Presented below is information related to Tao Ltd. for the year 2022 (amounts in thousands). Instructions a.
Question:
Presented below is information related to Tao Ltd. for the year 2022 (amounts in thousands).
Instructions
a. Prepare an income statement for 2022. Assume that 60,000 ordinary shares are outstanding.
b. Prepare a retained earnings statement for 2022.
Transcribed Image Text:
Net sales Write-off of inventory due to HK$1,200,000 obsolescence HK$ 80,000 Cost of goods sold Depreciation expense omitted by 780,000 accident in 2021 40,000 Selling expenses 65,000 Interest expense 50,000 Administrative Cash dividends declared expenses 48,000 45,000 Dividend revenue 20,000 Retained earnings at December 31, 2021 980,000 Interest revenue 7,000 Effective tax rate of 34% on all items
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
Income Statement Dr Cr Net Sales 1200000 Less COGS 780000 Gross Prof...View the full answer
Answered By
Prashant Sharma
As I am DBF fro IUT , I have caliber to teach and full fill all academic needs like in teaching and training all the relevant subjects,preparations of assignments preparations of exams and any other problems related to educations, I give you very updated guidances and directions to our esteemed students.
0.00
0 Reviews
10+ Question Solved
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted:
Students also viewed these Business questions
-
Presented below is information related to P. J. Harvey Company for 2008. Retained earnings balance, January 1, 2008.................................................$980,000 Sales for the...
-
Presented below is information related to Russell Corporation for the month of January 2012. InstructionsPrepare the necessary closingentries. Cost of goods sold Freight-out Salaries and wages...
-
Presented below is information related to Garth Brooks, Inc. Instructions Comment on the appropriateness of the accounting procedures followed by Garth Brooks, Inc. (a) Depreciation expense on the...
-
The value of a dirt bike decreases by 25% each year. If you purchased this dirt bike today for $500, to the nearest dollar how much would the bike be worth 5 years later?
-
(a) A direction field for the differential equation y' = x2 - y2 is shown. Sketch the solution of the initial-value problem y' = x2 - y2 y(0) = 1 Use the graph to estimate the value of y(0.3). (b)...
-
What is an XBRL taxonomy?
-
In order to meet competition and achieve its profit goals, NP Corporation has chosen the decentralized form of organization. Each manager of a decentralized investment center is measured on the basis...
-
The Michigan Freedom of Information Act declares that it is the states policy to give all persons full information about the actions of the government and that the people shall be informed so that...
-
The number of accidents that a person has in a given year is a Poisson random variable with mean . However, suppose that the value of changes from person to person, being equal to 2 for 60 percent of...
-
Jay Rexford, president of Photo Artistry Company, was just concluding a budget meeting with his senior staff. It was November of 20x4, and the group was discussing preparation of the firms master...
-
In 2022, Hollis Corporation reported net income of $1,000,000. It declared and paid preference dividends of $250,000. During 2022, Hollis had a weighted average of 190,000 ordinary shares...
-
Vandross NV has recorded bad debt expense in the past at a rate of 1% of receivables. In 2022, Vandross decides to increase its estimate to 2%. If the new rate had been used in prior years,...
-
What are the uses of profits for health care organizations?
-
Explain how utilitarian theory assists law enforcement in moral dilemmas.
-
To get an even better model for predicting MBA performance, let's look at many variables. Create a multiple regression model predicting the MBA GPA using the BS GPA, the Hours studied per week, the...
-
How the prospect theory (khaneman and tversky) influence on air Asia to make decisions to drive success and unsuccess With the real company examples of situations
-
how does one apply crisis management theory and relevant standards to critically discuss the development of both a CMP and estabishing a CMP, in order to support effective decision making during a...
-
3. Explain why the theory of constraints appears to be relevant to managing costs at Pickwick Paper. Besides costs, what other aspects of performance could be improved with better throughput...
-
Describe R&D expenditures in the United States. What percentage of spending goes for invention, innovation, and diffusion?
-
The following comments were made at an Annual Conference of the Financial Executives Institute (FEI). There is an irreversible movement towards the harmonization of financial reporting throughout the...
-
The following comments were made at an Annual Conference of the Financial Executives Institute (FEI). There is an irreversible movement towards the harmonization of financial reporting throughout the...
-
What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?
-
McCallum Tool Company tiene dos departamentos, el de montaje y el de acabado. El departamento de montaje toma las piezas compradas y ensambla el producto final. El departamento de acabado realiza las...
-
For Questions 5 and 6 refer to the following information Subgrade Width Station 0+000 centerline top of subgrade elevation Highway vertical grade from 12.0m 867.000m -1.50% Station 0+000 Horizontal...
-
Given the following data for a company: Sales Revenue $36,000 Cost of goods sold 24,080 Gross profit 11,920 Operating expenses 7,120 Net income $4,800 How would cost of goods sold appear on a common...
Study smarter with the SolutionInn App