Homework Answers
Answer-
| Alexian System | ||
| Income statement | ||
| For the year ended december 31,2021 | ||
| Amount | Amount | |
| Net sales revenue | 506 | |
| Cost of goods sold (287-10) | 277 | |
| Gross profit | 229 | |
| Operating expenses | ||
| Selling and administrative expenses(158-43) | 115 | |
| Restructuring cost | 43 | |
| Total operaing expenses | 158 | |
| Operating income (229-158) | 71 | |
| Other income: | ||
| Interest revenue | 20 | |
| gain on sale of investment | 8 | |
| Total other income | 28 | |
| Income from continuing operations before tax (71+28) | 99 | |
| Income taxes(99*25%) | 25 | |
| Income from continuing operations | 74 | |
| Discotinued operations | ||
| Income from operations of discontinued component | 135 | |
| Income tax expenses (135*25%) | 34 | |
| income on discontinued operations | 101 | |
| Net income (74+101) | 175 | |
| Earnings per share | ||
| Income from continuing operations (74/10) | $7.4 per share | |
| Discontinued operations (101/10) | $10.10 per share | |
| Net income (175/10) | $17.5 per share | |
| Difference in net income (175-168) 7 millions is due to the over statement of the inventory by 10 millions less tax@25% | ||
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The preliminary 2021 income statement of Alexian Systems, Inc., is presented below: 20 ALEXIAN SYSTEMS, INC....
The preliminary 2021 income statement of Alexion Systems, Inc., is presented below. ALEXTAN SYSTEMS, INC. Income...
The preliminary 2021 income statement of Alexion Systems, Inc., is presented below. ALEXTAN SYSTEMS, INC. Income statement For the Year Ended December 31, 2021 (5 in millions, except earnings per share) Revenges and gains! Sales revenue Interest revenue Other income Total revenues and gains Expenses Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share Additional information: 1. Selling and administrative expense includes $26 million in restructuring costs 2. Included in other...
please complete exactly like photo The preliminary 20 21 income statement of Alexion Systems, Inc., is...
please complete exactly like
photo
The preliminary 20 21 income statement of Alexion Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and pains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share Additional Information: 1. Selling and administrative expense includes $27 million in...
Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate...
Prepare a multiple-step income statement for 2021
applying generally accepted accounting principles. The income tax
rate is 25%.
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $680,000 41,000 88,000 809,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $370,000 Selling expense 68,000 Administrative expense 88,000 Interest expense 25,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 620,000 Interest revenue 35,000 Gain on sale of investments 82,000 Total revenues and gains 737,000 Expenses and losses: Cost of goods sold $ 340,000 Selling expense 62,000 Administrative expense 82,000 Interest expense 19,000 Restructuring costs 58,000 Income tax expense 44,000 Total expenses and losses 605,000 Net Income $ 132,000...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $660,000 Interest revenue 39,000 Gain on sale of investments 86,000 Total revenues and gains 785,000 Expenses and losses: Cost of goods sold $360,000 Selling expense 66,000 Administrative expense 86,000 Interest expense 23,000 Restructuring costs Income tax expense 47,000 Total expenses and losses 644,000 Net Income $141,000 Earnings per share 62,000 Required: Prenare...
The following incorrect income statement was prepared by the accountant of the Axel Corporation:
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATIONIncome StatementFor the Year Ended December 31, 2021Revenues and gains:Sales revenue$700,000Interest revenue43,000Gain on sale of investments90,000Total revenues and gains833,000Expenses and losses:Cost of goods sold$380,000Selling expense70,000Administrative expense90,000Interest expense27,000Restructuring costs66,000Income tax expense50,000Total expenses and losses683,000Net Income$150,000Earnings per share$1.50 Required:Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2...
The following incorrect income statement was prepared by the accountant of the AXL Corporation: AXL CORPORATION...
The following incorrect income statement was prepared by the accountant of the AXL Corporation: AXL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 600,000 Interest revenue 33,000 Gain on sale of investments 80,000 Total revenues and gains 713,000 Expenses and losses: Cost of goods sold $ 330,000 Selling expense 60,000 Administrative expense 80,000 Interest expense 17,000 Restructuring costs 56,000 Income tax expense 42,500 Total expenses and losses 585,500 Net Income $ 127,500...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 720,000 Interest revenue 45,000 Gain on sale of investments 92,000 Total revenues and gains 857,000 Expenses and losses: Cost of goods sold $ 390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs 68,000 Income tax expense 51,500 Total expenses and losses 702,500 Net Income $ 154,500...
he following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
he following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 650,000 Interest revenue 38,000 Gain on sale of investments 85,000 Total revenues and gains 773,000 Expenses and losses: Cost of goods sold $ 355,000 Selling expense 65,000 Administrative expense 85,000 Interest expense 22,000 Restructuring costs 61,000 Income tax expense 46,250 Total expenses and losses 634,250 Net Income $ 138,750...
please help me complete it The following incorrect income statement was prepared by the accountant of...
please help me complete it
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $670,000 40,000 87, eee 797,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $365,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 24,000 Restructuring costs 63,000 Income tax expense 47,750 Total expenses and losses Net...
The preliminary 2021 income statement of Alexion Systems, Inc., is presented below. ALEXTAN SYSTEMS, INC. Income statement For the Year Ended December 31, 2021 (5 in millions, except earnings per share) Revenges and gains! Sales revenue Interest revenue Other income Total revenues and gains Expenses Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share Additional information: 1. Selling and administrative expense includes $26 million in restructuring costs 2. Included in other...
please complete exactly like
photo
The preliminary 20 21 income statement of Alexion Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and pains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share Additional Information: 1. Selling and administrative expense includes $27 million in...
Prepare a multiple-step income statement for 2021
applying generally accepted accounting principles. The income tax
rate is 25%.
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $680,000 41,000 88,000 809,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $370,000 Selling expense 68,000 Administrative expense 88,000 Interest expense 25,000...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $660,000 Interest revenue 39,000 Gain on sale of investments 86,000 Total revenues and gains 785,000 Expenses and losses: Cost of goods sold $360,000 Selling expense 66,000 Administrative expense 86,000 Interest expense 23,000 Restructuring costs Income tax expense 47,000 Total expenses and losses 644,000 Net Income $141,000 Earnings per share 62,000 Required: Prenare...
please help me complete it
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $670,000 40,000 87, eee 797,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $365,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 24,000 Restructuring costs 63,000 Income tax expense 47,750 Total expenses and losses Net...
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