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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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Which of the following is an explanation of the capture theory? A. When products have too many warning labels comma consumers m

seropon [69]

Answer: B. People who have been in an industry are most likely to be asked to be regulators of the industry.

Explanation:

The Capture Theory or Regulatory Capture refers to a situation where the agencies that are supposed to be regulating an industry come under the influence of the companies they are meant to be regulating.

This leads to a situation where the Agencies make regulations that favour these companies instead of the consumer.

One key way this occurs is the REVOLVING DOOR. This is known as the tendency of professionals to move between Government and Private jobs. Simply put, a professional could work in an industry and then go on to work in an Agency regulating that industry. Once this happens, the once private citizens could start influencing the Agencies in favour of their previous bosses.

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3 years ago

What does "Implement" mean in the Engineering Process

CaHeK987 [17]

Implementation is basically the carrying out, execution, or practice of a plan, a method, or any design, idea, model, standard or policy for doing something.

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3 years ago

Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2016. It also has ordinary income of $10,000 in 201

alexandr1967 [171]

Answer:

a) $0 of the net capital loss is deductible in 2016

b) $7,000

Explanation:

a) $0 of the net capital loss is deductible in 2016

First, it should be noted that only individuals are allowed to charge/deduct any capital losses against their ordinary income, corporate organisations are not allowed to do so. Corporate firms are only allowed to deduct their capital losses from their capital gains, therefore if there are no capital gains or the gains are insufficient, then no amount of net capital loss can be charged.

Since Goose Corporation has no capital gain it means that the entire $12,000 capital loss cannot be charge or deducted in 2016.

b) To calculate net loss to be carried forward is as follows

Capital loss - net gain in 2015 (the net gain in 2012 cannot be used because it is more than 3 years back before the capital loss)

= $12,000- $5000 = $7,000

While corporate organisations are permitted to use their current net losses to offset past capital gains (limited to only 3 years). This rule therefore exempts the use of the $2,500 in 2012 to offset the capital loss of 2016

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3 years ago

Your proforma income statement shows sales of $1,033,000, cost of goods sold as $503,000, depreciation expense of $103,000, and

Gelneren [198K]

Answer:

Proforma Earnings: $

Sales 1,033,000

Cost of goods sold (503,000)

Depreciation expense (103,000)

Earnings before tax 427,000

[email protected]% (170,800)

Proforma earnings 256,200

Free Cashflow $

Proforma earnings 256,200

Add: Depreciation 103,000

Free cashflow 359,200

Explanation:

Proforma earnings equal sales minus cost of goods sold minus depreciation minus tax.

Free cashflow is proforma earnings plus depreciation. Since depreciation does not involve movement of cash, it needs to be added back to the proforma earnings in order to obtain free cashflow.

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3 years ago

Block Island TV currently sells large televisions for $380. It has costs of $320. A competitor is bringing a new large televisio

photoshop1234 [79]

Answer:

Effect on income= (2,400,000)

Explanation:

Giving the following information:

Current selling price= $380

New selling price= $360

Unitary cost= $320

Units sold= 150,000*1.1= 165,000

We need to calculate the effect on income:

Effect on income= contribution margin new sales - contribution margin old sales

Effect on income= 15,000*(360 - 320) - 150,000*(380-360)

Effect on income= (2,400,000)

Prove:

New income= 165,000*40= 6,600,000

Actual income= 150,000*(380-320)= 9,000,000

Difference= (2,400,000)

5 0

3 years ago