The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding. Sales Revenue $890,000 Cost of Goods sold 300,000 Operating expenses 220,000 Income from discontinued operations 140,000 Loss on disposal of discontinued operations 60,000 Determine the net income or loss from the discontinued segment of
The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the year ended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding.
Sales Revenue $890,000
Cost of Goods sold 300,000
Operating expenses 220,000
Income from discontinued operations 140,000
Loss on disposal of
discontinued operations 60,000
Determine the net income or loss from the discontinued segment of the company as reported on the Income Statement:
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Lucky Food Stores wishes to prepare a cash budget for the month of April, 2022. Total Sales for February (actual), March and April (estimated) are as follows:
Month Total Sales
February $48,000
March 40,000
April 45,000
The total budgeted purchases (paid entirely in cash) for April is $22,000. The expenses for April are expected to be $9,500 including $1,000 for depreciation on machinery.
All sales are on credit, and the company's experience shows that, on the average, 80 percent of sales are collected in the month of sale, 15% on the month following sale and the balance two months after sale.
Calculate the budgeted cash expenses for April 2022.
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