Telephone expense 3690 travel expense 26700 231990

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Telephone Expense3,690Travel Expense26,700231,990Income from Operations126,410Other Income and ExpensesUnrealized Gain on Fair Value A6,750Interest Revenue5,800Revenue from Investment in Gre95,200Interest Expense(25,301)82,449Income from Continuing Operations208,859Income Tax Expense52,215Income from Cotinuing Operations156,644Discontinued OperationsLoss fromOperationg Disconti(144,000)Income Tax Savings36,000(108,000)Net Income$48,644
Calculate the earnings per share for i) Income from Continuing Operations, ii) Net Income.
Prepare a statement of retained earnings at December 31, 2021. Round answers to the nearest whole number.
Prepare a Classified Balance Sheet at December 31, 2021. Round answers to the nearest whole number.
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11$236,340Note: No Property, Plant and Equipment was sold during the year.Holister Electric Inc.26 Marks0Cash Flow StatementFor the Year Ended December 31, 2021cash flow fom operating activitiesnet income48644depreciation expense32,000increase in inventory20,100increase in account payable12,700increase in accountreceivable1313,80078,600net cash provided by operating acti127,244cash flow from investing activiyiespurchase of strategic investment 2203,500long term investment74,000short term invetment78,000investment in greg in shares95,200net cash flows from investing activit450,700cash flows from financing activitiesdividends paid(80,000)issuance of shares95,000bond shares1,600net cash flows from financing activi6,600net decrease in cash during the yeacash and cash equivalentsUsing the balance sheet from the end of last year (when the company was still a proprietorship) and the balance sheet justcreated, prepare a cash flow statement using the indirect method. Round answers to the nearest whole number.Hint: Amortized bond discount or premium should be added to the operating activities, if there is any. Carrying amount ofthe bonds should be presented in the financing activities.
12Stark Supplies Inc.Income StatementFor the Year Ended December 3120212020Sales Revenue$833,700$842,000Less Cost of Goods Sold333,480$336,800Gross Profit500,220505,200Operating ExpensesOperating Expenses$315,000$345,000Interest Expense$115,000$86,000Depreciation Expense22,300$19,400Total Operating Expenses452,300450,400Income from Operations47,92054,800Income Tax Expense11,98013,700Net Income35,94041,100Stark Supplies Inc.

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Term
Spring
Professor
PingYu
Tags
Generally Accepted Accounting Principles, Holister Electric Inc

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