4.5 pts Question 1 Daniel Inc, Board of Directors has decided to eliminate the company's Scandinavian Divison. At the end of the year, the following is known: Sales Revenue (including $10,000 for $125,000 component) Cost of Goods Sold (including $7,000 for $65.000 component) Operating Expenses (including $4,000 for $20,000 component) At the time, 10/1 of this year, the BOD voted to discontinue the component, the net assets of Daniel Inc. were $120,000. Expected sales price was $110,000 and expected selling costs were $5,000. On 11/1 this year, the component was actually sold for $115,000 (after selling costs). Required: Show ALL your WORK 1. What amount should ABC report as Income from Continuing Operations on its Income Statement (ending the current year)? (1 point) 2. What amount should ABC report as Discontinued Operations on its Income Statement (ending the current year)? Show each part of the computation separately - as we did in class. (3.5 points) B 7 U A ALEIX X. : EE VX El 12pt HTML Editore Paragraph MacBook die Save space by optimizing 5 pts D Question 2 Presented below is information related to Aussie Inc. for the current year: Unrealized Loss on Trading 800 12000 Net Sales Securities 7,800 Cost of Goods Sold Depreciation Omitted by accident in the previous year 550 Selling Expenses 650 Casualty loss 500 Administrative Expenses 480 Cash dividends Declared 450 Dividend revenue 200 Beginning Balance of Retained Earnings 9800 Interest Revenue 70 Tax Rate 20% Required: 1. Compute Net Income for Aussie (2 points) 2. Assuming 600 common shares were outstanding for the entire year, compute the company's earnings per share for Net Income. (1 point) 3. Compute the balance of Retained Earnings as of the end of the year. (2 points) BI VA A IX ETIXXE V MUNT 12pt HTML Editores Paragraph Question 3 A schedule showing changes in the balance sheet accounts of Tashida Corporation is presented below Schedule Change in account during 2020 +16,000 Accounts receivable Inventory (19,000) Land (39,000) Equipment +80,000 Accumulated depreciation- equipment (32,000) Accounts payable (13,000) Bonds payable (50,000) Retained earnings +115,000 Additional information: 1. Net income for 2020 was $155,000; there were no gains or losses. 2. Cash dividends of $40,000 were declared and paid. 3. Bonds payable of $50,000 were retired. Land Save space by optim +80,000 Equipment (32,000) Accumulated depreciation- equipment (13,000) Accounts payable (50,000) Bonds payable +115,000 Retained earnings Additional information: 1. Net income for 2020 was $155,000; there were no gains or losses 2. Cash dividends of $40,000 were declared and paid. 3. Bonds payable of $50,000 were retired. 4. Cash increased by 46,000 during the year. Compute each of the following (SHOW all your work): (a) Net cash provided (used) by operating activities (b) Net cash provided (used) by investing activities (c) Net cash provided (used) by financing activities . . . HTML Editor 2311xx V 12pt Paragraph Save space by optimizi O pts Question 4 BONUS: 2 points Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings Increase/(Decrease) $29,000 Cash Accounts receivable (net) (18,000) Inventory 52,000 Plant assets (net) 57.000 Accounts payable $34.000 Bonds payable (20,000) Common stock 62,000 Paid-in capital 16,000 The only entries in Retained Earnings were for net income and a dividend declaration of $17,000. Required: Compute the net income for the current year (DO NOT use commas or $ signs in your answer.) D Question 5 O pts Save space (DO NOT use commas or $ signs in your O pts D Question 5 BONUS 3 Points Presented below are data for Antwerp Corp. 2020 2021 Assets, January 1 $4,200 $5,040 2,520 ? Liabilities, January 1 2 ? Stockholders' Equity, Jan. 1 Dividends 840 630 Common Stock 756 672 Stockholders' Equity, Dec. 31 ? Net Income 840 672 Stockholders' Equity at January 1, 2020 is: (DO NOT use commas or $ signs in your answer.) D Question 6 0.5 pts 