INSTRUCTIONS: Prepare a Multi-Step condensed income statement for Ozark Corp. Net Sales Interest Revenue COGS Administrative...

 

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INSTRUCTIONS: Prepare a Multi-Step condensed income statement for Ozark Corp. Net Sales Interest Revenue COGS Administrative Expenses Selling Expenses Interest Expense Tax rate Shares authorized Shares issued and outstanding 1,800 25 720 680 340 10 30% 10,000 100 PROBLEM 2 Discontinued Operations INSTRUCTIONS: Prepare a partial income statement starting with income from continuing operations. Assume a 30% tax rate. Income from continuing operations Disposed of restaurant division at an pre- tax gain Operating loss of restaurant division (pre- tax) Shares of Common stock outstanding during the year 20 points 6,000 2,000 1,200 1,000 Black Mirror Inc. Income Statement (partial) For the Year Ended December 31, 2021 PROBLEM 3 Retained Earnings Statement Instructions: PREPARE A RETAINED EARNINGS STATEMENT FOR 12-31-2021 Retained earnings, 1-1-2021 Net income during the year Cash dividends declared and paid during the year During the year an error was discovered: Depreciation expense for 2020 was understated by 600 1,500 300 200 20 points Yukon Corp. Statement of Retained Earnings For the year ended December 31, 2021 PROBLEM 4 COMPREHENSIVE INCOME Mafucci Inc. reports the following for 2021: Net sales Cost of goods sold Selling and administrative expenses Unrealized holding gain on available-for-sale securities Prepare a Statement of Comprehensive Income using the one-step format. (Ignore income taxes and earnings per share) 1,200 750 320 18 10 points Mafucci Inc. Statement of Comprehensive Income For the year ended December 31, 2021 a b 20 C d 84 e f PROBLEM 5 Income computations Presented below is information related to Stranger Things Co. at December 31, 2021, the end of the first year of operations. Ignore income tax effects. Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale investments Interest expense Loss on discontinued operations Allcoation to non-controlling interest Dividends declared and paid Compute the following: Income from operations Income from continuing operations Net Income Net income attributable to the company's controlling stockholders Comprehensive Income Retained earnings balance at 12-31-21 12 points 775 350 125 75 25 15 30 100 12 INSTRUCTIONS: Prepare a Multi-Step condensed income statement for Ozark Corp. Net Sales Interest Revenue COGS Administrative Expenses Selling Expenses Interest Expense Tax rate Shares authorized Shares issued and outstanding 1,800 25 720 680 340 10 30% 10,000 100 PROBLEM 2 Discontinued Operations INSTRUCTIONS: Prepare a partial income statement starting with income from continuing operations. Assume a 30% tax rate. Income from continuing operations Disposed of restaurant division at an pre- tax gain Operating loss of restaurant division (pre- tax) Shares of Common stock outstanding during the year 20 points 6,000 2,000 1,200 1,000 Black Mirror Inc. Income Statement (partial) For the Year Ended December 31, 2021 PROBLEM 3 Retained Earnings Statement Instructions: PREPARE A RETAINED EARNINGS STATEMENT FOR 12-31-2021 Retained earnings, 1-1-2021 Net income during the year Cash dividends declared and paid during the year During the year an error was discovered: Depreciation expense for 2020 was understated by 600 1,500 300 200 20 points Yukon Corp. Statement of Retained Earnings For the year ended December 31, 2021 PROBLEM 4 COMPREHENSIVE INCOME Mafucci Inc. reports the following for 2021: Net sales Cost of goods sold Selling and administrative expenses Unrealized holding gain on available-for-sale securities Prepare a Statement of Comprehensive Income using the one-step format. (Ignore income taxes and earnings per share) 1,200 750 320 18 10 points Mafucci Inc. Statement of Comprehensive Income For the year ended December 31, 2021 a b 20 C d 84 e f PROBLEM 5 Income computations Presented below is information related to Stranger Things Co. at December 31, 2021, the end of the first year of operations. Ignore income tax effects. Sales revenue Cost of goods sold Selling and administrative expenses Gain on sale of plant assets Unrealized gain on available-for-sale investments Interest expense Loss on discontinued operations Allcoation to non-controlling interest Dividends declared and paid Compute the following: Income from operations Income from continuing operations Net Income Net income attributable to the company's controlling stockholders Comprehensive Income Retained earnings balance at 12-31-21 12 points 775 350 125 75 25 15 30 100 12

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1 MultiStep Condensed Income Statement for Ozark Corp Description Amount Net Sales 1800 Cost of Good... View the full answer