The following is information regarding the trial balance of PT Young for 2022 Sales profit from building Disadvantages of closed operations Administrative Burden Rental Income Impairment loss on land Cash Dividend Declared Retained Earnings, January 1, 2022 Cost of goods sold Selling expenses Income $95,000 $75,000 $240,000 $40,000 $60,000 $150,000 $600,000 $850,000 $300,000 $1,700,000 The income tax rate for 2022 is 22%. In addition, there was an unrealized holding gain on non-trading equity securities of $15,000, net of tax. There are ordinary shares outstanding of 100,000. There is a sales return of $250,000. Instructions Prepare a statement of income and other comprehensive income for the period ending 2022 in the correct format!

The following is information regarding the trial balance of PT Young for 2022 Sales profit from building Disadvantages of closed operations Administrative Burden Rental Income Impairment loss on land Cash Dividend Declared Retained Earnings, January 1, 2022 Cost of goods sold Selling expenses Income $95,000 $75,000 $240,000 $40,000 $60,000 $150,000 $600,000 $850,000 $300,000 $1,700,000 The income tax rate for 2022 is 22%. In addition, there was an unrealized holding gain on non-trading equity securities of $15,000, net of tax. There are ordinary shares outstanding of 100,000. There is a sales return of $250,000. Instructions Prepare a statement of income and other comprehensive income for the period ending 2022 in the correct format!

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 17E: Income Statement and Retained Earnings Huff Company presents the following items derived from its...

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Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.
Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.
Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): Using your answers to MBA 1-3, compare the markup percentages and return on assets for Hershey and Tootle Roll.
Use this information to Prepare a multiple-step income statement with earnings per sharedisclosure Denver Co. 12/31/2022 Debits CreditsPartial Trial Balance DataSales revenue 700,000Interest revenue 60,000Salary payable 15,000Gain on sale of land 110,000Patent 15,000Supply inventory 25,000Cost of goods sold 500,000Salary expenses 150,000Common stock 250,000Retained earnings 150,000Cash 250,000Office expense 100,000Denver's business segment, Division A, was sold at a pretax loss of 25,000 on July 1, 2022. Ithad earned a $13,000 pretax operating income from January 1, 2022 to the disposal date. Denverhad 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet beenaccrued. The effective tax rate is 30%. dont give me handwritten answers thank you
he accounts below appear in the ledger of Headland Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $41,800 Aug. 15 Dividends (cash) $14,800 27,000 Dec. 31 Net Income for 2020 $40,400 67,400 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $141,300 Aug. 3 Purchase of Equipment $61,900 203,200 Sept. 10 Cost of Equipment Constructed 47,500 250,700 Nov. 15 Equipment Sold $55,800 194,900 Accumulated Depreciation—Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $83,400 Apr. 8 Major Repairs $21,200 62,200 Nov. 15 Accum. Depreciation on Equipment Sold 25,100 37,100 Dec. 31 Depreciation for 2020 $16,600 53,700 Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of cash flows. The…
On August 1, 2020, the business accounts of Peter and Senen appear below:Assets Peter SenenCash P11,000 P22,354Accounts receivable 84,536 217,890Inventories 100,035 240,102Land 603,000 428,267Buildings 200,345 384,789Other Assets 22,000 23,600Total P1,020,916 P1,317,002Liabilities and CapitalAccounts payable P178,940 P243,650Notes payable 200,000 345,000Peter, Capital 641,976Senen, Capital 728,352Total P1,020,916 P1,317,002Peter and Senen agreed to form a partnership contributing their respective assets and liabilitiessubject to the following adjustments:Accounts receivable of P20,000 and P35,000 are uncollectible in Peter and Senen’s respectivebooks.Inventories of P5,500 and P6,700 are worthless in Peter and Senen’s respective booksOther Assets of P2,200 and P3,600 in Peter and Senen’s books are written off.After five days Ethel was offered to join Peter and Senen and will contribute for a 20% interestin the firm. They also agreed to divide profits and losses in the ratio of 4:4:2…
Presented below is information related to Blossom Company at December 31, 2020, the end of its first year of operations. Sales revenue $322,170 Cost of goods sold 138,320 Selling and administrative expenses 51,700 Gain on sale of plant assets 30,260 Unrealized gain on available-for-sale debt investments 9,200 Interest expense 5,820 Loss on discontinued operations 12,220 Dividends declared and paid 4,580 Compute the following: (a) Income from operations $enter a dollar amount (b) Net income $enter a dollar amount (c) Comprehensive income $enter a dollar amount (d) Retained earnings balance at December 31, 2020 $enter a dollar amount
The accounts below appear in the ledger of Bramble Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $41,900 Aug. 15 Dividends (cash) $15,100 26,800 Dec. 31 Net Income for 2020 $40,300 67,100 Equipment Dr. Cr. Bal. Jan. 1, 2020 Debit Balance $141,000 Aug. 3 Purchase of Equipment $62,500 203,500 Sept. 10 Cost of Equipment Constructed 48,500 252,000 Nov. 15 Equipment Sold $55,800 196,200 Accumulated Depreciation—Equipment Dr. Cr. Bal. Jan. 1, 2020 Credit Balance $83,200 Apr. 8 Major Repairs $21,200 62,000 Nov. 15 Accum. Depreciation on Equipment Sold 25,200 36,800 Dec. 31 Depreciation for 2020 $17,000 53,800 Prepare entries in journal form for all adjustments that should be made on a worksheet for a statement of cash flows. The…
The statement of the financial position of Happy Easter Enterprise given below did not agree andthe balance of GH¢26,940 was entered in the suspense account.HAPPY EASTER ENTERPRISESTATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2018Non-Current Assets: Cost Depreciation Net Book ValueGH¢ GH¢ GH¢Furniture & Fittings 90,000 36,000 54,000Delivery Van 12,000 6,000 6,000102,000 42,000 60,000Current Assets:Inventory 6,000Accounts receivable 12,000Cash at bank 300 18,300Current Liabilities:Accounts payable (7,200)Net current asset 11,100Net assets 71,100Financed By:Capital 12,000Net profit for the year 32,160Suspense account 26,94071,100Upon investigations, the following errors were discovered:(i) Accounts payable had been understated by GH¢6,000.(ii) The sales figure for the period was understated by GH¢540.(iii) The closing inventory amounted to GH¢7,200 but the amount stated in the statementof financial position was the beginning inventory.(iv) A loan from the D-Bank of GH¢3,000 was…