Finley Corporation had income from continuing operations of $10,600,000 in 2017. During 2017, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2017 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Finley had 10,000,000 shares of common stock outstanding during 2017. Prepare a partial income statement for Finley beginning with income from continuing operations.
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Finley Corporation had income from continuing operations of $10,600,000 in 2017. During 2017, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2017 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Finley had 10,000,000 shares of common stock outstanding during 2017. Prepare a partial income statement for Finley beginning with income from continuing operations.
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- Tamarisk Corporation had income from continuing operations of $10,763,000 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $201,600. Prior to disposal, the division operated at a loss of $324,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Tamarisk had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Tamarisk beginning with income from continuing operations.Swifty Corporation had income from continuing operations of $10,826,400 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $190,800. Prior to disposal, the division operated at a loss of $320,500 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Swifty had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Swifty beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.) SWIFTY CORPORATIONIncome Statement (Partial)choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From…Kingbird Corporation had income from continuing operations of $10,723,900 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $196,100. Prior to disposal, the division operated at a loss of $323,000 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Kingbird had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Kingbird beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.)
- Sultan Corporation had income from continuing operations of $10,600,000 in 2010. During 2010, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2010. Sultan had 10,000,000 shares of common stock outstanding during 2010. Prepare a partial income statement for Sultan beginning with income from continuing operations.Presented below is information related to Blossom Company as of and for the year ended December 31, 2017. This was Blossom Company’s first year of operations. (Ignore income tax effects.) ● Sales revenue $1,500,000 ● Cost of goods sold 600,000 ● Selling and administrative expenses 300,000 ● Loss on sale of plant assets 60,000 ● Unrealized gain on available-for-sale investments 12,000 ● Interest expense 5,000 ● Interest revenue 3,500 ● Loss on discontinued operations 2,000 ● Allocation to noncontrolling interest 7,500 ● Dividends declared and paid 26,000 Compute the following: (a) Income from continuing operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Net income attributable to Blossom Company’s controlling shareholders $enter a dollar amount (d) Comprehensive income $enter a dollar amount (e) Retained earnings balance at December 31,…On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $8 million. The loss from operations of the segment during 2016 was $3.6 million. Pretax income from continuing operations for the year totaled $5.8 million. The income tax rate is 30%. Prepare the lower portion of the 2016 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.
- Presented below is information related to Ivanhoe Company as of and for the year ended December 31, 2017. This was Ivanhoe Company’s first year of operations. (Ignore income tax effects.) ● Sales revenue $1,310,000 ● Cost of goods sold 640,000 ● Selling and administrative expenses 310,000 ● Loss on sale of plant assets 64,000 ● Unrealized gain on available-for-sale investments 13,000 ● Interest expense 5,000 ● Interest revenue 4,100 ● Loss on discontinued operations 3,000 ● Allocation to noncontrolling interest 8,500 ● Dividends declared and paid 27,700 Compute the following: (a) Income from continuing operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Net income attributable to Ivanhoe Company’s controlling shareholders $enter a dollar amount (d) Comprehensive income $enter a dollar amount (e) Retained earnings balance at December 31,…Rembrandt Paint Company had the following income statement items for the year ended December 31, 2011 ($ in 000s): Net sales $18,000 Cost of goods sold $10,500 Interest income 200 Selling and administrative expenses 2,500 Interest expense 350 Restructuring costs 800 Extraordinary gain 3,000 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $1.6 million and a gain on disposal of the component's assets of $2 million. 500,000 shares of common stock were outstanding throughout 2011. Income tax expense has not yet been accrued. The income tax rate is 30% on all items of income (loss). Required: Prepare a multiple-step income statement for 2011,On January 1, 2015, Fisher Corporation paid $2,290,000 for 35 percent of the outstanding voting stock of Steel, Inc., and appropriately applies the equity method for its investment.Any excess of cost over Steel’s book value was attributed to goodwill. During 2015, Steel reports $720,000 in net income and a $100,000 other comprehensive income loss. Steel also declares and pays $20,000 in dividends. What amount should Fisher report as its Investment in Steel on its December 31, 2015, balance sheet? What amount should Fisher report as Equity in Earnings of Steel on its 2015 income statement?
- The following information is available for Kingbird Inc. for the year ended December 31, 2017: Loss on discontinued operations $65,000 Retained earnings January 1, 2017 $1,120,000 Rent revenue 85,000 Selling expenses 860,000 Income tax applicable to continuing operations 288,000 Income tax applicable to loss on discontinued operations 22,000 Administrative expenses 500,000 Cost of goods sold 1,620,000 Loss on write-down of inventory 32,000 Sales revenue 3,715,000 Gain on sale of equipment 30,000 Cash dividends declared 210,000 Unrealized gain on available-for-sale securities 20,000 Interest expense 45,000 200,000 shares were outstanding during all of 2017. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.45.)In 2017, Pronghorn Corporation discontinued its retail store operations to focus on its online opportunities. The elimination of these retail operations is properly considered a discontinued operation. During the current year, its store operations lost $630,000 (net of tax) while its online operations reported a profit of $3,530,000 (net of tax). Pronghorn sold the store operations at the end of the year at a loss of $1,380,000 (net of tax). Prepare an income statement for 2017 beginning with line item “Income from continuing operations.” PRONGHORN CORPORATIONPartial Income Statementchoose the accounting period December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017 select an income statement item Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Store Operations Net of TaxLoss…Flint Corp. began operations in 2014. During the years 2014-2016, it reported net income and declared dividends as follows. Net income Dividends declared 2014 $31,000 $ –0– 2015 122,000 –0– 2016 230,000 49,000 During 2017, Flint Corp.: ● discovered that it had failed, in 2015, to record $50,000 in depreciation on equipment in one of its warehouses. ● changed, on January 1 ,2017, from the average cost to the FIFO method of accounting for its inventory. If Flint Corp. had applied the FIFO method to it inventory in prior years, cumulative net income (before tax) would have been $15,000 lower than originally reported. ● reported income before income tax expense of $480,000. ● declared and paid dividends to common shareholders of $80,000. Flint’s effective income tax rate for all years was 40%. (a) Prepare a 2017 retained earnings statement for Flint Corp. (List items that increase retained…