Black Corporation reported the following condensed information for the year ended December 31, 2022. All of...
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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.
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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:
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