Galliger Corp.'s adjusted trial balance at December 31, 2023, included the following:Credit$202,300SalesCost of goods soldAdministrative expensesLoss on sale of equipmentSales commissionsInterest revenueLoss of warehouse due to floodLoss from operation of discontinued divisionBad debt expenseTotalsAnswer is complete but not entirely correct.19,990Debit$ 83,30033,32013,09010,710The perpetual inventory system is used and the income tax rate is 30%.operations for 2023?After-tax income7,14017,85020,5605,950$192,780 $209,440hat is Galliger Corp's after-tax income from continuing

Note: Loss from discontinued division won't be considered for this calculation

Galliger Corp.'s adjusted trial balance at December 31, 2023, included the following: Credit $202,300 Sales Cost of goods sold Administrative expenses Loss on sale of equipment Sales commissions Interest revenue Loss of warehouse due to flood. Loss from operation of discontinued division Bad debt expense Totals Debit Answer is complete but not entirely correct. After-tax income $ 19,990 $ 83,300 33,320 13,090 10,710 7,140 17,850 20,560 5,950 $192,780 $209,440 The perpetual inventory system is used and the income tax rate is 30%. What is Galliger Corp's after-tax income from continuing operations for 2023?

Galliger Corp.'s adjusted trial balance at December 31, 2023, included the following: Credit $202,300 Sales Cost of goods sold Administrative expenses Loss on sale of equipment Sales commissions Interest revenue Loss of warehouse due to flood. Loss from operation of discontinued division Bad debt expense Totals Debit Answer is complete but not entirely correct. After-tax income $ 19,990 $ 83,300 33,320 13,090 10,710 7,140 17,850 20,560 5,950 $192,780 $209,440 The perpetual inventory system is used and the income tax rate is 30%. What is Galliger Corp's after-tax income from continuing operations for 2023?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 65E: Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared...

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Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended December 31, 2019 and 2020, contained the following errors: In addition, on December 31, 2020, fully depreciated machinery was sold for 10,800 cash, but the sale was not recorded until 2021. There were no other errors during 2019 or 2020, and no corrections have been made for any of the errors. Refer to the information for Shannon Corporation above. Ignoring income taxes, what is the total effect of the errors on the amount of working capital (current assets minus current liabilities) at December 31, 2020? a. working capital overstated by 4,200 b. working capital understated by 5,800 c. working capital understated by 6,000 d. working capital understated by 9,800
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
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