Hi can you kindly assist with multiple choice questions 17-20Question 17 Calculate the weighted average number of shares of Power Limited for the year ended 2021 and 2020.Question 17 options:A) R410 000 and R372 500B) R386 000 and R374 000C) R374 000 and R324 500D) R374 000 and R324 500Question 18 Calculate the diluted weighted average number of shares of Power Limited for the year ended 2021 and 2020.Question 18 options:A) 386 000 and 374 000B) 374 000 and 324 500C) 374 000 and 324 500D) 410 000 and 372 500Question 19 Calculate the diluted basic earnings of Power Limited for the year ended 2021 and 2020, to be used for calculation of diluted earnings per share.Question 19 options:A) R712 000 and R722 368B) R722 368 and R430 624C) R720 000 and R424 800D) R712 000 and R416 800Question 20 Calculate the diluted basic earnings per share of Power Limited for the year ended 2021 and 2020.Question 20 options:A)1,76 cents and 1,16 centsB)1,90 cents and 1,28 centsC) 1,67 cents and 1,82 centsD) 1,09 cents and 1,61 cents POWER LIMITEDEXTRACTS FROM THE STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 20212021R2020RProfit for the year before taxationTaxation for the year1 000 000(280 000)590 000|(165 200)720 000424 800Other comprehensive income for the yearTotal comprehensive income for the year| 720 000424 800ADDITIONAL INFORMATION:On 1 January 2019, Power Limited was incorporated with the following sharesand debentures issued the same day:• Ordinary shares of no-par value @ RO,50• 100 000 8% Cumulative preference sharesR100 000R100 000• 300 000 8% Convertible debentures of R1R300 000Due to a cash flow problem, Power Limited did not provide for or paid out thepreference dividends for the 2020 and 2021 financial year although it providedfor and paid out the ordinary dividends. Power Limited intend to pay out boththe 2020 and 2021 financial years' preference share dividends in 2022.All the 8% convertible debentures were convertible into ordinary shares at theoption of Power Limited. On 1 January 2019, Power Limited took a decision toconvert debentures annually over 5 years in equal proportion (1/5) starting from31 December 2019. The directors decided that the convertible debentureswere to be converted in the ratio of 2 new ordinary share for every 10convertible debentures held at year end.On 1 April 2020, the directors decided to issue 150 000 ordinary shares atR1,50 per share.• Tax rate is 28% for all the years.

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...

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Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
Income Statement, Lower Portion Cunningham Company reports a retained earnings balance of 365,200 at the beginning of 2019. For the year ended December 31, 2019, the company reports pretax income from continuing operations of 150,500. The following information is also available pertaining to 2019: 1. The company declared and paid a 0.72 cash dividend per share on the 30,000 shares of common stock that were outstanding the entire year. 2. The company incurred a pretax 21,000 loss as a result of an earthquake, which is not unusual for the area. This is included in the 150,500 income from continuing operations. 3. The company sold Division P (a component of the company) in May. From January through May, Division P had incurred a pretax loss from operations of 33,000. A pretax gain of 15,000 was recognized on the sale of Division P. Required: Assuming that all the pretax items are subject to a 30% income tax rate: 1. Complete the lower portion of Cunningham's 2019 income statement beginning with Pretax Income from Continuing Operations. Include any related note to the financial statements. 2. Prepare an accompanying retained earnings statement.

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