Se.27. 1Less from OperationsNet Income/(Loss)Cullumber Company has stockholders' equity of $430,000 and net income of $73,530. It has a payout ratio of 20% and a return onassets of 19%. How much did Cullumber pay in cash dividends, and what were its average total assets?Cash dividendsAverage total assets(al(b)Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $667.50 million andsales of $22.250.0 million in 2022. Its total assets were $12.000 million at the beginning of the year and $13,000 million at the end ofthe year. What is Staples, Inc.'s lal asset turnover and (b) profit margin? (Round asset turnover to 2 decimal places, eg. 1.25 and profitmargin to 1 decimal place, og 2.5%)Asset turnover$Profit marginAYAYAI CORP.Statement of Comprehensive Income$times Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022. It also has the followingitems (before considering income taxes).1.2.An unrealized loss of $85,400 on available-for-sale securities.A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain ondisposal).Assume all items are subject to income taxes at a 20% tax rate.Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.Income from Continuing OperationsDiscontinued OperationsGain from DisposalLoss from OperationsAYAYAI CORP.Partial Income StatementFor the Year Ended December 31, 2022$

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Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $85,400 on available-for-sale securities. A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.

Ayayai Corp, has income from continuing operations of $430,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $85,400 on available-for-sale securities. A gain of $38,600 on the discontinuance of a division (comprised of a $5,200 loss from operations and a $43,800 gain on disposal). Assume all items are subject to income taxes at a 20% tax rate. Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 5P: Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of...

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