User Account

All Pages

The income tax rate on all items

Assignment Help Financial Accounting
Reference no: EM13874342

At the beginning of 2010, JR Company's stockholders' equity was as follows:

Common stock, $5 par .......... $35,000
Additional paid-in capital .......... 49,000
Retained earnings ............. 63,000

During 2010, the following events and transactions occurred:

1. The company earned sales revenues of $108,000. It incurred cost of goods sold of $62,000 and operating expenses of $12,000.
2. The company issued 1,000 shares of its $5 par common stock for $14 per share.
3. The company invested $30,000 in available for sale securities. At the end of the year, the securities had a market value of $35,000.
4. The company paid dividends of $6,000.The income tax rate on all items of income is 30%.

Required:

1. Prepare a 2010 income statement for JR Company which includes comprehensive income (ignore earnings per share).
2. Instead, prepare (a) a 2010 income statement (ignore earnings per share), and (b) a 2010 statement of comprehensive income.
3. Instead, prepare (a) a 2010 income statement (ignore earnings per share), and (b) a 2010 statement of changes in stockholders' equity that includes comprehensive income.

Reference no: EM13874342

Questions Cloud

Functions have identified for a business or personal task : Identify three (3) Microsoft Excel 2013 functions that you believe to be the most useful within the application. Next, describe one (1) way in which you would consider utilizing each of the functions you have identified for a business or personal tas..
Why hotel manager understand theory of peak-load pricing : Explain why a hotel manager should understand the theory of peak-load pricing. Explain using the theory of peak-load pricing why price ceilings on the pool price are not efficient.
Who chooses what and why and what is the outcome : For this essay, choose one of the following four moments in the Aeneid and answer the questions: Moments-  The Trojans' decision to bring the Trojan horse into Troy: Aeneid 2.1J345. In the first body paragraph, you must indicate: Who chooses what and..
Estimate the minimum electric power consumption : Consider a fan located in a 3 ft = 3 ft square duct. Velocities at various points at the outlet are measured, and the average flow velocity is determined to be 22 ft/s. Taking the air density to 0.075 lbm/ft3 estimate the minimum electric power co..
The income tax rate on all items : At the beginning of 2010, JR Company's stockholders' equity was as follows:
Prepare the staffing plan for the expansion : Case about a laundry company in Abu Dhabi that you will be doing the six exercises on. You are expected to provide your response - Prepare the staffing plan for the expansion
What is the purpose of the osu sheep/goat center : General Management- What breed(s) of sheep does OSU raise? OSU also has a group goats. What type of goat is this and what is the specific breed is this , What is the purpose of a dodge chute and When are the sheep at OSU sheared?
Prompts the user to enter a positive integer n : Write a program that prompts the user to enter a positive integer N and prints the set of all binary ({0,1}-valued) strings. For example, if the user enters 3, the program prints 000 001 010 011 100 101 110 111
How does risk depend upon time variation in correlation? : How does risk depend upon time variation in correlation?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute both the price variance and quantity variance

Nolan Mills uses a standard cost system. During May, Nolan manufactured 15,000 pillowcases, using 27,900 yards of fabric costing $3.05 per yard and incurring direct labor costs of $23,030 for 3,290 hours of direct labor. Compute both the price varian..

  What gain or loss on retirement of bonds should reported

Based on the information given above, what gain or loss on retirement of bonds should be reported in the 2008 consolidated income statement?

  How much is cost of goods manufactured

On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account of $62,000. On January 1, 2015, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost..

  Statement of comprehensive income using one statement

Roxanne Carter Corporation reported the following for 2014: net sales $1,205,000; cost of goods sold $721,000; selling and administrative expenses $321,800; and an unrealized holding gain on available-for-sale securities $22,000. Prepare a statement ..

  Information relating to job costing

Prepare Journal Entries from (in table) the following information relating to Job Costing. The material storeroom receives a shipment of direct and indirect materials that cost $ 12,000. Materials are sent to the stamping and assembly areas. The Cost..

  Prepare journal entries to record the transactions

Prepare journal entries to record the transactions. Prepare a year-end statement of revenues, expenses,and changes in net position.

  Hospital intends to purchase adjoining property

The cost of capital will remain at 15% and the hospital intends to purchase adjoining property in 2012 as the location for the proposed cancer center. Depreciation expense will increase by $5,000 in each of the next five years.

  What is the principal source of legislative guidance

1.  What is the principal source of legislative guidance that provides "Special Rules for Long-Term Contracts"? 2.  ­What are the three terms that the IRS uses to define "long-term contract" and what do they mean?  3.  What two categories does Sectio..

  Prepare depreciation schedules for the following methods

Prepare depreciation schedules for the following methods: (a) straight-line, (b) unitsof-activity, and (c) declining-balance using double the straight-line rate.

  What is the amount of stockholders equity

A company's balance sheet shows: cash $48,000, accounts receivable $29,000, office equipment $63,000, and accounts payable $30,000. What is the amount of stockholders' equity?

  Crane mechanics acquired 75 percent of downey enterprises

crane mechanics acquired 75 percent of downey enterprises on march 31 2005 for 3645000.downeys book value at that date

  Review the financial statements

Review SEC 10-K report, the financial statements, and the notes to the financial statements. Search for "effective tax rate". Believe the topics of deferred tax reporting (assets and liabilities).

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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