Reference no: EM131287839
The following amounts are from Silverton Co.’s 2014 income statement:
Sales ................................................. $340,000
Sales returns and allowances .......................... 5,000
Cost of goods sold .................................... 132,000
Utilities expense ..................................... 66,000
Interest revenue ...................................... 1,000
Income tax on operations .............................. 28,000
Extraordinary loss due to earthquake, net of tax ...... 5,000
Interest expense ...................................... 4,000
Salaries expense ...................................... 46,000
Loss on sale of investments ........................... 3,000
What amount would Silverton show for income from continuing operations on a multiple-step format income statement?
a. $68,000 b. $96,000 c. $57,000 d. $52,000
What is the comers tax liability
: Matt and Meg Comer are married and file a joint re... Matt and Meg Comer are married and file a joint return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,000. Meg works part-time at..
|
Explain why limited leverage is good for business
: Frank Smith has been a plumber in the college town of Turlock, CA for the last thirty years. All the people who know him call him Frankie because he is friendly, social, and charges a fair price for his services. Explain why limited leverage is good ..
|
Draw the cumulative non-discounted cash flow diagram
: A proposal to manufacture 5000 t/yr. of a halogenated organic intermediate is set out below: Draw the cumulative non-discounted cash flow diagram in excel. Label all key components and upload your diagram and a screenshot of your cash flows. Follow t..
|
Calculate the adjusted cash balance per books
: Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31.
|
Operations on multiple-step format income statement
: The following amounts are from Silverton Co.’s 2014 income statement: What amount would Silverton show for income from continuing operations on a multiple-step format income statement?
|
Apply the equity method of accounting
: Assume you are working on a complex consolidation team assigned to apply the equity method of accounting. You have reached an impassable dispute with another team member working on this project relating to the proper way to apply the equity method of..
|
Make decision to issue such debt instrument
: There are many financial decisions that face companies today. One of which is how to secure additional monies in order to buy new equipment, construct a new building or improve a manufacturing plant. A means to obtain these funds is by the issuance o..
|
Use straight line depreciation
: A proposal to manufacture 4731 ton/yr of a halogenated organic intermediate is set out below: Assume 50% of the total FCI is spent in first year of construction period. Use Straight line depreciation. No Start-up expense. What is the NPW of this proj..
|
Compute amount of amortization of deferred pension gain
: City of Frisco has a defined benefit pension plan. As of January 1, 2015, the following balances were computed for its pension plan. Compute the amount of amortization of deferred pension gain or loss for the calendar year 2015. Compute the amount of..
|