Assignment 2 - EMMA OGRADY BBUS 3201 Assignment 2 April 4...

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EMMA O’GRADY BBUS 3201 Assignment 2 April 4, 2016
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Q 1: Exercise 4-16 Rainy Day Umbrella Corporation Statement of Changes in Equity For Year Ended December 31, 2014 Rainy Day Umbrella Corporation Balance Sheet (Shareholders Equity) December 31, 2014 Shareholders Equity Common Shares $5,461,000 Preferred Shares 2,006,000 Retained Earnings 18,014,000 Total Shareholders Equity $25,481,000 Total Comp. Income Pref. Shares Common Shares Contributed Surplus Retained Earnings Accum. Other Comp. Income Beginning Balance $11,048,000 $2,006,000 $5,291,000 $2,225,000 $13,692,000 $1,526,000 Comprehensive Income: Net Income 4,352,000 $4,352,000 Other Comp. Income: Unrealized Gains 348,000 348,000 348,000 Comprehensive Income $4,700,00 0 Dividends: Preferred (23,000) (23,000) Common (7,000) (7,000) Issue of Equity: Common Shares 170,000 170,000 Ending Balance $15,888,00 0 $2,006,000 $5,461,000 $2,225,000 $18,014,00 0 $1,874,000
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Q 2: Problem 4-3 Rolling Thunder Corp. Statement of Comprehensive Income For Year Ended December 31, 2014 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Selling and Administrative expenses Income from Operations Other Revenues and Gains: Interest Income Gain on sale of FV-NI investment Other Expenses and Losses: Loss-Other (Flood) Income Before Tax Income Tax Loss on Goodwill Discontinued Operations: Loss from Disposal of discontinued division Loss from Operations of discontinued division Net Income $36,500,000 28,500,000 8,000,000 4,700,000 3,300,000 170,000 110,000 280,000 390,000 3,190,000 797,000 520,000 262,500 165,000 1,445,500 Other Comprehensive Income: Unrealized Gain on FV-OCI investment Comprehensive Income: 320,000 $1,765,500 EPS = 1,445,500/800,000 = $1.81
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Q 3: Problem 4-8 A) Reid Corporation Income Statement (Multi-Step) Year Ended June 30, 2014 Sales Revenue: Sales Revenue Less: Sales Discounts Sales Returns and Allowances $1,928,500 31,150 62,300 93,450 Net Sales Revenue
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