Nate Corporation's accounting records include the following items for the year ending December 31, 2024: View the data. The income tax rate for the company is 38%. The company had 10,000 shares of common stock outstanding during 2024 and no preferred stock. Prepare Nate's income statement for the year ending December 31, 2024. Show how Nate reports EPS data on its 2024 income statement. (Use parentheses or a minus sign to enter a loss. Round all earnings per share amounts to the nearest cent, $X.XX.) Gross Profit Nate Corporation Income Statement Year Ended December 31, 2024 Operating Income Other Income and (Expense): Income Before Income Taxes Income from Continuing Operations
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.The Esposito Import Company had 1 million shares of common stock outstanding during 2024. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.8 million. All of these amounts are net of tax. Required: Prepare the 2024 EPS presentation for the Esposito Import Company. Note: Amounts to be deducted should be indicated with a minus sign. Round your answers to 2 decimal places. Earnings per share: Income from continuing operations Loss from discontinued operations Net income
- Oriole Corporation, a private company, began operations on January 1, 2020. During its first three years of operations, Oriole reported net income and declared dividends as follows: 2020 2021 2022 Net income $54,000 136,000 160,000 Dividends declared $0 50,000 50,000 The following information is for 2023: Income before income tax Correction of prior period error: understatement of 2021 depreciation expense (before tax) Cumulative increase in prior years' income from change in inventory method (before tax) Dividends declared (of this amount, $25,000 will be paid on January 15, 2024) Effective tax rate $360,000 39,000 49,000 100,000 40% Prepare a 2023 statement of retained earnings for Oriole. The company follows ASPE. (List items that increase retained earnings first after adjusted balance. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).)The Esposito Import Company had 1 million shares of common stock outstanding during 2021. Its income statement reported the following items: income from continuing operations, $10 million; loss from discontinued operations, $2.3 million. All of these amounts are net of tax. Required:Prepare the 2021 EPS presentation for the Esposito Import Company. (Amounts to be deducted should be indicated with a minus sign. Round your answers to 2 decimal places.)Jock (LTD) is a manufacturer of Stationery. The Following information is given regarding Jock Ltd for 2021 and 2022 Income tax Expense for 2021 is R9 565 and for 2022 is R8 575 The Income tax for 2021 according to the final assessment for SARS is R9 800.00 Total Dividends declared for 2021 is R5 000. The dividends tax rate is 15% Prepare the journal entries for the year ended 31 December 2021 and 2022 (Include journal narrations)
- Monty Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Monty employs a fiscal year ending May 31.Income from operations before income taxes for Monty was $1,320,000 and $706,000, respectively, for fiscal years ended May 31, 2021 and 2020. Monty experienced a loss from discontinued operations of $438,000 on March 3, 2021. A 20% combined income tax rate pertains to any and all of Monty Corporation’s profits, gains, and losses.Monty’s capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options.Monty issued 38,100 shares of $100 par value, 6% cumulative preferred stock in 2017. All of this stock is outstanding, and no preferred dividends are in arrears.There were 1,092,000 shares of $1 par common stock outstanding on June 1, 2019. On September 1, 2019, Monty sold an additional 405,600 shares of the common stock at…Monty Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Monty employs a fiscal year ending May 31.Income from operations before income taxes for Monty was $1,320,000 and $706,000, respectively, for fiscal years ended May 31, 2021 and 2020. Monty experienced a loss from discontinued operations of $438,000 on March 3, 2021. A 20% combined income tax rate pertains to any and all of Monty Corporation’s profits, gains, and losses.Monty’s capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options.Monty issued 38,100 shares of $100 par value, 6% cumulative preferred stock in 2017. All of this stock is outstanding, and no preferred dividends are in arrears.There were 1,092,000 shares of $1 par common stock outstanding on June 1, 2019. On September 1, 2019, Monty sold an additional 405,600 shares of the common stock at…At December 31, 2022, Cracker Company reported Retained Earnings of $20,000,000. In 2023, Cracker determined that 2021 amortization expense was understated by $1,500,000. In 2023, net income was $6,900,000 and dividends declared were $2,250,000. The company’s tax rate is 20%. Cracker issues comparative income statements and statements of stockholder’s equity for 2022, and 2023. Which of the following statements is true regarding the reporting for this error on Cracker Company’s comparative statements of stockholders’ equity? Answer a. The beginning balance of 2022 retained earnings will be increased for the correction of the error by $1,500,000. b. No adjustment to retained earnings for 2022 or 2023 is necessary because the error occurred in 2021. c. The beginning balance of 2022 retained earnings will be decreased for the correction of the error by $1,200,000. d. The beginning balance of 2023 retained earnings will be decreased for the correction of the…
- Preparing a corporate income statement ABC Corporation's accounting records include the following items, listed in no particular order, at December 31, 2018: The income tax rate for ABC Corporation is 39%. Prepare ABC’s income statement for the year ended December 31, 2018. Omit earnings per share. Use the multi-step format.The financial statements of Kare-Kare Company for the calendar year ending December 31, 2021 are authorized for issue on March 30, 2022. Income before tax was computed at P50,000,000 before the following events occurred in the company: a. The company had investments in shares held for trading which were recorded at the fair value of P600,000 on December 31, 2021. During the period up to March 1, 2022, there was a steady decline in the fair value of all the shares in the portfolio, and on March 1, 2022, the fair value had fallen to P500.000. b. A customer owing the company P300,000 filed for bankruptcy on February 2, 2022. The company included in its financial statements an allowance for doubtful accounts pertaining to this customer of P100,000. C. A shipping vessel of the company with a carrying amount of P10,000,000 was destroyed at sea because of the missile fired by the Russian army which accidentally hit the vessel on March 5, 2022. d. A factory machinery with carrying amount…Assume a company starts operations on 1/1/2013 with an equity investment of $776,750. The companies next 7 years of financial performance are listed below. Assume that the company has no permanent or temporary differences for the first three fiscal years. During fiscal 2016 the company experiences a net operating loss. The marginal corporate tax rates for each year are located on the Income Statement. Calculate taxable income (IRS), taxes payable (IRS)and tax expenses (USGAAP). How should the company accounts for the Net Operating Loss. Provide all Journal Entries & T-Accounts. Create a complete set of financial statements (I/S, SRE, B/S, SCF) for the firm for years 2013 through 2019. INCOME STATEMENT 1/1/13 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 Cash Sales - $776,750 $776,750 $776,750 $119,500 $836,500 $717,000 $746,875 Credit Sales - - - - - - - - Instalment Sales - - - - - -…