Homework Answers
| WADE CORP | ||
| Income Statement(Partial) | ||
| For the year 2020 | ||
| Particular | Amount | Amount |
| Income from continuing operations before tax (1210000-10000) | 1200000 | |
| Income tax (19%) | 228000 | |
| Income from continuing operations | 972000 | |
| Discontinued Operations | ||
| Loss from operations of discontinued subsidiary | 90000 | |
| Less: Applicable income tax reduction(19%) | 17100 | |
| 72900 | ||
| Loss from disposal of subsidiary | 100000 | |
| Less: Applicable income tax reduction | 19000 | |
| Loss from discontinued operations (net of tax) | 81000 | |
| (72900 + 81000 ) | 153900 | |
| Net Income/loss | 818100 | |
| Earning per share | ||
| Income from continuing operation (972000/150000) | 6.48 | |
| loss on discontinued operation (153900/150000) | -1.026 | |
| Net income / loss | 5.454 |
| Working | |
| loss on sale of equipment | |
| original cost | 80000 |
| less: accumulated depreciation | 30000 |
| book value | 50000 |
| less : sale price of equipment | 40000 |
| loss on sale of equipment | 10000 |
Note : Non-Recurring gain shall be reported under ' other revenue and gain ' section on firms operating income block on income statement. Therefore, no adjustment is required for this transaction.
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P4.7 (LO 2, 3, 4) E CUDA (Income Statement, Irregular Items) Wade Corp. has 150,000 shares...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as 1. In 2017, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before...
Problem 4-7 Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports...
Problem 4-7 Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,221,100 Additional transactions not considered in the $1,221,100 are as follows. 1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500...
Novak Corp. has 149,380 shares of common stock outstanding. In 2020, the company reports income from...
Novak Corp. has 149,380 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,215,800. Additional transactions not considered in
the $1,215,800 are as follows.
1.In 2020, Novak Corp. sold equipment for $38,600. The machine
had originally cost $80,700 and had accumulated depreciation of
$30,600. The gain or loss is considered non-recurring.
2.The company discontinued operations of one of its
subsidiaries during the current year at a loss of $196,800 before
taxes....
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from...
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
Coronado Corp. has 150,120 shares of common stock outstanding. In 2020, the company reports income from...
Coronado Corp. has 150,120 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,230,000. Additional transactions not considered in the $1,230,000 are as follows. 1. In 2020, Coronado Corp. sold equipment for $35,700. The machine had originally cost $83,500 and had accumulated depreciation of $31,500. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $195,100...
1. Concord Corp. has 150,240 shares of common stock outstanding. In 2020, the company reports income...
1. Concord Corp. has 150,240 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1.240,000. Additional transactions not considered in the $1.240,000 are as follows. In 2020, Concord Corp. sold equipment for $35,000. The machine had originally cost $84,900 and had accumulated depreciation of $31,700. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $194,900...
Waterway Corp. has 150,600 shares of common stock outstanding. In 2020, the company reports income from...
Waterway Corp. has 150,600 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,233,800. Additional transactions not considered in the $1,233,800 are as follows. 1. In 2020, Waterway Corp. sold equipment for $37,700. The machine had originally cost $81,400 and had accumulated depreciation of $30,400. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,000...
Swifty Corp. has 149,190 shares of common stock outstanding. In 2020, the company reports income from...
Swifty Corp. has 149,190 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,211,100. Additional transactions not considered in
the $1,211,100 are as follows.
1.
In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
had accumulated depreciation of $32,900. The gain or loss is
considered non-recurring.
2.
The company discontinued
operations of one of its subsidiaries during the current year at a
loss of $194,600...
PLEASE SHOW WORK THANK YOU. Problem 4-07 Vaughn Corp. has 149,440 shares of common stock outstanding....
PLEASE SHOW WORK THANK YOU.
Problem 4-07 Vaughn Corp. has 149,440 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,228,000. Additional transactions not considered in the $1,228,000 are as follows. 1. 2. In 2020, Vaughn Corp. sold equipment for $37,600. The machine had originally cost $83,800 and had accumulated depreciation of $30,400. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the...
Please help Problem 4-7 Bridgeport Corp. has 150,240 shares of common stock outstanding. In 2017, the...
Please help
Problem 4-7 Bridgeport Corp. has 150,240 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,400. Additional transactions not considered in the $1,210,400 are as follows In 2017, Bridgeport Corp. sold equipment for $38,300. The machine had originally cost $83,600 and had accumulated depreciation of $31,900. The gain or loss is considered non-recurring. 1. The company discontinued operations criteria for discontinued operations. The loss from operations of the discontinued...
Wade Corp. has 150,000 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as 1. In 2017, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before...
Problem 4-7 Cullumber Corp. has 149,910 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,221,100 Additional transactions not considered in the $1,221,100 are as follows. 1. In 2017, Cullumber Corp. sold equipment for $36,200. The machine had originally cost $81,900 and had accumulated depreciation of $34,800. The gain or loss is 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,500...
Novak Corp. has 149,380 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,215,800. Additional transactions not considered in
the $1,215,800 are as follows.
1.In 2020, Novak Corp. sold equipment for $38,600. The machine
had originally cost $80,700 and had accumulated depreciation of
$30,600. The gain or loss is considered non-recurring.
2.The company discontinued operations of one of its
subsidiaries during the current year at a loss of $196,800 before
taxes....
Wildhorse Corp. has 150,620 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,221,000. Additional transactions not considered in the $1,221.000 are as follows. 1. In 2020, Wildhorse Corp. sold equipment for $35,800. The machine had originally cost $84,300 and had accumulated depreciation of $33,900. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $191,200...
1. Concord Corp. has 150,240 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1.240,000. Additional transactions not considered in the $1.240,000 are as follows. In 2020, Concord Corp. sold equipment for $35,000. The machine had originally cost $84,900 and had accumulated depreciation of $31,700. The gain or loss is considered non-recurring. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $194,900...
Swifty Corp. has 149,190 shares of common stock outstanding. In
2020, the company reports income from continuing operations before
income tax of $1,211,100. Additional transactions not considered in
the $1,211,100 are as follows.
1.
In 2020, Swifty Corp. sold
equipment for $37,400. The machine had originally cost $84,500 and
had accumulated depreciation of $32,900. The gain or loss is
considered non-recurring.
2.
The company discontinued
operations of one of its subsidiaries during the current year at a
loss of $194,600...
PLEASE SHOW WORK THANK YOU.
Problem 4-07 Vaughn Corp. has 149,440 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,228,000. Additional transactions not considered in the $1,228,000 are as follows. 1. 2. In 2020, Vaughn Corp. sold equipment for $37,600. The machine had originally cost $83,800 and had accumulated depreciation of $30,400. The gain or loss is considered non-recurring. The company discontinued operations of one of its subsidiaries during the...
Please help
Problem 4-7 Bridgeport Corp. has 150,240 shares of common stock outstanding. In 2017, the company reports income from continuing operations before income tax of $1,210,400. Additional transactions not considered in the $1,210,400 are as follows In 2017, Bridgeport Corp. sold equipment for $38,300. The machine had originally cost $83,600 and had accumulated depreciation of $31,900. The gain or loss is considered non-recurring. 1. The company discontinued operations criteria for discontinued operations. The loss from operations of the discontinued...
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