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Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($ in 000) Net sales $5,281,954 Costs and expenses Cost of products sold Marketing, administrative, and other expenses Interest expense 4,765,505 193,147 17,143 54,529 5,030,324 Other, net Total expenses before taxes Earnings before income taxes Provision for income taxes 251,630 (52,842) 198,788 3,046,660 (100,000) $3,145,448 Net income Retained earnings at 1/1/20X1 Dividends on common stock Retained earnings at 12/31/20X1 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8 The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55. C. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1. and a pre-tax profit of $12,000 on discontinued operations.

Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($ in 000) Net sales $5,281,954 Costs and expenses Cost of products sold Marketing, administrative, and other expenses Interest expense 4,765,505 193,147 17,143 54,529 5,030,324 Other, net Total expenses before taxes Earnings before income taxes Provision for income taxes 251,630 (52,842) 198,788 3,046,660 (100,000) $3,145,448 Net income Retained earnings at 1/1/20X1 Dividends on common stock Retained earnings at 12/31/20X1 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8 The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55. C. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1. and a pre-tax profit of $12,000 on discontinued operations.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
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Problem 2.8E: Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of...
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Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($ in 000) Net sales $5,281,954 Costs and expenses Cost of products sold Marketing, administrative, and other expenses Interest expense 4,765,505 193,147 17,143 54,529 Other, net Total expenses before taxes Earnings before income taxes 5,030,324 251,630 (52,842) 198,788 3,046,660 (100,000) Provision for income taxes Net income Retained earnings at 1/1/20X1 Dividends on common stock Retained earnings at 12/31/20X1 $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55. C. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1.
Transcribed Image Text:Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($ in 000) Net sales $5,281,954 Costs and expenses Cost of products sold Marketing, administrative, and other expenses Interest expense 4,765,505 193,147 17,143 54,529 Other, net Total expenses before taxes Earnings before income taxes 5,030,324 251,630 (52,842) 198,788 3,046,660 (100,000) Provision for income taxes Net income Retained earnings at 1/1/20X1 Dividends on common stock Retained earnings at 12/31/20X1 $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55. C. All of these transactions were subject to Hardrock's income tax rate of 21%. d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1.
$ in thousands Net sales $ 5,281,954 Cost of products sold 4,765,505 Gross profit 516,449 Marketing, administrative, and other expenses (193,147) Interest expense (17,143) Investment losses Investment losses (57,752) (8,777) Earnings before income taxes 239,630 (71,889) X 167,741 X Provision for income taxes Income from continuing operations Retained earnings 3,046,660 8 Earnings per common share: 16.77 X 0.84 X 17.61 X
Transcribed Image Text:$ in thousands Net sales $ 5,281,954 Cost of products sold 4,765,505 Gross profit 516,449 Marketing, administrative, and other expenses (193,147) Interest expense (17,143) Investment losses Investment losses (57,752) (8,777) Earnings before income taxes 239,630 (71,889) X 167,741 X Provision for income taxes Income from continuing operations Retained earnings 3,046,660 8 Earnings per common share: 16.77 X 0.84 X 17.61 X
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