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4 years ago

Flintlnc. provided the following information for the year 2017.

Business

1 answer:

gtnhenbr [62]4 years ago

8 0

Answer: See explanation

Explanation:

1. Prepare a single-step income statement for 2017. Shares outstanding during 2017 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)

The income from continuing operations for earnings per share was calculated as:

= 285000/100000

= $2.85

The loss on discontinued operations was calculated as:

= 35190/100000 shares

= 0.35

Check the attachment for the solution.

2. Prepare aretained earning statement for 2017. Shares outstanding for 2017 were 100000.

Check the attachment for the solution

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babunello [35]

Answer:

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Cr Customer Refunds Payable $619,200

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Cr Cost of Merchandise Sold $400,000

Explanation:

a. Preparation of the journal entry to record Estimated customer refunds and allowances

Dr Sales $619,200

($51,600,000 × 1.2%)

Cr Customer Refunds Payable $619,200

(To record Estimated customer refunds and allowances )

b. Preparation of the journal entry to Estimated customer returns

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3 years ago

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Answer:

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Explanation:

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To compute this statement, the approach is to sum all direct costs associated with the service provided by the firm.

Particulars Amount Amount

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Direct Material available $29,600

Subtract: Closing Inventory of materials <u> ($2600)</u>

The Direct Material Used for the year $27,000

Add:

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