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- Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2019 multiple-step income statement. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 statement of comprehensive income.Multiple-Step and Single-Step In coin Statements The following items were derived from Gold Companys December 31 adjusted trial balance: Additional data: 1. Screen thousand share of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a multiple-st income statement. 2. Prepare a single step income statement. 3. Next Level Discuss how Gold Companys income statement in Requirement I might be different if it used IFRSOBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS at the end of 2019. Required: 1. Prepare a single-step income statement for ERS for 2019. 2. CONCEPTUAL CONNECTION Compute net profit margin for ERS. If ERS is able to increase its service revenue by $100,000, what should be the effect on future income? 3. CONCEPTUAL CONNECTION Assume that ERS net profit margin was 8.5% for 2018. As an investor, what conclusions might you draw about ERS future profitability?
- 1- On 1/1/2019 Company P acquired 85% of Company S for 2500000 JD. On 30/11/2019 Company S declared dividends 170000 JD. Using cost method, P will record dividends income: Select one: a. 153000 b. 144500 c. 127500 d. 1190001. Amount reported in 2019 OTHER COMPREHENSIVE INCOM section if Statement of comprehensive Income?2. Amount reported in 2020 OTHER COMPREHENSIVE INCOM section if Statement of comprehensive Income? 3. how much gain or loss shall be recognized in profit or loss on the sale of Joe shares on april 30? 4. The amount transferred to retained earnings on April 30?5. TOtal Non current assetsc at Dec 31, 2020Question:The following is the extract from trial balance of G Limited, subsidiary of Y Limited for the year ended 31 December 2021. Dr CrInventory on hand: 31/12/2020 50 000 Sales 1025000Purchases 350 000 Depreciation 25 000 Rent income 40 000Dividend paid 11 000 Other expenses 300 000 Income tax expense 145 000 Additional information: 1. Y Limited acquired its interest in G limited on the 1 st May 2021. 2.The average monthly sales of G Limited accrued evenly throughout the year.…
- 5. An entity provided the following data for the year ended December 1, 2019: Retained earnings unappreciated, January 1 P2 000 000 Overdepreciation of 2018 due to prior period, net of tax 400 000 Net Income 3 000 000 Retained earnings appreciated for treasury shares (original balance is P500 000 but reduced by P200 000 by reason of reissuance of the treasury shares) Retained earnings appropriated for contingencies (beginning balance P700 000 but increased by current appreciation of P100 000) Cash dividends paid to shareholders Change in accounting policy from FIFO to a average-credit, net of tax • What is the balance of unappreciated retained earnings on December 31, 2019?6. An entity provided the fo:louingdata for the year ended December 31. 2019:Retained earnings unappropriated. Januar> Overdepreciation of20i 8 due to prior period error. net oftax 400.000Net incomeRetained earning; appropriated for treasury (original balance is 3,000,000but reduced S) P200,000 by reason of reissuance of the treasury Shares)Retained earnings eppropria:ed for contingencies (begirråpg balance P70C,OOO. 300,000but increased by current appropriation ofP 100,000) 800,000Cash dividends paid to shareholders 1000.000Change in accounting policy from FIFO to a average — credit, net OftaxWhat is the balance of unappropriated retained earnings on December 31, 2019? 4,500.000 300.000b. 4,800,000E. An entity reported the following assets and liabilities at year-end: Carrying Amount Tax BaseProperty 10,000,000 7,000,000Plant and equipment 5,000,000 4,000,000Inventory 3,000,000 4,000,000Accounts receivable 2,500,000 3,000,000Liabilities 6,000,000 5,500,000The entity had made a provision for inventory obsolescence of P1,000,000. Further, an impairment loss against accounts receivable of P500,000 has been made. The tax rate is 25%.1. What amount should be reported as deferred tax liability?2. What amount should be reported as deferred tax asset?
- Question 3 Here are the financial statements of Premier Suites Ltd on 31 December 2020 Premier Suites Ltd Abridged Statement of profit or loss& other Comprehensive Income for the year ended 31 December 2020 Revenue Cost of Sales Operating profit before taxation Income tax expense Profit for the Year Notes 2020 239 000 (194 000) 45 000 (9 500) 35 500 Premier Suites Ltd Statement of Financial position as at 31 December 2020 Notes 2020 2021 ASSETS Non-current assets 6 316 200 281 000 Current assets 93 000 34 000 Inventories 7 61 300 28 000 Account receivables 8 25 800 6 000 Cash and cash equivalents 5 900 TOTAL ASSETS 409 200 315 000 EQUITY AND LIABILITIES Capital and reserves 381 000 192 500 Ordinary share capital (400 000 ordinary…The following is from the 2024 annual report of Kaufman Chemicals, Incorporated: Statements of Comprehensive Income Years Ended December 31 2024 2023 2022 Net income $ 900 $ 730 $ 585 Other comprehensive income: Change in net unrealized gains on AFS investments, net of tax of $23, ($20), and $20 in 2024, 2023, and 2022, respectively 35 (28) 28 Other (1) (2) 1 Total comprehensive income $ 934 $ 700 $ 614 Kaufman reports accumulated other comprehensive income in its balance sheet as a component of shareholders' equity as follows: ($ in millions) 2024 2023 Shareholders’ equity: Common stock $ 350 $ 350 Additional paid-in capital 8,575 8,575 Retained earnings 7,655 7,099 Accumulated other comprehensive income 114 80 Total shareholders’ equity $ 16,694 $ 16,104 Required: 3. From the information provided, determine how Kaufman calculated the $114 million accumulated other comprehensive income in 2024.12 On 1/1/2018, P Company acquired 80% of S Company for 400000 JD. Book value of S on 1/1/2018 was consisted of common stock of 257000 and Retained earnings of ????. During 2018, P recorded income 20000 JD and dividends 5000 JD. During 2019, P recoded income 40000 JD and 8000 dividends. . Retained earnings on 31/12/2019 is 300000 JD. Compute investment balance on 31/12/2019 (do not forget: it is the same investment balance on 1/1/2020). Select one: a. 445600 b. 441600 c. 437600 d. 433600
