ch111 - Sales Discounts(12,000 Net Sales 861,000 Cost of...

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Income Statement: Revenue: Sales 102,000 Other 2,400 Total Revenue 104,400 Expenses: Operating Expenses 97,200 Income Tax 2,880 Total Expenses 100,080 Net Income from Continuing Op 4,320 $2.40 Extraordinary Gain 4,000 Tax from Extraordinary Gain 1,600 2,400 $1.33 Net Income 6,720 $3.73
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Income Statement: Net Revenues 3,932 Total Expenses 3,358 Income from Continuing Operation 574 $0.96 Discontinued Operations, net of tax savings (89) $(0.15) Income before extraordinary items 485 $0.81 Extraoridanary Loss, net of tax savings (7) $(0.02) Net Income 478 $0.80 common stock issued 900 Treasurey stock acquired 300 Common stock outstanding 600
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Pretax Accountig Income 375,000 Taxable Income 300,000 Tax Expense 112,500 Taxes Payable 90,000 Income Tax Expense 112,500 Deferred Taxes Liability 22,500 Taxes Payable 90,000 Income Statement .... Tax Expense 112,500 Balance Sheet Assets: Liabilities: Deferred tax liability 22,500 Taxes Payable 90,000
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Revenue: Sales 896,000 Sales Returns (23,000)
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Unformatted text preview: Sales Discounts (12,000) Net Sales 861,000 Cost of Goods Sold 387,000 Gross Profit 474,000 Expenses: Selling expenses 101,000 General Expenses 93,000 Total Expenses 194,000 Net Income from Continuing Operations 280,000 Loss on Available for Sale 13,000 Net Income before Taxes 267,000 Tax Expense 35,000 Net Income before Extraordianary loss 232,000 ExtraoridinaryLoss (42,000) Tax Expense 16,800 (25,200) Net Income before discontinued operations 206,800 Discontinued Operations 27,000 Tax Expense (10,800) 16,200 Net Income 223,000 55% Issued 24,000 $14.00 Treasury 4,000 Outstanding 20,000 $13.35 $11.60 $(1.26) $10.34 $0.81 $11.15 $3 par common Beg. Balance 405 Net Earnings Unrealized gain on investments Issuance of Stock 60 Cash Dividends End Balance 465 20 Addl PIC RE's 1,695 3,600 950 240 (50) 1,935 4,500 Debt Ratio = total liabilites / total assets 0.54 Total Liab 8,000 Total Assets 14,917 Comp Income Total Stockholders Equity 12 5,712 950 5 5 300 (50) 17 6,917...
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ch111 - Sales Discounts(12,000 Net Sales 861,000 Cost of...

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