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storchak [24]
3 years ago
12

The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income f

rom continuing operations $187,000, income tax applicable to loss on discontinued operations $25,500, and unrealized holding gain on available-for-sale securities (net of tax) $15,000.
Gain on sale of equipment $ 95,000
Cash dividends declared $ 150,000
Loss on discontinued operations 75,000
Retained earnings January 1, 2017 600,000
Administrative expenses 240,000
Cost of goods sold 850,000
Rent revenue 40,000
Selling expenses 300,000
Loss on write-down of inventory 60,000
Sales revenue 1,900,000
Shares outstanding during 2017 were 100,000.
Fill of the information in the table provided. This is the information I have filled out so far - corrections can be made.
E4-17
(a) ROLAND CARLSON INC.
Income Statement
For the Year Ended December 31, 2017
Revenues
Sales revenue $1,900,000
Rent revenue 40,000
Total revenues 1,940,000
Expenses
Cost of goods sold 850,000
Selling expenses 300,000
Administrative expenses 240,000
Total expenses 1,390,000
Income from operations 550,000
Other revenues and gains
Gain on sale of equipment 95,000
Other expenses and losses
Inventory loss 60,000
Income from continuing operations before
income tax $187,000
Income tax **
Income from continuing operations ***
Discontinued operations
Loss on discontinued operations $75,000
Less: Applicable income tax reduction ** **
Net income **
Per share of common stock:
Income from continuing operations (income from continuing operations ÷ 100,000) **
Loss on discontinued operations, net of tax **
Net income (Net income ÷ 100,000) **
Business
1 answer:
avanturin [10]3 years ago
8 0

Answer:

Following are the  solution to the given question:

Explanation:

Revenue before continuing business                                      585000

less:income tax                                                                         -187000 

Continuous business revenue                                                398,000

Operations stopped

Loss of non-compliance                                    -75000

Less: Applicable drop in income tax from        25500           - 49500

net sales                                                                                     348500

Popular inventory per share

Continued operating revenue [\frac{398000}{100000}] \ \ \ \ \ \ \ \ \ \ \ \ \  \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$3.98

Losses on disrupted businesses, tax net[\frac{-49500}{100000}] Net-0.495

Net profits [\frac{348500}{100000}] \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 3.485

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Exercise 2-15 Computing net income LO A1 A corporation had the following assets and liabilities at the beginning and end of this
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Explanation:

We will use accounting equation to solve the above question.

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6 0
3 years ago
Each business day, on average, a company writes checks totaling $13,200 to pay its suppliers. The usual clearing time for the ch
MrMuchimi

Answer:

A. Disbursement Float $53,800

Collection Float $47,600

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B. Disbursement Float $53,800

Collection Float $23,800

Net Float $30,000

Explanation:

A. Calculation for the company’s disbursement float, collection float, and net float.

Calculation for Disbursement Float using this formula

Disbursement Float = Average amount of check* Time to clear

Let plug in the formula

Disbursement Float= $13,200*4 days

Disbursement Float= $53,800

Calculation for Collection Float

Collection Float =($23,800*2days)

Collection Float = $47,600

Calculation for Net Float using this formula

Net Float = Disbursement Float + collection Float

Let plug in the formula

Net Float= $53,800-$47,600

Net Float= $6,200

Therefore the company’s disbursement float, collection float, and net float will be:

Disbursement Float $53,800

Collection Float $47,600

Net Float $6,200

B.Calculation to determine what would be the company's disbursement float, collection float, and net float If the collected funds were available in one day instead of two

Calculation for Disbursement Float using this formula

Disbursement Float = Average amount of check* Time to clear

Let plug in the formula

Disbursement Float= $13,200*4 days

Disbursement Float= $53,800

Calculation for Collection Float

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Net Float = Disbursement Float + collection Float

Let plug in the formula

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Net Float= $30,000

Therefore what would be the company's disbursement float, collection float, and net float If the collected funds were available in one day instead of two will be:

Disbursement Float $53,800

Collection Float $23,800

Net Float $30,000

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