The following information was taken from the records of Marigold Inc. for the year 2020: Income tax applicable to income from continuing operations $160,820; income tax applicable to loss on discontinued operations $21,930, and unrealized holding gain on available-for-sale securities (net of tax) $12,900. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $81,700 64,500 206,400 34,400 51,600 Shares outstanding during 2020 were 100,000. Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $129,000 840,000 731,000 258,000 1,634,000
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- Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.The following information was taken from the records of Tamarisk Inc. for the year 2020: Income tax applicable to income from continuing operations $205,700: income tax applicable to loss on discontinued operations $28.050, and unrealized holding gain on available-for-sale securities (net of tax) $16,500. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of Inventory $104,500 (a) 82,500 264.000 44,000 66,000 Shares outstanding during 2020 were 100,000. Cash dividends declared Retained earnings January 1, 2020 Cost of goods sold Selling expenses Sales Revenue $165,000 2.280,000 TAMARISK INC. 935,000 330,000 2,090,000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48.)The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory Revenues Sales Revenue Rent Revenue Shares outstanding during 2025 were 100,000. Total Revenues Expenses Cost of Goods Sold Selling Expenses Administrative Expenses Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) Total Expenses Income from Operations Other Revenues and Gains Gain on Sale of Equipment Other Expenses and Losses Inventory Loss Income before Income Tax Income Tax Income from…
- The following information was taken from the records of Blue Inc. for the year 2025: Income tax applicable to income from continuing operations $228,140, income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for- sale debt securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $115,900 91,500 292,800 48,800 73,200 Shares outstanding during 2025 were 100,000. Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue BLUE INC. Income Statement $ $183,000 $ 3,000,000 1,037,000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses) 366,000 2.318.000Splish Inc. provided the following information for the year 2020. $ Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities 756,000 302,400 378,000 2,394,000 100,800 1.071,000 138,600 129,402 21,420 235,620 76,230 2,520 SPLISH, INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue $ 2394000 Rent Revenue 100800 Total Revenues 2494800 Expenses Cost of Goods Sold 1071000 Selling Expenses 378000 Administrative Expenses 302400 Total Expenses Income From Continuing Operations Before Income Tax Income From Continuing Operations Less : Applicable Income Tax Reduction Income From Continuing…Kamulinda Company Limited (KCL) has provided the following financial information that relates to the year ended 31 December 2020: Statement of profit or loss Sales revenue Cost of sales Gross profit Administrative costs Distribution costs Operating profit Interest received Interest paid Profit before tax Taxation Profit after tax Shs '000' Assets: Non-current assets Accumulated depreciation Netbook value Investments Current assets: Inventory 250,400 (87,900) 162,500 (35,000) (50,000) 77,500 45,000 Shs '000' (25,000) 97,500 (20,000) 77,500 Statement of position as at 31 December: 2020 2019 Shs '000' Shs '000' 459,000 246,000 (125,000) (89,000) 334,000 157,000 76,000 156,000 100,000 Find current assets continued- Accounts receivable Cash at hand Cash at bank Total assets Equity and liabilities: Share capital Share premium Retained earnings Revaluation Non-current liabilities: Long term loan Current liabilities: Accounts payable Interest payable Tax Bank overdraft 24,450 65,000 655,450…
- The following information is related to Splish Company for 2020. Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,332,800 34,000,000 21,760,000 95,200 6,392,000 1,115,200 1,691,840 149,600 530,400 598,400 122,400 340,000 108,800 Splish Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Splish sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.Presented below is information related to Novak Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue (a) $1,664,000 998,400 83,200 61.440 25.600 8,960 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $102,400 70,400 64,000 57,600 1.254,400 Was Tom Brady's set out the Prepare a multiple-step income statement for 2020. Assume that 97.280 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, eg.1.49)Current Attempt in Progress The following information was taken from the records of Windsor Inc. for the year 2025: Income tax applicable to income from continuing operations $175,780, income tax applicable to loss on discontinued operations $23,970, and unrealized holding gain on available-for-sale debt securities (net of tax) $14,100. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $89,300 70,500 225,600 37,600 56,400 Shares outstanding during 2025 were 100,000. (a) Cash dividends declared Retained earnings January 1, 2025 Cost of goods sold Selling expenses Sales revenue $141.000 WINDSOR INC. Income Statement 1,320,000 799,000 282,000 1,786,000 Prepare a single-step income statement (with respect to items in Income from operations). (Round earnings per share to 2 decimal places, e.g. 1.48. Enter other revenue and gains before other expenses and losses)
- The following information is related to Tamarisk Company for 2025. Retained earnings balance, January 1, 2025 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2025 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,176,000 30,000,000 19,200,000 84,000 5,640,000 984,000 1,492,800 (a1) 132,000 468,000 528,000 108,000 300,000 96,000 Tamarisk Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Tamarisk sold the wholesale operations to Rogers Company. During 2025, there were 500,000 shares of common stock outstanding all year. Prepare a multiple-step income statement. (Round earnings per share to 2 decimal…Gina Company reported income before tax of P3,500,000 for 2020 which included the following amounts: Equity in earnings of Perly Company - 40% 1,200,000 interest Dividend received from Perly Company 250,000 Adjustment of profit of prior year for artithmetical (1,500,000) error in depreciation Gain on sale of equity investment at FVOCI 500,000 Required: What amount should be reported as income before tax?The following items were taken from the adjusted trial balance of the Dylex Corporation for the year ended December 31, 2020. Assume an average 25% income tax on all ens. The accounting period ends December 31, and all amounts given are pre-tax. Dylex Corporation had 11,000 common shares outstanding in 2020 and follows IFRS Cost of goods sold Depreciation expense, building Gain on exchange Gain on sale of assets from discontinued operations Insurance expense Interest expense Interest income Loss on sale of trading investment 140,000 23,000 a) Prepare a multi-step income statement in good form. Please make sure your final anewarts) are accurate to 2 decimal places Dylex Corporation For the Year Ended December 31, 200 125,000 100,000 54,000 52,000 X 58,000 135,000 Operating loss of discontinued operation to disposal date 100,000 Salaries expense 160.000 Sales ** 900,000 REQUIRED DISCLOSURES b) Calculate basic eamings per share (EPS) from continuing operations. Please make sure your final…