Presented below are changes in all the account balances of Sunland Furniture Co. during the current year, except for retained earnings.
|Increase (Decrease)||Increase (Decrease)|
|Accounts Receivable (net)||50,700||Bonds Payable||83,800|
|Investments||(48,240)||Paid-In Capital in Excess of Par—Common Stock||14,220|
Presented below is information related to Marigold Company at December 31, 2020, the end of its first year of operations.
|Cost of goods sold||146,950|
|Selling and administrative expenses||49,300|
|Gain on sale of plant assets||29,000|
|Unrealized gain on available-for-sale debt investments||9,620|
|Loss on discontinued operations||11,960|
|Dividends declared and paid||4,550|
Compute the following:
(a) Income from operations
(b) Net income
(c) Comprehensive income
(d) Retained earnings balance at December 31, 2020
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2020 information related to Waterway Company ($000 omitted).
|Depreciation of office furniture and equipment||4,032|
|Cost of goods sold||60,642|
|Depreciation of sales equipment||6,552|
Common shares outstanding for 2020 total 31,576 (000 omitted).
- Prepare an income statement for the year 2020 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
- Prepare an income statement for the year 2020 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)
The stockholders’ equity section of Coronado Corporation appears below as of December 31, 2020.
|8% preferred stock, $50 par value, authorized|
|101,800 shares, outstanding 91,800 shares||$4,590,000|
|Common stock, $1.00 par, authorized and issued 10,200,000 shares||10,200,000|
|Additional paid-in capital||20,910,000|
Net income for 2020 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $18,360,000 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $367,200 were declared and paid in 2020. Dividends of $1,020,000 were declared and paid to common stockholders in 2020.
Compute earnings per share data as it should appear on the income statement of Coronado Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
- Coronado Corporation reported the following for 2020: net sales $1,220,300, cost of goods sold $729,000, selling and administrative expenses $331,600, and an unrealized holding gain on available-for-sale debt securities $16,300.
- Prepare a statement of comprehensive income using the one statement format. (Ignore income taxes and earnings per share.)