Answer:
Revolutionary Industries
Income Statement
For the year ended December 31, 2021
...
Pre-tax Income from continuing operations $14,000,000
Income taxes <u>($3,500,000)</u>
Income from continuing operations $10,500,000
Discontinued operations:
- Gain from sale of disc. component $4,000,000
- Income from disc. component $6,000,000
- Income taxes ($2,500,000) <u>$7,500,000</u>
Net income $18,000,000
Answer: 10%
Explanation:
You can use Excel to solve for this.
The investment will be in negative as shown below.
Input the increase in net annual cash flows 7 times to represent 7 years.
IRR = 9.9999%
= 10%
Answer:
The answer is stated below:
Explanation:
Functional currency is the one which states the primary and foremost economic environment in which the entity generate cash as well as expends cash.
It is used by the business units or the business as a monetary unit of account.
For determining or evaluating the functional currency, a hyper inflationary economy is one which experience a combined inflation of 100% or more over the past three years.
Inflation is 35% every year over the last 3 years which is a combined 105% and constitutes to a economy which is highly inflationary.
Answer:
Skysong Corporation
Statement of Retained Earnings
Retained earnings balance January 1, 2020 $691,300
Add:
Adjustments to 2019 Income Statement $88,390
Net profits 2020 $1,552,100
Less:
<u>Dividends declared and distributed ($82,000) </u>
Retained earnings balance December 31, 2020 $2,249,790
Since the land purchase was recorded as maintenance expense by error, the 2019 income statement must be adjusted by adding that amount.
Answer:
Clorox Company
multiple-step income statement.
Net sales $5,450
Less Cost of goods sold ($3,104)
Gross Profit $2346
Less Operating Expenses :
Selling and administrative expenses $ 715
Research and development expense $ 114
Advertising expense $499 ($1,328)
Operating Income $1018
Less Non Operating Expenses :
Income tax expense $276
Interest expense $161
Other expense $46 ($483)
Net income $535
Explanation:
The multiple-step income statement shows separately the income derived from primary activities (operating income) and secondary activities (net income)
