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INCOME STATEMENT, COMPREHENSIVE INCOME AND RETAINED EARNINGS Question Please, help me to solve this problem. Sparky, Inc. is preparing its 2015 financial statements. The company’s accountant calculated Income from Continuing Operations to be $600,000, but upon further review is not certain this number is accurate. Sparky has a corporate income tax rate of 40%. Additionally, the company reports only one year of financial data on the face of the Installation Contractor Ease Friendly ADVANTAGE THE 1 Of SURE-LITES statements. All amounts listed are pretax unless otherwise noted. After reviewing the following information, determine the appropriate adjustments, if any, to Income Biology Unit Cell Contributors: 1 TL Continuing Operations. Once you have determined the CORRECT Income from Continuing Operations, complete the remainder of the Income Statement for any Irregular Spring 2010 March 18.336 2 Due :: 18 Homework :: and EPS disclosures. 1. On January 1, 2012, Sparky purchased a machine for $80,000 with a salvage value of $20,000 and useful life of eight years which was depreciated using the straight-line method. During 2015, Sparky decided to change to double-declining-balance method. Or Polytheistic- Religions circle Monotheistic the correct World one. Christianity- $600,000 Income 17780957 Document17780957 Continuing Operations had already been calculated using the straight-line depreciation method. Determine the correct ADJUSTMENT to Income from Continuing Operations (ICO) for Depreciation Expense in 2015. If you need to increase ICO, enter your answer as a positive number; if you need to decrease ICO, enter your answer as a negative number using ( ) parenthesis. If you determine that Depreciation Expense for 2015 was calculated correctly and therefore does not require an adjustment to ICO, enter NE. Adjustment for Depreciation Expense (2015): $[Blank_1] Continuing with the information presented in #1 above, Sparky Inc has ICO of $600,000 and a corporate tax rate of 40%. Determine if ICO should be adjusted based on the following information: 2. Sparky had an unrealized translation loss from foreign currency of $12,000 (pretax) that was included in calculating the $600,000 income from continuing operations. Adjustment for Translation Loss from Foreign Currency: $[Blank_2] If you want to increase ICO, enter your answer as a positive number; if you want to decrease ICO, enter your answer as a negative number using ( ) parenthesis. If you feel this transaction was correctly reported and would not need an adjustment I. Water- The Hydrologic Cycle Chapter 24 ICO, enter NE. Continuing with the information presented in #1 above, Sparky Inc has Income from Continuing Operations (ICO) of $600,000 and a corporate tax rate of 40%. Determine if ICO should be adjusted based on the following information: 3. During 2015, Sparky closed one of its stores for and Current • includes tutorials talks Grids previous Acknowledgements This talk slides from pre-tax loss of $50,000. This store closure did not qualify as a component of the entity, nor did it create a strategic shift in the operations of the Tracking Introducing a New System Applicant. Therefore, it should not be treated as Discontinued Operations. The $50,000 restructuring charges were accidentally excluded in determining the $600,000 income from continuing operations. Adjustment for Restructuring Charges $[Blank_3] To add to ICO, use a positive number; to subtract from ICO, enter a negative number using. ( ) parenthesis; if no adjustment is necessary, enter NE. Continuing with the information presented in #1 above, Sparky Inc has Income from Continuing Operations (ICO) of $600,000 and a corporate tax rate of 40%. Determine if ICO should be adjusted based on the following information: 4. On April 1, 2014 Sparky Western of United Changes the in Human-Induced States the Hydrology $24,000 for two years rent on office in the News to Bias Detect How and at the time debited a nominal account. No adjusting or correcting entries were made for #2 10-13-09 Bellringer Beowulf transaction in 2014 or 2015. Adjustment for Rent Expense in 2015: $Blank 1. Will this error require a retrospective. adjustment of income from a prior period? Blank 2. Enter your answer as either Yes or No. 5. Sparky sold investments during the year that resulted in a pre-tax loss of $18,000. Sparky also had unrealized gains on Available for Sale securities of $20,000 (pre-tax). Both of these transactions were excluded in the $600,000 Income from Continuing Operations calculation. Adjustment for gains/losses on investments: $[Amount_1] Using the adjustments you made in items 1-5 above, determine the CORRECTED Income From Continuing Operations. $[Blank_1] Determine Sparky’s EPS for Net Income based on the following: (round to the nearest whole cent.) •Dividends of $90,000 were declared on December 10, 2015; to be paid on January 10, 2016. Of these dividends, $40,000 were for preferred shareholders. The average common shares outstanding during 2015 were 100,000. Referring SEXUALITY SACRED SEXUALITY IS the information presented above in questions 1-6, determine Sparky’s Comprehensive Income as of year end: $[Blank_1] During 2015, ABC Company, which had been in business since 2012, decided to change from the LIFO method of valuing inventories Monday, (due 6) 4 Homework October, FIFO. ABC determined their pre-tax income & Competitor Analysis Industry each year under each method would be as follows: ABC presents Unit Contributors: TL Cell Biology 1 years of financial results on their comparative statements. The Retained Earnings balance at January 1, 2014 is $79,800. ABC declared dividends of $8,000 in 2014 and $12,000 in 2015, but no dividends prior to 2014. ABC’s income tax rate for all four years is 30%. a. Determine the following as it would be reported on the current year’s 2015 Retained 2009 HASMIWATI ARTIKEL HIBER Statement: Cumulative Effect of Change in Accounting Principle (net of $Blank 1 Plotting Plants Method $Blank 2. *If you want to decrease income from prior years, use parenthesis ( ). Don’t use commas. b. Determine the Ending Retained Earnings as of December 31, 2015: $ Blank 3. On May 1, 2014, Bradley Corporation decided to sell one of its components that qualified as a discontinued operation. This component had an operating loss of $75,000 during 2014. At December 31, 2014, Revision World: Wasteful Unit Examination 2 Further year-end, it estimated the Component’s fair value to be $500,000 and its net book value to be $480,000. Bradley also estimated the disposal costs would be $70,000. The sale of the component was Powerpoint Solar System on March 1, 2015 University New Mexico Syllubus - of 428 cash proceeds of $440,000. The component had an operating loss of $21,000 during the first two months of 2015. Assume that all the amounts are pre-tax and that Bradley’s tax rate for all years was 35%. For your answers, if there is a Loss, indicate using parenthesis ( ). a. Determine the Results of Discontinued Operations (net of tax)* as of December 31, 2014: $ Blank 1. *This answer should include BOTH the Income/Loss from Disc. Operations for ’14 as well as the impairment loss, if any. b. For 2015, determine the following: Gain/Loss from Discontinued Operations (net of tax) Gain/Loss on Disposal (net of tax) Results of Discontinued Operations (net of tax) Click Save and Submit to save Tracking Introducing a New System Applicant submit. Click Save All Answers to save all answers.