Under what circumstances would the company report the 2014

Assignment Help Accounting Basics
Reference no: EM13966417

Counting Crows, Inc. provided the following information for the year 2013. Using the information below, prepare Counting Crows 2013 income statement, and answer the questions below. Counting Crows has a tax rate of 35% for 2013. All items are shown pre-tax. Shares outstanding during 2011 were 100,000.

Retained earnings, January 1, 2013

$600,000

Administrative expenses 

240,000

Selling expenses

300,000

Sales revenue

1,900,000

Cash dividends declared and paid (includes $25,000 of preferred dividends)

80,000

Cost of goods sold

850,000

Extraordinary gain

95,000

Rent revenue

40,000

Unrealized holding gain on available for sale securities

17,000


a. What is Counting Crows' comprehensive income for the year ended 2013? [Hint - as we discussed with IBM, this is a combination of the regular income statement and other comprehensive income statement. The best way to answer this question is to prepare a statement that combines the regular income statement with the other comprehensive statement of income.]

b. What is the ending balance of Retained Earnings? Show calculations.

c. Assume Counting Crows is considering closing a manufacturing plant during 2014. Under what circumstances would the company report the 2014 net income from this plant above the line in 2014?

Reference no: EM13966417

Questions Cloud

Giddens solve the problem of agency versus structure : An essays of at least  600 words respond, How does Giddens solve the problem of agency versus structure? To answer this question, you need to explain Gidden's theory of structuration. Your essay should integrate the following concepts:
Relevant hypotheses at significance : Does the data suggest that true average maximum lean angle for older females is more than 10 degrees smaller than it is for younger females? State and test the relevant hypotheses at significance level .10 by obtaining a P-value.
Psychological explanations are unsatisfactory : What do the authors mean when they say that "psychological explanations are unsatisfactory" in this case? Relate this to the central arguments made by Durkheim in his study of Suicide.
Improve a firewall performance : If a firewall is installed properly it should not have any delay in communications and should operate at the network speed. Examine and explain two or more techniques that can be used to improve a firewall's performance
Under what circumstances would the company report the 2014 : What is Counting Crows' comprehensive income for the year ended 2013. What is the ending balance of Retained Earnings? Show calculations. Assume Counting Crows is considering closing a manufacturing plant during 2014. Under what circumstances would t..
Compare johnsons deployment of the figure of tragic mulatto : Compare and contrast Johnson's deployment of the figure of the tragic mulatto in The Autobiography of an Ex-Colored Man with the treatment of miscegenation and passing in Nella Larsen's Quicksand.
Determine the number of teeth on gear 3 : Two spur gears are in mesh. Driven gear 3 has a magnitude of rotational speed that is one half that of the driver gear 2. Gear two rotates at 500 rpm , has a module of 3 mm and has 48 teeth. Determine 1) The number of teeth on gear 3, 2) The magni..
Examine and explain security strategies used for firewalls : Examine and explain four security strategies used for firewalls. Explain the two that you would highly recommend being implemented
Difference between population mean : Calculate a 90% confidence interval for the difference between population mean extent of lateral motion for the two conditions. Does the interval suggest that population mean lateral motion differs for the two conditions? Is the message different ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Procedures or requirements for the expenditure cycle

Listed below are 12 internal control procedures or requirements for the expenditure cycle (purchasing, payroll, accounts payable, and cash disbursements) of a manufacturing enterprise. For each of the following, identify the error or misstatem..

  Office universe supplies inc has cash and carry customers

office universe supplies inc. has cash and carry customers and credit customers. office universe estimates that 25 of

  Limited efficiency in collecting receivables

What conclusions can be drawn from these analyses regarding The Limited's efficiency in collecting receivables?

  Jackson and campbell have capital balances of 100000 and

1. equipment with a cost of 220000 has an estimated residual value of 30000 and an estimated life of 10 years or 19000

  Allocation of cost to different departments

Assume that the company follows the practice of allocating all maintenance department costs incurred each month to the divisions in proportion to the actual machine-hours recorded in each division for the month. On this basis, how much cost would ..

  Estimate the appropriate balance for bad debt expense

Estimate the appropriate balance for bad debt expense and prepare the adjusting entry to record the bad debt expense for 2010.

  Last month widner corporation generated sales of 800000 and

last month widner corporation generated sales of 800000 and incurred selling and administrative expenses of 320000 half

  Go to sec web site httpwwwsecgov under filings and forms

go to sec web site httpwww.sec.gov under filings and forms edgar click on search for company filings. click on

  West county bank agrees to lend drake builders company

west county bank agrees to lend drake builders company 100000 on january 1.drake builders company signs a 100000 6

  Determining the accrual basis of accounting

For the following situations, indicate the date on which revenue would be recognized, assuming the accrual basis of accounting.

  Y company manufactures a single product and is trying to

y company manufactures a single product and is trying to estimate its total manufacturing costs each month. it is

  Long-term and short-term basis

Suppose you believe that the economy is just entering a recession. Your firm must raise capital immediately, and debt will be used. Should you borrow on a long-term or a short-term basis? Why?

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