Compute for the consolidated net income.
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Compute for the consolidated net income.
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- Macon Mills is a division of Bolin Products. Inc. During the most recent year, Macon had a net income of $40 million. Included in the income was interest expense of $2,800,000. The companys tax rate was 40%. Total assets were $470 million, current liabilities were $104,000,000, and $72,000,000 of the current liabilities are noninterest bearing. What are the invested capital and ROI for Macon?The following data are taken from the records of Dove Company, a division of Oasis Corporation for the year ended December 31, 2021 Sales 120,000,000.00Less: Variable Cost and Expenses 8,000,000.00Contribution Margin 4,000,000.00Less:: Direct Fixed Cost and Expenses 1,000,000.00Segment Income 3,000,000.00 The company used an average assets of P8,000,000.00 in 2021. The cost of capital is 12% Calculate the following:1. Return on Sales2. Asset Turnover3. ROI4. Residual IncomeComparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on…
- Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s…Comparative income statements of Sub Corporation for the calendar years 2019, 2020, and 2021 are as follows (in thousands): 2019 2020 2021Sales $22,000 $18,500 $19,250Cost of sales 10,600 9,900 10,100Gross profit 11400 8600 9150Operating expenses 5,700 5,500 6,000Net income $ 5700 $ 3100 $ 3150ADDITIONAL INFORMATION1. Sub was an 80 percent-owned subsidiary of Pub Corporation throughout the 2019–2021 period. Pub’s separate income (excludes income from Sub) was $7,200,000, $6,600,000, and $7,500,000 in 2019, 2020, and 2021, respectively. Pub acquired its interest in Sub at its underlying book value, which was equal to fair value on July 1, 2017.2. Pub sold inventory items to Sub during 2019 at a gross profit to Pub of $720,000. Half the merchandise remained in Sub’s inventory at December 31, 2019. Total sales by Pub to Sub in 2019 were $1,800,000. The remaining merchandise was sold by Sub in 2020.3. Pub’s inventory at December 31, 2020, included items acquired from Sub on which Sub made…The following information relates to Hardin Limited’s year-ended 31 December 2020: The statement of comprehensive income shows profit for the year of R154 000. The calculation of this profit included the following income and expenses: Impairment of building: R64 000 (before tax: R74 000) Profit on sale of plant: R23 200 (before tax: R32 000) Inventory write-down: R10 000 (before tax: R15 000) The statement of changes in equity reflected preference dividends of R3 450. 12 000 shares in issue throughout the year. Required: Calculate the basic earnings and the headline earnings and disclose the headline earnings per share for the year-ended 31 December 2020
- Presented below is information related to Sohar Inc at December 31, 2020. Sales Revenue OMR 585,000 Cost of goods sold 265,000 Selling and Administrative Expenses 72,000 Gain on sale of plant 38,000 Unrealized gain on sale of Investments 16,000 Interest Expenses 9,000 Loss on discontinued operation 17,000 Allocation to non-controlling interest 49,000 Dividend declared and paid 8,000 Compute the following: (a) Income from operation, (b) net income, (c) net income attributed to controlling shareholders, (d) Comprehensive income, (e) retained earning balance.During the current year, The Jupiter Company, which is an S corporation, had the following items of income andexpenses: Income:Gross income from operations $150,000Interest income 5,000Qualified dividend income from investments 800Deductions:Compensation of Officers 67,000State taxes 5,000Short-Term Capital Loss 6,000Employee benefits 3,500Contribution to Pet Haven 1,000Interest 3,000Distributions to the shareholders 75,000a. Calculate the net ordinary income.b. List all the other items which must be separately reported.c. If the S corporation is on a calendar year, when is the corporation’s tax return due?Income information for 2019 taken from the separate company financial statements of Marinette corporation and its 75% old subsidiary Adrian corporation is presented as follows Marinette Adrian Sales 1,000,000 460,0000 Gain on sale of Building 20,000 Dividend Income 75,000 Cost of Goods Sold -500,000 -260,000 Depreciation Expense -100,000 -60,000 Other Expense -200,000 -40,000 Net Income 295,000 100,000 Marinette gain on sale of building relates to a building with a book value of 40,000 and a 10 year remaining useful life that was sold to Adrian for 60,000 of January 1,2019. The profit attributable to equity holders of parent or CNA contributable controlling interest for 2019 should be: a.295,000 b. 277,000 c. 275,000 d. 220,000
- Income information for 2019 taken from the separate company financial statements of Marinette corporation and its 75% old subsidiary Adrian corporation is presented as follows Marinette Adrian Sales 1,000,000 460,0000 Gain on sale of Building 20,000 Dividend Income 75,000 Cost of Goods Sold -500,000 -260,000 Depreciation Expense -100,000 -60,000 Other Expense -200,000 -40,000 Net Income 295,000 100,000 Marinette gain on sale of building relates to a building with a book value of 40,000 and a 10 year remaining useful life that was sold to Adrian for 60,000 of January 1,2019. At what amount will the gain on sale of building appear under consolidated/group income statement of Marinette and Adrian what the year 2019 should be a. 0 b. 5,000 c. 15,000 d. 20,000CARAT CORP. has completed its current year financial statements which reveal, in part, the following information: *Profit for the year - P110,000 *Total Comprehensive Income - P130,000 *Other comprehensive income relates to the revaluation of land and buildings to fair value *Dividends paid - P35,000 *Opening equity balances - share capital P300,000, retained earnings P220,000, asset revalution surplus P60,000 *No more share capital was issued during the reporting period The total equity at the end of the current year is: Choices a. 695,000 b. 675,000 c. 655,000 d. 580,000Macon Mills is a division of Bolin Products, Inc. During the most recent year, Macon had a net income of $43 million. Included in the income was interestexpense of $2,500,000. The company's tax rate was 40%. Total assets were $475 million, current liabilities were $108,000,000, and $69,000,000 of thecurrent liabilities are noninterest bearing.What are the invested capital and RO1 for Macon? Enter your answer in whole dollar. Round "ROI" answer to two decimal places. Invested Capital: ?ROI: ?