Assume that Hugo Corporation’s chief financial officer gave you the following information: net sales, $950,000; cost of goods sold, $525,000; gain on sale of equipment, $6,250; loss from discontinued operations (net of income tax benefit of $15,000), $25,000; loss on disposal of discontinued operations (net of income tax benefit of $6,500), $17,500; selling expenses, $25,000; administrative expenses, $40,000; income taxes expense on continuing operations, $150,000. From this information, prepare the company’s income statement for the year ended June 30, 2011. (Ignore earnings per share information.)
Answer to relevant QuestionsUsing 2008 as the base year, prepare a trend analysis of the following data and tell whether the situation shown by the trends is favorable or unfavorable. (Round your answers to one decimalplace.)Using the data below from the financial statements of Coat, Inc., compute the company’s cash flow yield, cash flows to sales, cash flows to assets, and free cash flow. (Round computations to one decimal place.)Net sales ...Cozy Corporation, a clothing retailer, engaged in the transactions listed in the first column of the table that follows. Opposite each transaction is a ratio and space to mark the effect of each transaction on the ...Perk Company owns 25 percent of Storm Company. During 2011, Storm earned $100,000 and paid $72,000 in dividends. Prepare journal entries for Perk’s records on December 31 to record this information. Assume that the ...On January 1, 2011, Gong Corporation acquired 40 percent of the voting stock of Blue Corporation, an amount sufficient to exercise significant influence over Blue’s activities, for $4,800,000 in cash. On December 31, Gong ...
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