1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
umka21 [38]
3 years ago
8

Crane Corporation had income from operations of $6,433,500. In addition, it suffered an unusual and infrequent pretax loss of $7

78,800 from a volcano eruption, interest revenue of $18,630, and a write-down on buildings of $56,090. The corporation’s tax rate is 30%. Prepare a partial income statement for Crane beginning with Income from operations. The corporation had 4,958,200 shares of common stock outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Business
1 answer:
OverLord2011 [107]3 years ago
3 0

Answer:

Kindly check explanation

Explanation:

Given the following :

Income from operations before income tax and extraordinary item = $6,433,500

Income tax expense = (0.3 × 6,433,500) = $1,930,050

Income before extraordinary item ($6,433,500 - $1,930,050 = $4,503,450

Extraordinary event - loss from eruption = $778,800

Less:Applicable income tax : (1 - 0.3) × 778,000) = $544,600

Less : Interest revenue = $18,630

Less : write down on building = $56,090

Net income = $4,503,450 - (544,600 + 18,630 + 56,090) = $3,884,130

Income before extraordinary item = $4,503,450 / 4,958,200 = 0.9082832 = 0.91

Extraordinary loss = 544600 / 4,958,200 = 0.1098382 = 0.11

Net income = 3,884,130 / 4,958,200 = 0.7833750 = 0.78

You might be interested in
Saskatchewan Forestry Company purchased a timber tract for $225,000 and estimates that it will be depleted evenly over its 10-ye
ale4655 [162]

Answer:

generally you need to determine the cost per unit, but in this case you are given a percentage of depletion = 10% x $225,000 = $22,500  which determines the inventory value (or depletion expense if the timber is sold) during the year.

the journal entry should be:

December 31, 20xx

Dr Timber inventory 22,500

    Cr Accumulated depletion - timber tract 22,500

5 0
3 years ago
Problem 11-11 Calculating Operating Leverage [LO4] At an output level of 62,000 units, you calculate that the degree of operatin
Mandarinka [93]

Answer:

Percentage change in sales = [(Ending value - Beginning value) / Beginning value] * 100

Percentage change in sales = [($67,000 - $62,000) / $62,000] * 100

Percentage change in sales = 0.080645

Percentage change in sales = 8.0645%

Percentage change in OCF = Percentage change in sales * Degree of operating leverage

Percentage change in OCF = 8.0645% * 3.7

Percentage change in OCF = 29.84%

Will the new level of operating leverage be higher or lower?

As the sales increase, contribution margin will remain constant but operating margin percentage will rise. Therefore, this leads to fall in operating leverage.

3 0
3 years ago
An examination of the Ricardian model of comparative advantage yields the clear result that trade is (potentially) beneficial fo
Zarrin [17]

Answer:There are gains from trade but the distribution of these gains may not be the same for everyone

Explanation:There are some correlation between economic growth and trade.

Global economics intergration may be a potential factor that causes trade to affect economic growth positively.

When there is global intergration companies learn to adopt new technologies and those which doesn't may phase out ,dynamic firms which can export to the world experience an increase in demand and this lead to these companies gaining the advantage of operating on larger scale where price per unit product becomes lower. This means the company isnt restricted to their country of origin.

They can also lean and be innovative as they obtain more experience from exposures to certain technologies and adopt those technologies and certain standards that make these company compete efficient.

5 0
3 years ago
The head teller of a bank embezzled $50,000 from the bank. Which insuring agreement in a financial institution bond is designed
PIT_PIT [208]

Answer:

Fidelity Bond

Explanation:

Based on the information provided within the question it can be said that the type of insurance that covers this is a Insuring Agreement called a Fidelity Bond. This is a type of insurance that covers the buyer of the policy from any losses that they may incur from a specific individual that works for them embezzling money or doing any other fraudulent behavior. Similar to what the head teller did to the bank in this scenario.

4 0
3 years ago
A. Identify a profession b. In not more than 60 words, describe the "art" and "science" of such profession in (a).
zheka24 [161]

Answer:

Comedy as a Profession is a great example.

Explanation:

The science of it is related to the psychology of what makes people laugh.

If studied, one would realize that there are certain things that are bound to make people laugh (all things being equal). An example is when a person makes fun of themself to an audience.

To explain this, scientists have stated that it is inherent in humans to laugh at the misfortune of others. However, this is just a theory and does not explain why we laugh at other kinds of comedy.

A plausible explanation (which is more recent in the parlance of psychology) is that people also laugh when certain expectations are defied in a very witty manner.

As a professional stand-up comedian, knowing all the rules and tricks is just one part of the coin. Being able to, either by practice or repeated efforts during practice, internalize these principles, practice them and effectively use them is the artistic part of the picture.

There those who are gifted naturally with a principle thought process that elicits laughter from others, would be termed hilarious. However, to make a living out of comedy, one would need to fully understand the principles and practice to deliver them as naturally as possible.

Another paradigm to the art of comedy is that, it has to be very witty. Wit many times may come with an element of suprise... a new angle that was previously "unthought" of.

Cheers!

6 0
2 years ago
Other questions:
  • Alpha Industries is considering a project with an initial cost of $8 million. The project will produce cash inflows of $1.49 mil
    9·1 answer
  • Farmer and Taylor formed a partnership with capital contributions of $280,000 and $330,000, respectively. Their partnership agre
    9·1 answer
  • Many firms develop ____ to answer the question: who is your target market?
    10·1 answer
  • Do you think that modern society has contributed to the number of youth suicides? Why or why not?
    12·2 answers
  • All of the following are benefits of debt financing except: Group of answer choices Interest on debt financing is tax deductible
    6·1 answer
  • What do you call an agreement made between different companies to charge the same amount for products?
    8·2 answers
  • In 2019, Vaughn sold 1000 units at $500 each, and earned net income of $40000. Variable expenses were $300 per unit, and fixed e
    8·1 answer
  • Jackie is doing a marginal analysis to decide if she should spend any more money on a movie download. After figuring out her mar
    11·2 answers
  • Which of these changes are planned and based on situations that are expected to arise? A. Anticipatory B. Exponential C. Strateg
    8·1 answer
  • On January 1 of Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!