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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

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3 years ago
Seidman Company manufactures and sells 20,000 units of product X per month. Each unit of product X sells for $17 and has a contr
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Answer:

Effect on income= $115,000 decrease

Explanation:

Giving the following information:

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Effect on income=  decrease in fixed costs - decrease in contribution margin

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3 years ago
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3 years ago
Lorinda has started to think about saving for retirement. She reads a recommendation that says she should save at least 3/10 of
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Answer:

          \large\boxed{\large\boxed{\$ 13,200}}

Explanation:

This is an algebra question about fractions.

You need to find 3/10 of the income, and the income is $44,000.

You must muliply the fraction 3/10 by the $44,000 income.

To multily one fraction by a whole number you convert the whole number to a fraction with denominator 1. Then multiply numerator with numerator and denominator with denominator. This is how:

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3 years ago
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