The following Income Statement information has been obtained from the books of Unlimited Liquors Corporation for the yearended March 31, 2022. The Income tax rate is 40% and the company has 50,000 shares of common stock outstanding.Sales RevenueS890,000Cost of Goods sold300,000Operating expenses220,000Income from discontinued operations140,000Loss on disposal of discontinued operations60,000Determine the income or loss from the discontinued segment of the company as shown on the income statement:Answer:

Income or loss from discontinued segment that should be shown in income statement = Post tax Income…

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 income or loss from the discontinued segment of the company as shown on the income statement: Answer.

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 income or loss from the discontinued segment of the company as shown on the income statement: Answer.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Bloom Company had beginning unadjusted retained earnings of 400,000 in the current year. At the beginning of the current year, Bloom changed its inventory method from LIFO to FIFO, and the cumulative effect (net of taxes) of this change was 28,000. In addition, Bloom earned net income of 150,000 and paid dividends of 30,000 in the current year. Prepare Blooms retained earnings statement for the current year.
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 income or loss from discontinued operations as reported on the Income Statement: Determine the net income or loss from the discontinued segment of the company as reported on the Income Statement: What is the EPS of the company?
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 income or loss from discontinued operations as reported on the Income Statement:
Wildhorse, Inc. has the following data for the year ended December 31, 2025: Net sales Loss on discontinued operations Cost of goods sold Interest expense Selling expenses Administrative expenses $271,900 23,000 165,000 5,400 15,300 36,230 The company has average shares of capital stock outstanding of 20,000 for the year and a tax rate of 20% on all items. Prepare a multiple-step income statement for Wildhorse, Inc. for the year ended December 31, 2025. (Round earnings per share answers to 2 decimal places, e.g. 5.25.)
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:
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 Calçulate the Net income of the company:
Pharoah, Inc. has the following data for the year ended December 31, 2020: Net sales $273,000 Loss on disposal of discontinued operation 20,900 Cost of goods sold 165,400 Interest expense 4,600 Selling expenses 15,900 Administrative expenses 37,410 Shares of capital stock outstanding, 10,000 Tax rate of 30% on all items Prepare a multiple-step income statement for Pharoah, Inc. for the year ended December 31, 2020. (Round earnings per share answers to 2 decimal places, e.g. 5.25.)
The information provided below was extracted from the accounting records of Harmony Limited on 31 December 2020: Harmony Limited Extract of Statement of Comprehensive Income for the year ended 31 December 2020 R Sales 6 600 000 Cost of sales (3 900 000) Gross profit 2 700 000 Operating expenses (1 710 000) Selling and administrative expenses 1 260 000 Depreciation 450 000 Operating profit 990 000 Interest expense (270 000) Profit before tax 720 000 Company tax (240 000) Profit after tax 480 000 Extract of Statement of Changes in Equity for the year ended 31 December 2020 Retained earnings R Balance on 01 January 2020 1 500 000 Profit after tax 480 000 Dividends paid and proposed in 2020 (180 000) Balance on 31 December 2020 1 800 000 Balances extracted from the Statement of Financial Position as at 31 December: 2020 2019 R R Plant and equipment 3 750 000 3 000 000 Investments 210 000 240 000 Inventories 1 290 000 1 230 000 Accounts receivable 1 140 000 1 050 000 Cash and cash…
ABC Corporation's accounting records include the following items, listed in no particular order, at December 31, 2024: Other Income and (Expenses) $7,200 Cost of Goods Sold $30,000 Net Sales $81,000 Operating Expenses $25,000 Gain on Discontinued Operations $3,600 The income tax rate for ABC Corporation is 21%. Prepare ABC's income statement for the year ended December 31, 2024. Omit earnings per share. Prepare the income statement through the income before taxes, then complete the income statement through the net income. ABC Corporation Income Statement Year Ended December 31, 2024 Costs of Goods Sold $___________ Discontinued Operations (less applicable tax) $___________ Income Tax Expense $___________ Operating Expenses $___________ Other Income and (Expenses) $___________ Net Sales $___________ Income Before Income Taxes $___________
For its fiscal year ending October 31, 2022, Lily Corporation reports the following partial data. Income before income taxes Income tax expense (25% x $421,000) Income from continuing operations Loss on discontinued operations Net income $550,000 105,250 444,750 Revenues 129,000 $315,750 The loss on discontinued operations was comprised of a $59,000 loss from operations and a $70,000 loss from disposal. The income tax rate is 25% on all items. (a) Prepare a correct partial income statement, beginning with income before income taxes. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) LILY CORPORATION Partial Income Statement For the Quarter Ended October 31, 2022 ✓ $ $ $