I need help with requirement one and two. however, I am only allowed to upload two images per question. even though I already turned us and I want to learn how to do the calculations correctly for the future. Problem 4-7 (Algo) Income statement presentation; statement of comprehensive income; unusual items[LO4-1, 4-3, 4-4, 4-5, 4-6]The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the yearended December 31, 2021 ($ in thousands): sales revenue, $16,300; cost of goods sold, $6,700; selling expenses, $1,350; general andadministrative expenses, $850; interest revenue, $200; interest expense, $23O. Income taxes have not yet been recorded. Thecompany's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's incomestatement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of thefollowing nonrecurring transactions that also occurred during 2021 ($ in thousands). All transactions are material in amount.1. Investments were sold during the year at a loss of $270. Schembri als had an unrealized gain of $380 for the year on investmentsin debt securities that qualify as components of comprehensive income.2. One of the company's factories was closed during the year. Restructuring costs incurred were $1,700.3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity accordingto GAAP. The division had incurred a loss from operations of $540 in 2021 prior to the sale, and its assets were sold at a gain of$1,500.4. In 2021, the company's accountant discovered that depreciation expense in 2020 for the office building was understated by $250.5. Negative foreign currency translation adjustment for the year totaled $300.Required:1. Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2021, including earnings per sharedisclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 400,000 shareswere issued on July 1, 2021.2. Prepare a separate statement of comprehensive income for 2021.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare Schembri's sinale, continuous multiple-sten statement of comprehensive income for 2021. including earninas per ep Int xO Question 1 - Chapter 4 Problen xaheducation.com/ext/map/index.html?_con%3Dcon&external_browser%3D0&launchUrl=https%253A%252F%252FImsroblems iSubmittedGeneral and administrative expenses850Restructuring costs1,700Total operating expenses3,900Operating income2,800 XOther income (expense):Loss on sale of investments2$(270)Interest expense(230)Interest revenue200Other income, net(300)Income from continuing operations before income taxes2,500Income tax expense500Income from continuing operations2,000Discontinued operations:Income from operations of discontinued component1,230 XIncome tax expense(306) XIncome on discontinued operations924Net income2,924Other comprehensive income, net of tax:Gain on debt securities380 XLoss on sale of investments380Comprehensive income2$3,304Earnings per share:Income from continuing operations2$4.97Income on discontinued operations0.87 XNet income5.23 XPrev1 of 1NextExam 1 Prep 22...pptx

Problem 4-7 (Algo) Income statement presentation; statement of comprehensive income; unusual items (LO4-1, 4-3, 4-4, 4-5, 4-6] The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $16,300; cost of goods sold, $6,700; selling expenses, $1,350; general and administrative expenses, $850; interest revenue, $200; interest expense, $230. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in thousands). All transactions are material in amount. 1. Investments were sold during the year at a loss of $270. Schembri also had an unrealized gain of $380 for the year on investments in debt securities that qualify as components of comprehensive income.

Problem 4-7 (Algo) Income statement presentation; statement of comprehensive income; unusual items (LO4-1, 4-3, 4-4, 4-5, 4-6] The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $16,300; cost of goods sold, $6,700; selling expenses, $1,350; general and administrative expenses, $850; interest revenue, $200; interest expense, $230. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in thousands). All transactions are material in amount. 1. Investments were sold during the year at a loss of $270. Schembri also had an unrealized gain of $380 for the year on investments in debt securities that qualify as components of comprehensive income.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

See similar textbooks

Similar questions

Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 Kin Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:…
TB Problem Qu. 13-176 (Algo) Common-size percents - Income statement Compute common-size percents for the following comparative Income statements spanning 2 years. Comparative Incore Statements For Year's Ended December 31 Cost of goods sold Gross profit Operating expenses Net Income Cost of goods sold Gross profit Operating expenses Net income Comparative Income Statements For Years Ended December 11 Current Year S 51 1.230,000 799,500 430,500 307 500 percent M Th Prior Year 1.030.000 848.800 113.300 percent
Required information For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31,100 $ 1.90 :. -. - == ....... 9 US Sa M
The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
At the fiscal year ended June 30, 2020, the following information is available for Shein Company: Cost of goods sold. . .$167,400 Sales returns and allowances... 4,000 Sales revenue. 243,200 Interest expense... 5,000 Operating expenses... 88,700 Shein's net income/(net loss) for the period is Select one: a. Net income of $21,900 O b. Net income of $11,900 O c. Net loss of $11,900 O d. Net loss of $21,900
Profit and Loss Account for the year ended 31st December 2021 (Figures are in £000) Particulars XYZ ABC Sales 3,690 4,586 Less: Cost of Goods Sold (Including purchases) (2,146) (2,690) Gross Profit 1,544 1,896 Less: Selling & Distribution Expenses Less: Depreciation (1,103) (1,253) Earnings before Interest & Tax or Operating Profit 441 643 Less: Interest (225) (192) Earnings before Tax 216 451 Less: Taxes (86) (180) Earnings after Tax or Net Profit 130 271 Balance Sheet as at31st December 2021 (Figures are in £000) Assets XYZ ABC Fixed Assets 4,542 4,790 Current Assets Account Receivables 274 313 Inventory 654 702 Cash 140 163 Total Current Assets 1,068 1,178 Total Assets 5,610 5,968 Liabilities Capital 3,824 4,310 Long Term Debt 883 760 Current Liabilities Account Payables…
Required Information P13-6 (Algo) Computing Comparative Financial Statements and ROA Profit Driver Ratios LO 13-3. 13-4. 13-5 [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax $ 284,000 Year 2 Year 1 $ 178,500 115,500 101,400 88,500 69,100 57,400 53,700 31,100 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 6,780 shares outstanding) Retained earnings Total liabilities and stockholders' equity P13-6 Part 1 9,400 $ 21,700 $ 5,400 14,700 15,400 4,700 $ 10,700 $ 7,700 18,700 36,800 41,400 47,100 39,400 $ 108,600 $ 102,600 $ 16,700 $ 17,700 45,700 33,500 12,700 $ 108,600 Required: 1. Compute component percentages for…
A firm has been experiencing low profitability in recent years. Perform an analysis of the firm's financial position using the DuPont equation. The firm has no lease payments but has a $3 million sinking fund payment on its debt. The most recent industry average ratios and the firm's financial statements are as follows: Industry Average Ratios Current ratio Debt-to-capital ratio Times interest earned EBITDA coverage Inventory turnover Cash and equivalents Accounts receivables Inventories Total current assets 2x 17% 3 x 6 x 11 x Days sales outstandinga Calculation is based on a 365-day year. Balance Sheet as of December 31, 2021 (millions of dollars) $78 Accounts payable Other current liabilities 51 125 Notes payable $ 254 Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity Gross fixed assets Less depreciation Net fixed assets Total assets 15 days Fixed assets turnover Total assets turnover…
View Policies Current Attempt in Progress Culver Limited reports the following information: sales $1,155,600; cost of goods sold $710,640; administrative expenses $172,800; selling expenses $118,800; other income $28,080; other expenses $37,800; and income tax expense $29,160. Assuming Culver uses a multiple-step statement of income. (a) Calculate gross profit. Gross profit 2$ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-6] [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 164,000 Income Tax Expense 17,470 Merchandise Sales (gross revenue) for Cash 238,000 Merchandise Sales (gross revenue) on Credit 41,600 Office Expenses 18,900 Sales Returns and Allowances 6,990 Salaries and Wages Expense 39,800 E6-17 Part 2 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)