coomp The company's total shareholders' equity of 12/31/2020 is $1,777,000 Common stock; par value of $2;...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
coomp The company's total shareholders' equity of 12/31/2020 is $1,777,000 Common stock; par value of $2; Auth 500,000 and issued/outstanding 100,000 @ an average issue price of $4.75. Accumulted other comprehensive income is $180,000. The balance in shareholders' equity is retained earnings. During 2021: Sales revenue $880,000, interest revenue $30,000; rent revenue $160,000, Dividend Revenue $80,000; sales Returns & Allowances $25,000; Sales discounts $70,000; COGS $350,000; Selling exp $100,000; General Administrative expenses $80,000; Interest expense $70,000; Loss on sale of Investments $60,000; Restructuring Costs $75,000; Gain on sale of compenant that qualifies as a discontinued ops $150,000; Write down of inventory $50,000; foreign currency translation gain $20,000; unrealized gain in value of land $50,000; Unrealized gain in the value of patents $50,000; unrealized loss in value of available for sale securities $60,000; Additional information: Tax rate is 20% The company issues 50,000 shares on 10/1/21 for $250,000. The company issues 20,000 shares on 7/1/21 for equipment that has a fair value of $100,000 The company declared dividends of $100,000 of which $25,000 will be paid on 1/31/22. 1,) Prepare a statement of comprehensive income utilizing the multiple step income statement approach. 2.) Prepare a statement of shareholders' equity. end bet coomp The company's total shareholders' equity of 12/31/2020 is $1,777,000 Common stock; par value of $2; Auth 500,000 and issued/outstanding 100,000 @ an average issue price of $4.75. Accumulted other comprehensive income is $180,000. The balance in shareholders' equity is retained earnings. During 2021: Sales revenue $880,000, interest revenue $30,000; rent revenue $160,000, Dividend Revenue $80,000; sales Returns & Allowances $25,000; Sales discounts $70,000; COGS $350,000; Selling exp $100,000; General Administrative expenses $80,000; Interest expense $70,000; Loss on sale of Investments $60,000; Restructuring Costs $75,000; Gain on sale of compenant that qualifies as a discontinued ops $150,000; Write down of inventory $50,000; foreign currency translation gain $20,000; unrealized gain in value of land $50,000; Unrealized gain in the value of patents $50,000; unrealized loss in value of available for sale securities $60,000; Additional information: Tax rate is 20% The company issues 50,000 shares on 10/1/21 for $250,000. The company issues 20,000 shares on 7/1/21 for equipment that has a fair value of $100,000 The company declared dividends of $100,000 of which $25,000 will be paid on 1/31/22. 1,) Prepare a statement of comprehensive income utilizing the multiple step income statement approach. 2.) Prepare a statement of shareholders' equity. end bet
Expert Answer:
Answer rating: 100% (QA)
1 COMPREHENSIVE INCOME STATEMENT USING MULTIINCOME STATEMENT I II III IV V VI VII VIII IX X XI XII X... View the full answer
Related Book For
Introduction to Corporate Finance
ISBN: 978-0324657937
2nd edition
Authors: Scott B. Smart, William L Megginson
Posted Date:
Students also viewed these accounting questions
-
In 2014, Quito Inc. purchased stock as follows: (a) Acquired 2,000 shares of Hollow Arts Corp. common stock (par value $20) in ex- change for 1,200 shares of Quito Inc. preferred stock (par value...
-
Situation 1 Espino Company has the following stock outstanding: Common Stock Preferred Stock 100,000 shares 9,000 shares s0.50 par value s20 par, $2 dividend The amount available for dividends this...
-
The following information pertains to Ming Corp. at January 1, 2018: Common stock, $10 par, 50,000 shares authorized, 3,000 shares issued and outstanding Paid-in capital in excess of par, common...
-
A teacher traces a small circle on the palm of a kindergartener's hand to let him know it is time for free play. What type of disability does this child most likely have? A. Traumatic Brain Injury B....
-
How does the interest rate affect your credit payments? What is meant by simple interest? What is the annual percentage rate (APR), and when is it used?
-
Solve A x = b and A(x) b, and show a that the inequality (2) holds in each case. A = 7 -5 10 19 Ab = 10-4 -6 1 11 7 9 7 -4 .27 7.76 -3.77 3.93 0-2 -3 |, b = 4.230 -11.043 49.991 69.536
-
Determine if 1,429 is prime or composite.
-
Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June. June 1 Balance 300 units .... @ $10 11 Purchased 800 units .... @ $12 20 Purchased...
-
Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as...
-
You work at DeliWine, a US wine retailer. DeliWine sources one of their best selling wines, JeanRose, from a Dutch wine distributor. The cost of placing an order is $ 513 and the annual holding cost...
-
Instructions A little background: As you have learned, Criminal Justice is a system comprised of police, courts and corrections. As such, decisions made by one person/group of people in one part of...
-
If Wild Widgets, Inc., were an all-equity company, it would have a beta of 1.6. The company has a target debt-equity ratio of .4. The expected return on the market portfolio is 11 percent, and...
-
Emily's Flowers is planning an IPO. Its underwriters expect the stock to sell for $14 per share. The direct costs (legal fees, printing, etc.) will be $700,000. The underwriters will charge a 3.5%...
-
Enlist the differences between an analytical report and an informational report. Describe the process and components to create an effective analytical report. Explain the reasons why analytical...
-
According to a recent press report, The South Reserve Bank ( hereafter The Bank ) fined Capitec and the local branch of Deutsche Bank a combined total of R 2 5 m last year for shortcomings in the...
-
A single, nondependent taxpayer over age 65 is required to file a 2020 tax return if their gross income exceeds which amount?
-
Which of the mathematical statements below are TRUE? Choose all that apply. For any two sets A and B we have that Bn (AB) = 0 (the empty set). The sum of two irrational numbers is irrational. Any...
-
What did Lennox gain by integrating their WMS, TMS, and labor management systems?
-
What are the desirable characteristics of a capital budgeting decision- making tool?
-
When a firm is faced with capital rationing, how can the profitability index (PI) be used to select the best projects? Why does choosing the projects with the highest PI not always lead to the best...
-
Melissa Gould wants to invest today in order to assure adequate funds for her sons college education. She estimates that her son will need $20,000 at the end of 18 years; $25,000 at the end of 19...
-
Asda is a British supermarket chain owned by Wal-Mart Stores, Inc. Assume that the following data relate to Asda's activities for 2017 (in millions).. Exchange rates (\($/)\) during 2017 are:...
-
Massmart Holdings Ltd. is a South African subsidiary of Wal-Mart Inc., selling high volume, low margin branded consumer goods to customers in twelve countries in Africa. Massmart's accounts are...
-
On January 2, 2016, Maddox Corporation, headquartered in the U.S., established a wholly-owned subsidiary in Mexico City. An initial investment of \($1,000,000\) was made on that date; the exchange...
Study smarter with the SolutionInn App