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
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

You might be interested in
1. You’ve been hired by Nielsen Company to study the market for potatoes. Demand in the potato market is characterized by the de
icang [17]

Answer:

P = MR = 1

Explanation:

The demand function is q = 25 - 12p.

The  total income is the price of potatoes multiplied by the quantities of potato --> P * Q

p*q = p*(25-12p)

p*q = 25p - 12p^2

the first derivative of the previous equation is the marginal revenue. In perfect competition the Price = Marginal revenue.

First derivative of total income ---> 25-24p

And MR = P

25-24p=p

25=25p

<h2>p=1</h2>

8 0
3 years ago
Lupine Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. T
Anna [14]

Answer:

Allocated MOH= $420

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (253,600/31,700) + 6

Predetermined manufacturing overhead rate= $14 per machine hour

<u>Now, we can allocate overhead to Job L716:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 14*30

Allocated MOH= $420

5 0
3 years ago
A $200,000 loan amortized over 13 years at an interest rate of 10% per year requires payments of $21,215.85 to completely remove
kvasek [131]

Answer:

Loan amount = $184,193.95

Explanation:

Interest will remain same each year. Interest per year = 200,000*10% = $20,000

Installment                   $21,215.85

Less: Interest               <u>$20,000</u>

Payment to Principal <u>$1,215.85</u>

Total principal repaid in 13 years = $1,215.85 * 13 years = $15,806.05

So, the principal left = $200,000 - $15,806.05 = $184,193.95

3 0
3 years ago
Please help me asap!!!
melomori [17]

Answer:

Finder's fee. good luck dude

6 0
2 years ago
XYZ Corp issued $600,000 of 9% , 10-year bonds on June 30,2020, for $562,500. This price provided a yield of 10% on the bonds. I
Rom4ik [11]

Answer:

c. $18, 750

Explanation:

The computation of the amount of interest expense i.e. accrued is shown below:

= Issued amount × yield on the bonds × given months ÷ total number of months in a year

= $562,500 × 10% × 4 months ÷ 12 months

= $18,750

The 4 months is calculated from July 1 to October 31

Hence, the correct option is c. $18,750

5 0
3 years ago
Other questions:
  • Green Glass recently pays dividends. Future dividends are projected at $2.5, $3.5, and $4.5 over the next three years, respectiv
    15·1 answer
  • Trisha and Josh recently adopted a child, Julie. Before the adoption, Trisha, Josh, and Julie's biological parents worked out an
    11·1 answer
  • In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to wh
    14·1 answer
  • Which statement best explains the law of supply?
    8·2 answers
  • An investor owns $3,000 of Adobe Systems stock, $6,000 of Dow Chemical, and $7,000 of Office Depot. What are the portfolio weigh
    10·1 answer
  • The _____ value of stock is an amount assigned per share by the corporation in its charter. In many states, this amount establis
    11·1 answer
  • Rough &amp; Ready Timber Company orally contracts with Shawn for the purchase of five acres of Shawn’s timberland. Shawn makes t
    14·2 answers
  • The two factors that are most important in determining the density of air are:
    7·1 answer
  • 2018
    10·1 answer
  • Karla is working in Microsoft Excel, and she needs to copy data from one spreadsheet into another. The cells she wants to copy c
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!