1. Select the appropriate numerator and denominator used to compute RNOA from the drop-down menu options. 2. Enter the numerator and denominator amounts to compute 2018 RNOA. RNOA Numerator Average NOA $ Numerator Net income $ 605 1,222 $14,962 $15,140 $5,671 $5,456 9,929 9,190 $15,600 $14,646 $36,789 31,509 ◆ Average NOA x S ♦ OPAT x S 5,280 331 4,949 1,168 $3,781 b. Disaggregate RNOA into components of profitability (NOPM) and productivity (NOAT). Assume a statutory tax rate of 22%.…
Which of the following items would we report in the income statement just before net income? a. Losses due to the write-down of inventory.b. Gain on the sale of long-term assets.c. Discontinued operations.d. Losses due to restructuring.
Accounting The following information is available for Sage Hill Inc. for the year ended December 31, 2017: Loss on discontinued operations Rent revenue Income tax applicable to continuing operations Administrative expenses Loss on write-down of inventory Gain on sale of equipment Unrealized gain on available-for-sale securities $68,000 95,000 314,000 509,000 38,000 39,000 33,000 Retained earnings January 1, 2017 Selling expenses Income tax applicable to loss on discontinued operations Cost of goods sold Sales revenue Cash dividends declared Interest expense 200,000 shares were outstanding during all of 2017. $1,420,000 867,000 24,000 1,672,000 3,760,000 211,000 57,000
QUESTION : " The balance sheet of Lara Ltd are as follows: 31/12/2019 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 28,500 (11,450) 17,050 Current Assets 18,570 Inventory Account receivable 8,470 Less: Provision doubtful debts (420) 8,050 4,060 30,680 Cash and bank Total Assets Current Liabilities Account Payable 4,140 Non-Current Liabilities Loan 10,000 Total Liabilities (14,140) 16,540 Net Assets 33,590 Capital Opening Add: Net profit 35,760 10,240 Cash introduced Less: Drawing Total Capital (12,410) 33,590 31/12/2020 Non-Current Assets RM RM RM Equipment (Cost) Less: Accumulated depreciation 26,100 (13,010) 13,090 Current Assets 16,250 Inventory Account receivable 14,190 Less: Provision doubtful debts (800) 13,390 3,700 33,340 Cash and bank Total Assets Current Liabilities Account Payable 5,730 Non-Current Liabilities Loan 4,000 23,610 36,700 Total Liabilities (9,730) Net Assets
An impairment loss for long-lived assets which are to be held and used should be reported on the income statement as a(n) a. Extraordinary item . b. Component of the income or loss from the operations of a discontinued segment. c. Cumulative effect of a change in accounting principle . d. Component of income from continuing operations before income taxes.
Presented below is information related to Donaldson Corp., (a publicly traded company) for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2019 Dividends declared $1,950,000 1,200,000 95,000 70,000 30,000 20,000 45,000 75,000 105,000 100,000 Net loss associated with the closing of the company's Mining operation that is considered a distinct segment of The business 220,000 Federal tax rate of 35% on all items Instructions Prepare a multiple-step income statement for 2020. Assume the 200,000 shares of common stock were outstanding during 2020.