1.
Concept Introduction: A single-step or multi-step income statement can be prepared for an income statement. All income from continuing operations' revenues and gains are listed in a single step, followed by a grouping of costs and losses. Several intermediate subtotals, such as gross profit, operating income, and income before taxes, are reported in the multiple-step format.
The multi-step income statement for 2021.
2.
Concept Introduction: A single-step or multi-step income statement can be prepared for an income statement. All income from continuing operations' revenues and gains are listed in a single step, followed by a grouping of costs and losses. Several intermediate subtotals, such as gross profit, operating income, and income before taxes, are reported in the multiple-step format.
The statement of comprehensive income for 2021.
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INTERMEDIATE ACCT.CUSTOM W/CONNECT
- The information below is available for XYZ Co. . The number of shares to be used in computing earnings per ordinary share for 2019 is:arrow_forwardIncluded in the December 31, 2018, Jacobi Comapany balance sheet was the following share holders’ equity section. 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders’ equity section (assume that 2019 net income was $270,000).arrow_forwardFor the year ended December 31, 2021, Finco Incorporated reported earnings per share of $2.28. Answer the following questions: Required: a. During 2022, the company had a 3-for-1 stock split, Calculate the 2021 earnings per share that will be reported in Finco's 2022 annual report for comparative purposes. b. During 2023, Finco had an additional 2-for-1 stock split. Calculate the 2021 earnings per share that will be reported in Finco's 2023 annual report for comparative purposes. c. Assume that Finco had issued a 10% stock dividend in 2022 and did not have a stock split. Calculate the 2021 earnings per share that will be reported in Finco's 2022 annual report for comparative purposes. Note: For all requirements, round your answers to 2 decimal places. a. Earnings per share b. Earnings per share c. Earnings per sharearrow_forward
- How much is the retained earnings - December 31, 2021? For the computation in your worksheet - Prepare a Statement of Changes in Equity for the year ended December 31, 2021 for Shalimar Corporation with the following columns - Share Capital, Reserves, Retained Earnings, Treasury Shares, and Total.arrow_forwardAssume that the following data relative to Sandhill Company for 2021 is available: (a1) Compute weighted average shares outstanding for 2021. Weighted average shares outstanding a2. Compute the basic earnings per share in 2021 b. Compute the diluted earnings per share in 2021arrow_forwardThe controller of Red Lake Corporation has requested assistance in determining income, basic earnings per share, and diluted earnings per share for presentation on the companys income statement for the year ended September 30, 2020. As currently calculated, Red Lakes net income is 540,000 for fiscal year 2019-2020. Your working papers disclose the following opening balances and transactions in the companys capital stock accounts during the year: 1. Common stock (at October 1, 2019, stated value 10, authorized 300,000 shares; effective December 1, 2019, stated value 5, authorized 600,000 shares): Balance, October 1, 2019issued and outstanding 60,000 shares December 1, 201960,000 shares issued in a 2-for-l stock split December 1, 2019280,000 shares (stated value 5) issued at 39 per share 2. Treasury stockcommon: March 3, 2020purchased 40,000 shares at 38 per share April 1, 2020sold 40,000 shares at 40 per share 3. Noncompensatory stock purchase warrants, Series A (initially, each warrant was exchangeable with 60 for 1 common share; effective December 1, 2019, each warrant became exchangeable for 2 common shares at 30 per share): October 1, 201925,000 warrants issued at 6 each 4. Noncompensatory stock purchase warrants, Series B (each warrant is exchangeable with 40 for 1 common share): April 1, 202020,000 warrants authorized and issued at 10 each 5. First mortgage bonds, 5%, due 2029 (nonconvertible; priced to yield 5% when issued): Balance October 1, 2019authorized, issued, and outstandingthe face value of 1,400,000 6. Convertible debentures, 7%, due 2036 (initially, each 1,000 bond was convertible at any time until maturity into 20 common shares; effective December 1, 2019, the conversion rate became 40 shares for each bond): October 1, 2019authorized and issued at their face value (no premium or discount) of 2,400,000 The following table shows the average market prices for the companys securities during 2019-2020: Adjusted for stock split Required: Prepare a schedule computing: 1. the basic earnings per share 2. the diluted earnings per share that should be presented on Red Lakes income statement for the year ended September 30, 2020 A supporting schedule computing the numbers of shares to be used in these computations should also be prepared. Assume an income tax rate of 30%.arrow_forward
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