4.5 pts Question 1 Daniel Inc, Board of Directors has decided to eliminate the company's Scandinavian Divison. At the end of the year, the following is known: Sales Revenue (including $10,000 for $125,000 component) Cost of Goods Sold (including $7,000 for $65.000 component) Operating Expenses (including $4,000 for $20,000 component) At the time, 10/1 of this year, the BOD voted to discontinue the component, the net assets of Daniel Inc. were $120,000. Expected sales price was $110,000 and expected selling costs were $5,000. On 11/1 this year, the component was actually sold for $115,000 (after selling costs). Required: Show ALL your WORK 1. What amount should ABC report as Income from Continuing Operations on its Income Statement (ending the current year)? (1 point) 2. What amount should ABC report as Discontinued Operations on its Income Statement (ending the current year)? Show each part of the computation separately - as we did in class. (3.5 points) B 7 U A ALEIX X. : EE VX El 12pt HTML Editore Paragraph MacBook die Save space by optimizing 5 pts D Question 2 Presented below is information related to Aussie Inc. for the current year: Unrealized Loss on Trading 800 12000 Net Sales Securities 7,800 Cost of Goods Sold Depreciation Omitted by accident in the previous year 550 Selling Expenses 650 Casualty loss 500 Administrative Expenses 480 Cash dividends Declared 450 Dividend revenue 200 Beginning Balance of Retained Earnings 9800 Interest Revenue 70 Tax Rate 20% Required: 1. Compute Net Income for Aussie (2 points) 2. Assuming 600 common shares were outstanding for the entire year, compute the company's earnings per share for Net Income. (1 point) 3. Compute the balance of Retained Earnings as of the end of the year. (2 points) BI VA A IX ETIXXE V MUNT 12pt HTML Editores Paragraph Question 3 A schedule showing changes in the balance sheet accounts of Tashida Corporation is presented below Schedule Change in account during 2020 +16,000 Accounts receivable Inventory (19,000) Land (39,000) Equipment +80,000 Accumulated depreciation- equipment (32,000) Accounts payable (13,000) Bonds payable (50,000) Retained earnings +115,000 Additional information: 1. Net income for 2020 was $155,000; there were no gains or losses. 2. Cash dividends of $40,000 were declared and paid. 3. Bonds payable of $50,000 were retired. Land Save space by optim +80,000 Equipment (32,000) Accumulated depreciation- equipment (13,000) Accounts payable (50,000) Bonds payable +115,000 Retained earnings Additional information: 1. Net income for 2020 was $155,000; there were no gains or losses 2. Cash dividends of $40,000 were declared and paid. 3. Bonds payable of $50,000 were retired. 4. Cash increased by 46,000 during the year. Compute each of the following (SHOW all your work): (a) Net cash provided (used) by operating activities (b) Net cash provided (used) by investing activities (c) Net cash provided (used) by financing activities . . . HTML Editor 2311xx V 12pt Paragraph Save space by optimizi O pts Question 4 BONUS: 2 points Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings Increase/(Decrease) $29,000 Cash Accounts receivable (net) (18,000) Inventory 52,000 Plant assets (net) 57.000 Accounts payable $34.000 Bonds payable (20,000) Common stock 62,000 Paid-in capital 16,000 The only entries in Retained Earnings were for net income and a dividend declaration of $17,000. Required: Compute the net income for the current year (DO NOT use commas or $ signs in your answer.) D Question 5 O pts Save space (DO NOT use commas or $ signs in your O pts D Question 5 BONUS 3 Points Presented below are data for Antwerp Corp. 2020 2021 Assets, January 1 $4,200 $5,040 2,520 ? Liabilities, January 1 2 ? Stockholders' Equity, Jan. 1 Dividends 840 630 Common Stock 756 672 Stockholders' Equity, Dec. 31 ? Net Income 840 672 Stockholders' Equity at January 1, 2020 is: (DO NOT use commas or $ signs in your answer.) D Question 6 0.5 pts