Revenues 800,000 Income from continuing operations 100,000 Comprehensive income 120,000 Net income 90,000 Income from operations 220,000 Selling and administrative expenses 500,000 Income before income tax 200,000 Required: Calculate the following: i. Other income and expenses ii. Financing costs iii. Income tax iv. Discontinued operations v. Other comprehensive income

Revenues 800,000 Income from continuing operations 100,000 Comprehensive income 120,000 Net income 90,000 Income from operations 220,000 Selling and administrative expenses 500,000 Income before income tax 200,000 Required: Calculate the following: i. Other income and expenses ii. Financing costs iii. Income tax iv. Discontinued operations v. Other comprehensive income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Consider the following given information below: Total Income P1,321,000 Total Distribution Cost 268,900 Total Administrative Cost 250,200 Other Expenses 8,000 Interest Expense 9,000 Total Expenses 536,100 Income Tax Expense 235,500 What is the amount of income before tax to be reflected in the income statement?
Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
Use the following information (in thousands):Service Revenue¥1,600,000 Income from continuing operations200,000 Net Income180,000 Income from operations440,000 Selling & administrative expenses1,000,000 Income before income tax400,000Determine the amount of other income and expense
Prepare Operating income part Selling, general, and administrative expenses Accounts payable Research and development expenses Loss from discontinued operations, net of tax savings of $6,000 Provision for income taxes Net sales Interest expense Net cash provided by operations Cost of goods sold $ 61,200 102,000 44,400 19,200 88,800 694,800 76,800 177,600 326,400
The following are available for divison X and Y Profit before interest and tax X 185 000 Y172 000 Capital employed X 1 540 000 Y 1 650 000 The cost of capital is 10% comment on the performance of the departments based on a. Return on capital employed b.residual income
Below are the Income Statement of ABC Company for two consecutive years. ABC Company Net Sales Cost of Goods Soldxs3 Year 1 P 5,000,000 880,000 Year 2 P 6,500,000 950,000
Revenues €800,000 Income from continuing operations 100,000 Comprehensive income Net income 120,000 90,000 220,000 BE Income from operations Selling and administrative expenses 500,000 200,000 Income before income tax Compute the following: (a) other income and expense, (b) financing costs, (c) income tax, (d) discontinued operations, and (e) other comprehensive income.
Presented below is some financial information related to Volaire Group. Revenues €800,000 100,000 120,000 90,000 220,000 500,000 200,000 Income from continuing operations Comprehensive income Net income Income from operations Selling and administrative expenses Income before income tax Compute the following: (a) other income and expense, (b) financing costs, (c) income tax, (d) discontin- ued operations, and (e) other comprehensive income.
Sales revenue Variable expenses Contribution margin Fixed expenses Operating income Income taxes Net income $ 236,352 95,012 15,897 $11,128 $ · b. $537,356 $ 168,652 90,292 23,508 98,944 138,768 16,027 $48,081 d $667,836 453,504 59,104 $177,312
82. Use the following information (in thousands): Service Revenue Income from continuing operations Net Income ¥1,600,000 ⚫200,000 180,000 440,000 Selling & administrative expenses 1,000,000 Income from operations Income before income tax Determine the amount of income tax. a. ¥40,000 b. ¥20,000 c. ¥200,000 d. ¥160,000 400,000
Required information [The following information applies to the questions displayed below.] Suresh Company reports the following segment (department) Income results for the year. Department P $ 66,000 Sales Expenses Avoidable Unavoidable Total expenses Income (loss) Department Department M Department N Department O Department P Department T Department M Department N $ 85,000 $ 45,000 Decision 17,800 58,200 76,000 $ 9,000 46,000 22,200 68,200 $ (23,200) Department O $ 79,000 19,300 5,800 25,100 $ 53,900 a. If the company plans to eliminate departments that have sales less than avoidable costs. 22,000 53,900 75,900 $ (9,900) Department T $ 39,000 52,200 21,000 73,200 $ (34,200) Total $ 314,000 157,300 161,100 318,400 $ (4,400) department(s) would be eliminated?
The following results are available for Division X and Y:Division X Division YProfit before interest and tax P185 000 P172, 000Capital employed P1, 540, 000 P1, 650, 000The cost of capital is 10%.Calculate and comment on the performance of the departments based on:a. Return on capital employed (4 marks)b. Residual incom