Prepare a multiple-step income statement with earnings

Assignment Help Financial Accounting
Reference no: EM134947

Following is a partial trial balance for Plano Company. Plano had 50,000 shares of stock outstanding during the year. Income tax expense has not yet been accrued. The effective tax rate is 30%. Prepare a multiple-step income statement with earnings per share disclosure. Plano Company

Partial Trial Balance

As of December 31, 201X

Debit Credit

Sales revenue 700,000

Interest revenue 60,000

Gain on sale of investments (infrequent 110,000

but not unusual)

Cost of goods sold 500,000

Selling expenses 150,000

Restructuring costs 40,000

Interest expense 30,000

General and administrative costs 60,000

Reference no: EM134947

Questions Cloud

Determine common stock value : At the exchange date, Stone general stock had a fair value of $45 per share, and the patent had a net carrying value of $160,000 on Gore's books.
What are the earnings per share amounts : What are the earnings per share amounts that Porter should report in its current year consolidated income statement?
What amount is attributed to goodwill on date of acquisition : What amount is attributed to goodwill on the date of acquisition, All of the subsidiary's liabilities and assets are viewed as having fair values equal to their book values.
Analysis of financial position compute mcdonough products : For the analysis of financial position, compute McDonough Products' (a) Current ratio and (b) Debt ratio. Compare these ratios with the industry averages. Is McDonough Products' financial position better or worse than the average for the industry?
Prepare a multiple-step income statement with earnings : Prepare a multiple-step income statement with earnings per share disclosure. Plano Company. Partial trial balance for Plano Company.
Compute diluted earnings per share : Compute diluted earnings per share, Earnings before interest and taxes and Common Stock
Evaluate exchange rate : What exchange rate should each of the subsequent accounts be translated
Evaluate free assets : For how much do these free assets have to be sold so that the creditors associated with Debt 2 receive exactly $170,800?
How much money will be paid to creditor associated with debt : How much money will be paid to the creditor associated with each debt. Salary during last month owed to Mr. Key Salary during last month owed to Ms. Rankin Unsecured accounts payable Government claims to unpaid taxes Administrative expenses

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Evaluate the existing ratio and quick ratio for both years

Evaluate the existing ratio and quick ratio for both years. What conclusions will you draw from these data?

  How property taxes are treated in the government funds

Explain how property taxes are treated differently in the governmental funds statements as opposed to the governmental wide statements? Do you agree with this solution? Why or why not?

  Prepare a budgeted income statement

Prepare a budgeted income statement- Describe why there is a need for a bank loan and what operating sources supply cash

  Evaluate a recent case in the news about business fraud

Evaluate a recent case in the news about business fraud

  Calculate the firm tax on its operating earnings

Calculate the firm tax on its operating earnings only find the tax as well as the after tax amount attributable to the interest income from zig manufacturing bonds

  Determine labor efficiency variance

Determine labor efficiency variance

  What is the forecasted addition to retained earnings

What is the forecasted addition to retained earnings for 2010? A budget is a formal written statement of management's strategies for the future expressed in financial terms. Evaluate the forecasted inventory balance have to be to achieve a Turn..

  What is your choice of controller and president reasoning

What is your choice of the controller and president's reasoning? Is the president's order ethical? Who benefits and who is harmed if the organizer follows the president's order?

  Evaluate the annual break-even point

Evaluate the annual break-even point, in number of haircuts.

  Inflow of foreign investment

Determine how reasonable it is to consider that the inflow of foreign investment into Australia would have been restricted if Australia, throughout the decision of the Financial Reporting Council, had not made the decision to adopt IFRS from 2005.

  Evaluate the munson''s taxable income for 2011

Evaluate the Munson's taxable income for 2011? What is existing income tax expense for the year ended 12/31/11?

  Calculate the amount of phantom profit

Calculate the amount of phantom profit that would result if the company used FIFO rather than LIFO. Describe why this amount is referred to as phantom profit

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd