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- Required Information (The following information applies to the questions displayed below] Selected comparative finencial statements of Korbin Company follow KORBIN COMPANY Comparative Incone tatanants Foe Year Ended Decanbar 31, 2019, 2018, and 2017 2019 8437,333 1335.033 2017 6232, S00 2018 Sales Cont of gooda sold Ge peofit Selling expanaea Adminiateatie enpenses Tetal anpensas Income hetoee tanaa 14, 00 3, 700 30,690 19,298 49,948 33,712 6.44 263,274 174,059 62, 101 210,401 174, 622 46,235 29,403 75.718 48,914 10,027 i 38,87 39,360 101,461 72, 538 523.503 S 59,095 Incoma taR xpansa. Net inoome 526,868 KORBIN COMPANY Comparativa Balanoa Sheata Decembes 31, 2019, 2018, and 2017 2019 2010 2017 Aasata Cursant a ata Long-tem invaatnanta Plant asseta, nat E37,777 6 30,499 700 4, E20 102, 224 34,157 54,768 6209. 887 Total as eta $195. 6EE E132, 634 Liabilities and Equity Cuerent 1iabilitiea Comman atook other paid-in capita Ratainad aaeninga 23,211 64,000 1,000 $ 19,762 64,000 8,000 5…Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.X Company collected P12350 in interest during 2019 X showed P1,850 in interest on its December 31, 2021 statement of financial position and P5,300 on December 31, 2020 How much is the Interest Revenue to be reported on X's statement of comprehensive income in 2021?
- You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid: A B C2015 Internally generated net income . . . . $30,000 $20,000 $10,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,0002016 Internally generated net income . . . . 50,000 30,000 25,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0002017 Internally generated net income . . . . 40,000 40,000 30,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0001. Assume Company A acquires an 80% interest in Company B on January 1, 2015, and Company B acquires a 60% interest in Company C on January 1, 2016. Prepare the simple equity method adjusting entries made by Companies A and B for subsidiary…For the year ended December 31, the following results were given: Dividend Paid Net Income Parent Company P15,000 P30,200Subsidiary Company 4,000 9,400 Using the proportionate basis or partial goodwill method, compute the non-controlling interest on December 31.A. P 0 C. P 610B. P 540 D. P 940 Note: Just use the information provided to arrive at the answer.Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ $ 467,052 357,800 281,165 223,625 185,887 134, 175 66,321 49,376 42,035 31,486 108,356 80,862 77,531 53,313 14,421 10,929 $ $ 63,110 42,384 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets 2020 Assets Current assets Long-term investments Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2019 $…
- onnect Portion) i The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below. ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions, except earnings per share). Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share $ 540 19 137 696 285 191 55 531 $ 165 $16.50 Saved Additional information: 1. Selling and administrative expense includes $42 million in restructuring costs. 2. Included in other income is $130 million in income from a discontinued operation. This consists of $90 million in operating income and a $40 million gain on disposal. The remaining $7 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $10 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material.…Im the context of Imfilation Accountimg System adjust the ffollowing Statement of Pudfit und LOES and Balance Sheet under the "Current Purchasing Power' (or CPP) method tto ascertain fhe changes in Net Profit and Reserve. STATEMENT OF PROFIT AND LOSS ffor the year ended 31st December, 2015 $ ('000) 500 Sales 80 Opening Stock Purchases 420 500 70 430 Less : Closing Stock 70 Gross Profit Depreciation (buildings) Admünüstration 25 30 40 Net Profit BALANCE SHEET as at 31st December, 2015 $ ('O00) Share Capital 200 Reserve 200 400 Land 140 200 Building Less : Depreciation 45 155 Stock Debtors 70 40 Cash 30 140 Less : Creditors 35 105 400 Following data are given : (1) Closing stock was acquired during last quarter of 2015 and opening stock during the last quarter of 2014. (2) The land and buildings were acquired and the capital issued during 1992. The buildings are depreciated straight lime over 40 years. ((3) The relevant retail price indices are (@) 2007 average (b) 2014 last quarter…Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).
- Intraperiod Tax Allocation Wright Company reports the following information for the year ended December 31, 2019: Required: 1. Prepare the year-end journal entry necessary to record the 2019 intraperiod income tax allocation in regard to the preceding information. 2. Prepare Wrights 2019 income statement and statement of retained earnings.Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The income tax rate is 30% on all items of income. Required: 1. Prepare a 2019 multiple-step income statement. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 statement of comprehensive income.Presented below is X Corporation's selected data for 2020: Retained earnings January 1 ,2020 Pretax Income Stock dividends declared During the year, the company changed its inventory method from FIFO to LIFO which had resulted in a pretax increase in income by: Cash dividends declared During 2020, the company discovered that the 2019 depreciation expense were overstated by a net of tax amount of Tax rate $6,000,000 2,000,000 330,000 40,000 225.000 70.000 30% Based on the data above, the changes in the accounting principles (from FIFO to LIFO) had O Decreased retained earnings by $40.000 Increased retained earnings by $40000 O Increased retained earnings by $28,000 O None of the above