How do I figure out the pretax net nonoperating expense ? (in thousands) Dec. 29, 2016 Dec. 30, 2015 Revenues Circulation $ 880,543 $ 851,790 Advertising 580,732 638,709 Other 94,067 88,716 Total revenues 1,555,342 1,579,215 Production costs Wages and benefits 363,051 354,516 Raw materials 72,325 77,176 Other 192,728 186,120 Total production costs 628,104 617,812 Selling, general and administrative costs 721,083 713,837 Depreciation and amortization 61,723 61,597 Total operating costs 1,410,910 1,393,246 Restructuring charge 14,804 0 Multiemployer pension plan withdrawal expense 6,730 9,055 Pension settlement charges 21,294 40,329 Early termination charge 0 0 Operating profit 101,604 136,585 Loss from joint ventures (36,273) (783) Interest expense, net 34,805 39,050 Income from continuing operations before income taxes 30,526 96,752 Income tax expense/(benefit) 4,421 33,910 Income from continuing operations 26,105 62,842 Loss from discontinued operations, net of income taxes (2,273) 0 Net income 23,832 62,842 Net loss attributable to the noncontrolling interest 5,236 404 Net income attributable to The New York Times Company common stockholders $29,068 $63,246
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
How do I figure out the pretax net nonoperating expense ?
|
(in thousands) |
Dec. 29, 2016 |
Dec. 30, 2015 |
|
Revenues |
|
|
|
Circulation |
$ 880,543 |
$ 851,790 |
|
Advertising |
580,732 |
638,709 |
|
Other |
94,067 |
88,716 |
|
Total revenues |
1,555,342 |
1,579,215 |
|
Production costs |
|
|
|
Wages and benefits |
363,051 |
354,516 |
|
Raw materials |
72,325 |
77,176 |
|
Other |
192,728 |
186,120 |
|
Total production costs |
628,104 |
617,812 |
|
Selling, general and administrative costs |
721,083 |
713,837 |
|
|
61,723 |
61,597 |
|
Total operating costs |
1,410,910 |
1,393,246 |
|
Restructuring charge |
14,804 |
0 |
|
Multiemployer pension plan withdrawal expense |
6,730 |
9,055 |
|
Pension settlement charges |
21,294 |
40,329 |
|
Early termination charge |
0 |
0 |
|
Operating profit |
101,604 |
136,585 |
|
Loss from joint ventures |
(36,273) |
(783) |
|
Interest expense, net |
34,805 |
39,050 |
|
Income from continuing operations before income taxes |
30,526 |
96,752 |
|
Income tax expense/(benefit) |
4,421 |
33,910 |
|
Income from continuing operations |
26,105 |
62,842 |
|
Loss from discontinued operations, net of income taxes |
(2,273) |
0 |
|
Net income |
23,832 |
62,842 |
|
Net loss attributable to the noncontrolling interest |
5,236 |
404 |
|
Net income attributable to The New York Times Company common stockholders |
$29,068 |
$63,246 |
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