Black Corporation reported the following condensed information for the year ended December 31, 2022. All of...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/09/650c31ef3888e_031650c31ef34438.jpg)
Transcribed Image Text:
Black Corporation reported the following condensed information for the year ended December 31, 2022. All of these amounts are BEFORE tax. Sales (net) Retained Earnings on January 1, 2022 Cost of Goods Sold Operating Expenses Gain from Discontinued Operations Cumulative Effect of Change in Accounting Principle (credit balance) Gain on Sale of Building Interest Expense Dividends Declared (assume NO preferred stock) Loss from Early Retirement of Debt Interest Revenue Unrealized Loss on Available for Sale Securities which are Bonds Dividend Revenue Assume that Black was in a 30% tax rate this year, a 25% tax rate in all previous years, and is expected to be in a 32% tax rate in the future. INSTRUCTIONS: Assume also that Black had 40,000 shares of common stock outstanding on January 1, 2022, purchased 8,000 shares of treasury stock on April 1, 2022, and sold 6,000 shares of the treasury stock on September 1, 2022. a. $810,000 536,000 370,000 350,000 b. 50,000 40,000 28,000 26,000 24,000 20,000 15,000 10,000 7,000 C. From the accounts and amounts listed above, prepare a multiple step income statement for the year ended December 31, 2022, for Black Company. Please include earnings per share and show your calculations. From the accounts and amounts listed above, prepare a COMPREHENSIVE income statement for the year ended December 31, 2022. From the accounts and amounts listed above, prepare a retained earnings statement for the year ended December 31, 2022. Black Corporation reported the following condensed information for the year ended December 31, 2022. All of these amounts are BEFORE tax. Sales (net) Retained Earnings on January 1, 2022 Cost of Goods Sold Operating Expenses Gain from Discontinued Operations Cumulative Effect of Change in Accounting Principle (credit balance) Gain on Sale of Building Interest Expense Dividends Declared (assume NO preferred stock) Loss from Early Retirement of Debt Interest Revenue Unrealized Loss on Available for Sale Securities which are Bonds Dividend Revenue Assume that Black was in a 30% tax rate this year, a 25% tax rate in all previous years, and is expected to be in a 32% tax rate in the future. INSTRUCTIONS: Assume also that Black had 40,000 shares of common stock outstanding on January 1, 2022, purchased 8,000 shares of treasury stock on April 1, 2022, and sold 6,000 shares of the treasury stock on September 1, 2022. a. $810,000 536,000 370,000 350,000 b. 50,000 40,000 28,000 26,000 24,000 20,000 15,000 10,000 7,000 C. From the accounts and amounts listed above, prepare a multiple step income statement for the year ended December 31, 2022, for Black Company. Please include earnings per share and show your calculations. From the accounts and amounts listed above, prepare a COMPREHENSIVE income statement for the year ended December 31, 2022. From the accounts and amounts listed above, prepare a retained earnings statement for the year ended December 31, 2022.
Expert Answer:
Answer rating: 100% (QA)
a Multiple Step Income Statement Gross Profit Sales net Cost of Goods Sold 810000 370000 440000 Operating Income Gross Profit Operating Expenses Inter... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
Posted Date:
Students also viewed these accounting questions
-
The Hester Corporation, a diversified distribution company, purchases cartons of canned golf balls from the LongDistance Company and markets the balls under the Hester brand name. Hester started...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The CFO of Last Things Computing, Inc. (LTC) prepared the following balance sheet and statement of net income for the year ended December 31, 2016. Last Things Computing, Inc. Balance Sheet At...
-
Start your VM and open a terminal window (note: you may always open more than one terminal window if desired). For this laboratory exam, we will be using the network topology shown in Figure 1....
-
Would you expect demand for Acid+All to be elastic? Why or why not?
-
Leadership quote- choose a quote. Thinking about your current/future career, how does your chosen quote support your leadership style? Explain. How can you use this quote tomotivate a team? Explain....
-
2 Identify and explain factors that allow a multicultural team to achieve high levels of performance. Rank the factors in order of importance.
-
A study reported in the Journal of Small Business Management concluded that self-employed individuals do not experience higher job satisfaction than individuals who are not self-employed. In this...
-
Angela Moss and Autumn Barber organize a partnership on January 1. Moss's initial net investment is $90,000, consisting of cash ($30,000), equipment ($76,000), and a note payable reflecting a bank...
-
AP Vianne is the management accountant for Divvy, a bike-sharing service in Chicago. She is trying to plan for summer activity by using the most recent ridership information provided. She needs to...
-
Table 2. Frequency and Linear Density (constant tension) Tension (T) = length of string (L) = 4 m TRIAL linear mass Frequency Frequency density of Number of (simulation) (computed) Percent Error wire...
-
Describe in your own words how you would expect the data points on a scatterplot to be distributed if the following features were present (i.e. for each part, explain how the feature would look on a...
-
imagine this experimental setup: One temperature probe is in embedded in a small block of frozen sugar water at -20. The frozen sugar water is in a small test tube The melting/freezing point of this...
-
Question 2: (40 points: 10 each) During September, Sweet Foods manufactures a single product. The Company's material purchases amounted to 9,000 pounds at a price of $9.80 per pound. Actual costs...
-
E12-23 (Algo) (Supplement 12B) Preparing a Statement of Cash Flows, Indirect Method: T-Account Approach [LO 12-S2] Golf Goods Incorporated is a regional and online golf equipment retailer. The...
-
A symmetric compound channel in over bank flow has a main channel with a bottom width of 30 m, side slopes of 1:1, and a flow depth of 3m. The floodplains on either side of the main channel are both...
-
A company's next dividend will be $2.50 per share. The dividends are expected to maintain a growth rate of 5.5 percent forever. If the stock currently sells for $40 per share, what is the dividend...
-
Explain how two samples can have the same mean but different standard deviations. Draw a bar graph that shows the two samples, their means an standard deviations as error bars. T S
-
The Aspen Company is a retail department store chain. The companys fiscal year ends on the Saturday closest to January 31 of each year. The company is publicly held and submits quarterly financial...
-
Polar Limited is a Canadian company that recently completed two large transactions with companies based in Germany: 1. On July 1, 20X4, Polar acquired equipment at a cost of 500,000 from Bier Ltd....
-
You, CA, are the senior in charge of an audit of Proctor Industries (PI), a public company in the business of selling plumbing parts wholesale. It is now November 3, 20X5five weeks after PIs year-...
-
The efficient market hypothesis suggests that it is difficult to outperform the market on a consistent basis. Are there possible exceptions to the hypothesis that concern the valuation of common...
-
How might a Daily Spending Diary result in wiser consumer buying and more saving for the future?
-
Jamie Lee sat down with a salesperson to discuss a new vehicle and its $24,000 purchase price. Jamie Lee has heard that no one really pays the vehicle sticker price. What guidelines may be suggested...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App