Chapter 13 Homework

Please solve accounting problem

Ans

Current Attempt in Progress An inexperienced accountant for Ayayai Corp. showed the following in the income statement: net income $187,500 and unrealized gain on available-for-sale securities (before taxes) $85,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate. Prepare a correct statement of comprehensive income. AYAYAI CORP. Partial Statement of Comprehensive Income Income Before Income Taxes Net Income /(Loss) eTextbook and Media Save for Later ta

An inexperienced accountant for Bramble Corp. showed the following in the income statement: net income $217,260 and unrealized gain on available-for-sale securities (before taxes) $91,900. The unrealized gain on available-for-sale securities is subject to a 29% tax rate.Prepare a correct statement of comprehensive income. BRAMBLE CORP.Partial Statement of Comprehensive Income select a comprehensive income item                                                              enter a dollar amount select an opening section name                                                                select a comprehensive income item                                                              enter a dollar amount select an closing name for this statement                                                              $enter a total amount for this statement

Fill out missing boxes completely

Prepare

An inexperienced accountant for Marigold Corp. showed the following in the income statement: income before income taxes $432,000 and unrealized gain on available-for-sale securities (before taxes) $85,200. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 33% tax rate. Prepare a correct statement of comprehensive income. MARIGOLD CORP. Partial Statement of Comprehensive Income $ %24 %24 > >

An inexperienced accountant for Culver Corporation showed the following in the income statement: income before income taxes $395,000 and unrealized gain on available-for-sale securities (before taxes) $92,100. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 25% tax rate. Prepare a correct statement of comprehensive income. CULVER CORPORATION Partial Statement of Comprehensive Income Textbook and Modi V v $

Use this information to answer the following questions: Plano Co. 12/31/2021 Partial Trial Balance Data Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense Interest expense General and administrative expenses Debits 500,000 150,000 40,000 100,000 Credits 700,000 60,000 110,000 Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. 48. Required: Prepare a single-step income statement with earnings per share disclosure. 49. Required: Prepare a multiple-step income statement with earnings per share disclosure.

An inexperienced accountant for Cheyenne Corp. showed the following in the income statement: income before income taxes $371,000 and unrealized gain on available-for-sale securities (before taxes) $88,700. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 35% tax rate. Prepare a correct statement of comprehensive income. CHEYENNE CORP. Partial Statement of Comprehensive Income

In the following problem I am asked to compute Net Income.  I am having a difficult time .  Net Income is computed after Income Tax Expense.  I am not sure of which amount the 20% tax rate is supposed to be taken from Presented below are selected ledger accounts of Waterway Corporation as of December 31, 2020. Cash $58,000Administrative expenses 116,000Selling expenses 92,800Net sales 626,400Cost of goods sold 243,600Cash dividends declared (2020) 23,200Cash dividends paid (2020) 17,400Discontinued operations (loss before income taxes) 46,400Depreciation expense, not recorded in 2019 34,800Retained earnings, December 31, 2019 104,400Effective tax rate 20% Compute Net Income for 2020

An inexperienced accountant for Culver Corporation showed the following in the income statement: income before income taxes $395,000 and unrealized gain on available-for-sale securities (before taxes) $92,100. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 25% tax rate.Prepare a correct statement of comprehensive income. CULVER CORPORATIONPartial Statement of Comprehensive Income Select a comprehensive income item                                                           DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome Tax ExpenseOther Comprehensive IncomeUnrealized Holding Gain on Available-for-Sale SecuritiesIncome Before Income TaxesComprehensive Income   $Enter a dollar amount  Select a comprehensive income item                                                           DividendsExpensesNet Income / (Loss)Retained EarningsRevenueTotal ExpensesTotal RevenuesIncome…

please help and provide solution with all working

Topic: Interim Financial Reporting   Requirement: Prepare a correct statement of profit or loss and other comprehensive income for Friday Corp. (Ignore income taxes)

Subject: acounting

Subject: acounting

17) Use the data below to answer the question that follows. Corporate Tax Rate Year Revenues Cost of Goods Sold Selling and Admin. Expenses Capital Cost Allowance Accounts Receivable Inventory Accounts Payable Gross Fixed Assets 30% 1 2 3 $330,000 $340,000 $380,000 $110,000 $150,000 $180,000 $50,000 $130,000 $140,000 $11,000 $12,000 $13,000 $40,000 $43,000 $47,000 $35,000 $38,000 $39,000 $15,000 $18,000 $19,000 $100,000 $120,000 $130,000 The cost of goo sold row excludes any depreciation or capital cost allowance. What is the free cash flow generated for year 2? a) $22,300 b) $22,450 c) $22,600 d) $27,250 e) $31,900

i. Using all relevant cells calculate the income tax expenses for each year. ii. . Using the correct function or formula calculate the net income.

Suppose the Tax Code is "Percetage Tax - 3% of Sales", the presented income statement is correct. False; date or business name error   True   False; Calculation error   False; this is a cashflow

An inexperienced accountant for Crane Corporation showed the following in the income statement: net income $193,500 and unrealized gain on available-for-sale securities (before taxes) $94,900. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) CRANE CORPORATION Statement of Comprehensive Income > +A $

An inexperienced accountant for Crane Corporation showed the following in the income statement: net income $ 187,500 and unrealized gain on available-for-sale securitles (before taxes) $85,000. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using elther a negative sign preceding the number eg-2,945 or parentheses eg, (2,945)) CRANE CORPORATION Statement of Comprehensive Income Income before income taxes Income tax expense Net incomedos Unrealized holdine ain on available-for sale curitles

The amount of net deferred tax asset/(liability) at January 1, 2008 is? The amount of net deferred tax asset/(liability) at December 31, 2008 is? Income tax expense – current for 2008 is?

Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $16,000; Liabilities = $13,500; Revenues = $25,000; Expenses = $31,500.   Net loss=? Stockholders equity=?

Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $16,200; Liabilities = $13,600; Revenues = $25,200; Expenses = $31,600.   Required: 1. Calculate net loss. 2. Calculate stockholders' equity at the end of the period.