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horsena [70]
3 years ago
5

Colfax Corporation's financial statements for the current year include the following: Income from continuing operations before t

ax $ 780,400 Income tax expense $ 84,000 Prior period adjustment (decrease in prior year net income, net of taxes) $ 125,800 Cash dividends paid to preferred stockholders $ 133,320 Gain from discontinued operations (net of taxes) $ 743,200 Non-recurring loss $ 188,400 On the basis of this information, net income for the current year is:
Business
1 answer:
crimeas [40]3 years ago
3 0

Answer:

$1,439,600 $780,400 − $84,000 + $743,200 = $1,439,600; the non-recurring loss is already included in income from continuing operations is the correct answer.

Explanation:

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A 10-year maturity, 6.5% coupon bond paying coupons semiannually is callable in five years at a call price of $1,010. The bond c
Semmy [17]

Answer:

Please find attached file for complete answer solution and explanation of same question.

Explanation:

4 0
4 years ago
Read 2 more answers
Orlando Enterprises reports the following information at December 31, 2016:a. Requirement 1. What is the actual manufacturing ov
victus00 [196]

Answer:

1)  C=C1+C2...+Cn

2) A=A1+A2...+An

3) Explanation is in the description

Explanation:

First, we have that the information given is incomplete. We need the information of the manufacturing overhead of Orlando Enterprises. Then, we are going to work on the problem without any specific data and give a general answer that will serve for any such data.

The attached table shows a way to represent the information of the manufacturing expenses, where the left column represents the current costs and the right column the allocated costs.

1) Current manufacturing overhead is then given by:

C=C1+C2...+Cn

2) 2) The allocated manufacturing overhead is given by:

A=A1+A2...+An

3) Finally, to determine if manufactured overhead is underallocated or overallocated:

X=C-A

If x>0, the manufactured overhead is udercalled.

7 0
3 years ago
At the start of football season, the ticket office gets very busy the day before the first game. Customers arrive at the rate of
ipn [44]

Answer:

(a) 3.2

(b) 10 minutes

(c) 0.8

Explanation:

Mean number of customer in service:

= Arrival rate ÷ service rate

= 24 in 60 min ÷ 30 in 60 min

= 24 ÷ 30

= 0.8

a) Average number of people in line:

= (Mean number of customer in service × arrival rate) ÷ (Service rate - arrival rate)

= 0.8 × (24 ÷ 6 )

= 3.2

b) Average time spend at the ticket office is = 10 minutes

c) Proportion of time server is busy:

= Arrival rate ÷  service rate

= (24 in 60 min ÷  30 in 60 min)

= 24 ÷ 30

= 0.8

7 0
3 years ago
In 2021, CPS Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 20
alekssr [168]

Answer:

Entry to record adjustment:

COGS Dr $9.4m

         Inventory Cr $9.4m

Explanation:

The question relates to a change in accounting policy. According to IAS 8 (changes in accounting policy and estimate), a change in accounting policy is to be reflected retrospectively and prospectively, which means any changes should be implemented by bringing changes in the past records. Since CPS company has been using FIFO method, the inventory has been overstated in the financial statements. A shift to AVCO has resulted in a decrease in inventory value.

The value of inventory has to be reduced as a result of change in accounting policy (i.e $38m - $28.6m). This is the closing inventory so a reduction in the value of closing inventory results in an increase in cost of goods sold (COGS), therefore, the adjusting entry will be aimed at reducing inventory and increasing cost of goods sold, see as follows:

Entry:

COGS Dr $9.4m

         Inventory Cr $9.4m

8 0
3 years ago
A company received an order from a customer in June for services to be provided. Those services were provided in July, and the c
scZoUnD [109]

Answer:

B. July

Explanation:

The principle of revenue recognition arises whenever the income is realized or earned whether cash is collected or not and it also supports the accounting accrual basis. Realizable here means that the customer obtains the product however the payment is made afterward.

So, in the given case, the service is provided in the July month and the same is to be recorded on the July month

8 0
3 years ago
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