Presented Below is information related to Billy Corp. for the year 2017. Gain on the sale...
Presented Below is information related to Billy Corp. for the year 2017.
Gain on the sale investment..... $110,000
Sales for the year.... $30,000,000
COGS... $21,000,000
Gain on disposal or retail division... $450,000*
Interest Revenue.... $70,000
Gain on operations of retal divsion... $460,000*
Selling & adminstrative expenses.... $5,500,000
Dividends declared on common stock.... $230,000
Write off of Goodwill.... $520,000
Federal income tax on operations for 2017...... $1,800,000
Billy Corp. decided to discountinue its retail operatioons and to retain their manufacturing operations. On Aug, 2015, Billy sold the retail operations to Lewis company. During 2017, there were 240,000 shares of common stock outstanding all year.
*Net Tax
Instructuions: Prepare a multple-step income statemnt for 2017.
Homework Answers
| BILLY CORP | ||
| Income Statement | ||
| For the year ended December 31, 2017 | ||
| Sales | 30000000 | |
| Cost of goods sold | 21000000 | |
| Gross Profit | 9000000 | |
| Operating Expenses | 5500000 | |
| Net operating income | 3500000 | |
| Non - operating Items | ||
| Gain onsale of investment | 110000 | |
| Interest Revenue | 70000 | |
| Goodwill written off | -520000 | |
| Total of non-operating items | -340000 | |
| Net income before taxes | 3160000 | |
| Income tax expense | 1800000 | |
| Net income from continuing operaions | 1360000 | |
| Income from discontinued operations: | ||
| Gain on operations of retial division, net of tax | 460000 | |
| Gain on disposal of retail division, net of tax | 450000 | 910000 |
| Comprehensive net income | 2270000 | |
| Earnings per share: | ||
| Continuing operations | 5.67 | |
| Earnings from discontinued operations | 3.79 | |
| Total Earnings per share | 9.46 | |
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Presented Below is information related to Billy Corp. for the
year 2017.
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The following information is related to Stellar Company for 2017. Retained earnings balance, January 1, 2017...
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Retained earnings balance, January 1, 2017
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Write-off of goodwill
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Income taxes for 2017
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Loss on the disposition of the wholesale division (net of
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Casualty loss
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Administrative expenses
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Selling expenses
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Casualty loss
51,500
Administrative expenses
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