Brief Exercise 13-02 An inexperienced accountant for Grouper Corp. showed the following in the income statement income before income taxes $448,000 and unrealized gain on available-for-sale securities (before taxes) $89,000. The unrealized gain on available-for-sale securities and income before income taxes are both subject to a 29% tax rate. Prepare a correct statement of comprehensive income. GROUPER CORP. Partial Statement of Comprehensive Income Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: 0 of 6 used SAVE FOR LATER SUBMIT ANSWER CALCULATOR PRINTER VERSION BACK NEXT Exercise 13-01 For its fiscal year ending October 31, 2022, Blue Spruce Corp. reports the following partial data shown below. Income before income taxes Income tax expense (20% * $432,600) Income from continuing operations Loss on discontinued operations Net income $556,200 86,520 469,680 123,600 $346,080 The loss on discontinued operations was comprised of a $51,500 loss from operations and a $72,100 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes BLUE SPRUCE CORP. Partial Statement of Comprehensive Income Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: 0 of 6 used SAVE FOR LATER SUBMIT ANSWER CALCULATOR PRINTER VERSION BACK NEXT Here is financial information for Teal Mountain Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings December 31, 2022 $108,800 404,400 103,400 124,800 132,800 152,200 December 31, 2021 $ 94,400 352,800 67,800 94,400 117,800 167,200 Prepare a schedule showing a horizontal analysis for 2022, using 2021 as the base year. (I amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) TEAL MOUNTAIN INC. Condensed Balance Sheet December 31 Increase or (Decrease) 2022 2021 Amount Percentage Assets Current Assets $108,800 $94,400 $ Plantas (net) 404,400 352,800 % Total assets $513,200 $447,200 $ 9 Current Liabilities $103,400 $67,800 96 Long-term liabilities 124,800 94,400 9 $228,200 $162,200 2 Stockholders' Equity 132,800 117,800 96 Retained camp 152,200 167,200 % Tool stockholders 255,000 285,000 Total abilities stockholders equity $513,200 $447,200 Operating data for Swifty Corporation are presented below. 2021 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $830,700 529,000 124,700 78,800 33,500 64,700 $634,900 415,000 73,600 53,900 23,400 69,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) SWIFTY CORPORATION Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $830,700 % $634,900 % Cost of goods sold 529,000 % 415,000 % Gross profit 301,700 % 219,900 9 Selling expenses 124,700 % 73,600 9% Administrative expenses 78,800 % 53,900 %6 Total operating expenses 203,500 % 127,500 96 Income before income taxes 98,200 % 92,400 96 Income tax expense 33,500 % 23,400 % Net income $ 64,700 $ 69,000 % Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO Problem 13-04A The following financial information is for Ivanhoe Company. dy IVANHOE COMPANY Balance Sheets December 31 Assets 2022 2021 Cash $ 70,000 $68,000 Debt investments (short-term) 51,000 40,000 Accounts receivable 104,000 89,000 Inventory 230,000 168,000 Prepaid expenses 22,000 28,000 Land 131,000 131,000 Building and equipment (net) 262,000 185,000 Total assets $870,000 $709,000 Liabilities and Stockholders' Equity Notes payable $171,000 $102,000 Accounts payable 67,000 52,000 Accrued liabilities 39,000 39,000 Bonds payable, due 2025 249,000 170,000 Common stock, $10 par 199,000 199,000 Retained earnings 145,000 147,000 Total liabilities and stockholders' equity $870,000 $709,000 IVANHOE COMPANY Income Statements For the Years Ended December 31 2022 2021 Sales revenue $905,000 $797,000 Cost of goods sold 648,000 574,000 Gross pront 257,000 223,000 Operating expenses 191.000 159,000 Net Income $ 66,000 $ 64,000 Additional information: 1. Inventory at the beginning of 2021 was $116,000. 2. Accounts receivable (net) at the beginning of 2021 were 588,000 3. Total assets at the beginning of 2021 were $634.000 Return to Blackboard S Kimmel, Accounting, 7e Help System Announcements CALCULATOR PRINTER VERSION 4 BACK NEXT and round all other answers to 1 decimal place, e.g. 15.5. Round % change to o decimal places, for e.g. 1% and if % change is a decrease show the numbers as negative, e.g. -1% or (1%).) 2021 2022 % Change LIQUIDITY Current ratio :1 :1 % Accounts receivables turnover times times % Inventory turnover times times % 2021 2022 PROFITABILITY % Change Profit margin % % % Asset turnover times times % Return on assets % % % Earnings per share $ % (b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2022, and (2) as of December 31, 2023, after giving effect to the situation. (Round Debt to assets ratio to o decimal places, e.g. 15 and round all other answers to I decimal place, e.g. 15.5. Round % change to O decimal places, for e.g. 1% and if % change is a decrease show the numbers as negative, e.g. -1% or (1%).) 1. Situation 18,000 shares of common stock were sold at par on July 1, 2023. Net income for 2023 was $50,000. Ratio Retum on common stockholders equity Debt to assets ratio 2 All of the notes payable were paid in 2023. All other liabilities remained at their December 31, 2022 levels. Total assets on December 31, 2023, were $877,000. The market price of common stock was 59 and $12 on December 31, 2022 and 2023, respectively. 3. Price-earnings ratio 2022 2023 % Change Return on common CALCULATOR PRINTER VERSION