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Crazy boy [7]
4 years ago
12

Gallant Company reported net income of $2,500,000. The income statement included one extraordinary item: a $500,000 gain from co

ndemnation of land and a $200,000 loss on discontinued operations, both after applicable income tax.
There were 100,000 shares of $10 par common stock and 40,000 shares of $4 preferred stock outstanding throughout the current year.
Required: Prepare the earnings per share section of Gallant Company
Business
1 answer:
Zepler [3.9K]4 years ago
7 0

Answer:

Explanation:

Income from contunuing operations:

Net income 2,500,000

Less: gain from condemnation of land 500,000

Add: loss on discontinued operations 200,000

Income from contunuing operations 2,200,000

Earcnings per common share [(2,200,000-160,000)/100,000]

EPS Income statement

Earcnings per common share $20.40

Less: loss on discontinued operations $2 (200,000/100,000)

Add: gain from condemnation of land $5 (500,000/100,000)

Net income $23.40

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Tinsel Co.’s balances in allowance for credit losses were $70,000 at the beginning of the current year and $55,000 at year end.
nevsk [136]

Answer:

$50,000

Explanation:

Since Tinsel Co.’s balances in allowance for credit losses were $70,000 at the beginning of the current year and $55,000 at year end.

If during the year, receivables of $35,000 were written off as uncollectible, the amount that Tinsel should report as credit loss expense at year end is $50,000 and this is derived by

Opening balance .................................... 70,000

Add: Receivables written off .............. .35,000

less: Closing balance .............................<u>(55,000)</u>

= Amount of credit loss for the year - <u>50,000</u>

<u />

7 0
3 years ago
Read 2 more answers
The Pastel Paint Company recently loaned $300,000 to KIX 96, a local radio station. The radio station signed a noninterest-beari
VladimirAG [237]

Answer:

Following are the queries to these question:

Explanation:

Reporting entering for recording the note received

Permissible notes (face amount)........................................................  \$300,000

Cash................................................................................................... \$300,000

7 0
3 years ago
I have an idea that might address all of these issues. What if none of us have any of these donuts but instead we break up into
miss Akunina [59]

The full question reads;

Which legal school of thought is illustrated in this dialogue?

Alison: (She stands during David's speech as if inspired but sits down once Bob starts talking.)

Bob: Right. Power to the people David. Anyone else hungry? (He tries to slowly move to the donuts and Joyce continues to defend them like a point guard.)

Lee: I have an idea that might address all of these issues. What if none of us have any of these donuts but instead we break up into teams and sell them to our coworkers for a profit? Instead of getting one or two donuts, we can stop on our way home and pick up a dozen of them each with our profits. In this case, we ignore the company stick-in-the-mud book regulations because, as you can see, we are obviously presented with some opportunities for a little economic development. Corporate rules here must bow to economic opportunity. If we let our rules block our prosperity, what kind of company will we become?

OPTIONS:

• Legal realism school of thought.

• Law and economics school of thought.

• Sociological school of thought.

• Command school of thought.

<u>Answer:</u>

<u>Legal realism school of thought.</u>

Explanation:

Notice Lee's statement "we ignore the company stick-in-the-mud book regulations...Corporate rules here must bow to economic opportunity. If we let our rules block our prosperity, what kind of company will we become".

Interestingly, the legal realism school of thought looks at how laws (or as in this case corporate rules) should be understood and applied. So, in a sense, Lee has his own perception of the importance of the organization's rules.

8 0
3 years ago
Sheila is on a temporary layoff from her automobile factory job but has not looked for work in the last four weeks. The Bureau o
fiasKO [112]

Answer:

c

Explanation:

The labour comprises of those who are able to work. it includes those who are employed and those who are not employed

An individual is considered unemployed if she is without a job and has been searching for a job in the last 4 weeks. Sheila is not in this category and thus she is not considered unemployed.

types of unemployment

1. structural unemployment is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition. Structural unemployment tends to be permanent.  

The geologist lost his hob permanently due to increase in wages (polices)

2. Frictional unemployment:  the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. Eg. when a real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.

3. Voluntary unemployment: e.g. worker at a fast-food restaurant who quits work and attends college.

4. Cyclical unemployment: it occurs as a result of fluctuations in the economy. Unemployment would be high in a downturn and low in a boom  

6 0
3 years ago
5. How long is a permanently disabled worker allowed to receive disability income?​
Monica [59]

If you are unable to return to work and your condition has not improved, then you will continue to receive Social Security Disability payments and will be up for review again in another 2 to 5 years.

Hope it helps

Have a good day

3 0
2 years ago
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