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Exercise 4-2 Presented below is information related to Shamrock Company at December 31, 2017, the end of its first year of operations. Exercise 42 Presented below is information related to Shamrock Company at December 31, 2017, the end of its first year of operations. Sales revenue Cost of goods sold $327,980 148,580 Selling and administrative expenses 52,100 Gain on sale of plant assets 30,840 Unrealized gain on available-for-sale investments 9,370 Interest expense 6,060 Loss on discontinued operations 11,970 Dividends declared and paid 5,190 Compute the following: $ (a) Income from operations $ (b) Net income $ (c) Comprehensive income $ (d) Retained earnings balance at December 31, 2017 Exercise 46 The following balances were taken from the books of Swifty Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land $88,000 53,000 Accumulated depreciationequipment Accumulated depreciationbuildings 1,382,000 Notes receivable 152,000 Selling expenses 22,000 152,000 9,000 47,000 102,000 Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Equipment 202,000 Notes payable Buildings 142,000 Loss from earthquake damage Cost of goods sold 623,000 Common stock Retained earnings Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) Exercise 4-9 Presented below is information related to Concord Corp. for the year 2017. Net sales $1,361,900 Cost of goods sold 782,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2016 Selling expenses 69,500 Casualty loss Administrative expenses 55,000 Cash dividends declared Dividend revenue 20,100 Retained earnings at December 31, 2016 Interest revenue 7,160 Effective tax rate of 34% on all items Prepare a multiple-step income statement for 2017. Assume that 63,980 shares of common stock are outstanding. (Round earnings per share to 2 decimal places, e.g. 1.49.) Exercise 4-10 The stockholders' equity section of Coronado Corporation appears below as of December 31, 2017. 8% preferred stock, $50 par value, authorized 101,754 shares, outstanding 91,754 shares Common stock, $1.00 par, authorized and issued 10,827,200 shares Additional paid-in capital Retained earnings Net income Net income for 2017 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,341,100 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $367,016 were declared and paid in 2017. Dividends of $965,400 were declared and paid to common stockholders in 2017. Compute earnings per share data as it should appear on the income statement of Coronado Corporation. (Round answers to 2 decimal places, e.g. 1.48.) $134,576 33,000 Earnings Per Share Net Income / (Loss) Exercise 4-12 Nash Corporation began operations on January 1, 2014. During its first 3 years of operations, Nash reported net income and declared dividends as follows. Net income Dividends declared 2014 $49,500 $ -0- 2015 128,600 59,600 2016 161,000 58,800 The following information relates to 2017. Income before income tax Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $32,000 will be paid on January 15, 2018) Effective tax rate Prepare a 2017 retained earnings statement for Nash Corporation. (List items that increase adjusted retained earnings first.) NASH CORPORATION Retained Earnings Statement $ Exercise 4-14 Tamarisk Company began operations in 2015 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2017, in accordance with other companies in its industry, Tamarisk changed its inventory pricing to FIFO. The pretax income data is reported below. Year Weighted-Average FIFO 2015 $382,100 $398,800 2016 398,700 426,900 2017 421,100 466,900 What is Tamarisk's net income in 2017? Assume a 35% tax rate in all years. $ Net Income Compute the cumulative effect of the change in accounting principle from weightedaverage to FIFO inventory pricing. $ Net effect Show comparative income statements for Tamarisk Company, beginning with income before income tax, as presented on the 2017 income statement. 2017 $ 2016 $ 2015 $ $ $ $ Income before income tax Income tax Net income Exercise 4-15 Concord Corporation reported the following for 2017: net sales $1,235,200, cost of goods sold $721,800, selling and administrative expenses $338,600, and an unrealized holding gain on available-for-sale securities $15,700. Prepare a statement of comprehensive income using one statement format. (Ignore income taxes and earnings per share.) CONCORD CORPORATION Statement of Comprehensive Income $ $ Prepare a statement of comprehensive income, using the two statement format. (Ignore income taxes and earnings per share.) CONCORD CORPORATIO N Income Statement $ $ Comprehensive Income $ $ Problem 4-3 Monty Inc. reported income from continuing operations before taxes during 2017 of $798,000. Additional transactions occurring in 2017 but not considered in the $798,000 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $94,400 during the year. 2. At the beginning of 2015, the corporation purchased a machine for $57,600 (salvage value of $9,600) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed to deduct the salvage value in computing the depreciation base. 3. Sale of securities held as a part of its portfolio resulted in a loss of $55,100 (pretax). 4. When its president died, the corporation realized $147,700 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $43,110 (the gain is nontaxable). 5. The corporation disposed of its recreational division at a loss of $111,960 before taxes. Assume that this transaction meets the criteria for discontinued operations. 6. The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2015 income by $60,690 and decrease 2016 income by $19,830 before taxes. The FIFO method has been used for 2017. The tax rate on these items is 40%. Prepare an income statement for the year 2017 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 126,190 shares. (Assume a tax rate of 30% on all items, unless indicated otherwise.) (Round earnings per share to 2 decimal places, e.g. 1.48 and all other answers to 0 decimal places, e.g. 5,275.) MONTY INC. Income Statement (Partial) $ Problem 4-6 Below is the Retained Earnings account for the year 2017 for Martinez Corp. Retained earnings, January 1, 2017 $258 Add: Gain on sale of investments (net of tax) $42,140 Net income 85,440 Refund on litigation with government, related to the year 2014 (net of tax) 22,540 Recognition of income earned in 2016, but omitted from income statement in that year (net of tax) 26,340 176 435 Deduct: Loss on discontinued operations (net of tax) 35,940 Write-off of goodwill (net of tax) 60,940 Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2017 (net of tax) 24,140 Cash dividends declared 32,940 Retained earnings, December 31, 2017 (a) Prepare a corrected retained earnings statement. Martinez Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2017 to compute net income. (List items that increase adjusted retained earnings first.) MARTINEZ CORP. Retained Earnings Statement $ : : 153 $281 $ Answer Ex 4-2 Shamrock Company Income Statement For the year December 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Profits Interest Expenses Gain on Sale of Plant Assets Net Income Unrealized Gain on AFS Investments Loss on Discontinued Operations Comprehensive Income 327,980 148,580 179,400 52,100 127,300 (6,060) 30,840 152,080 9,370 (11,970) 149,480 a Income from Operations 127,300 b Net Income 152,080 c Comprehensive Income 149,480 d Retained Earnings Balance at Dec. 31, 2017 134,920 Ex 4-6 Swifty Corp. Income Statement For the year December 31, 2017 Sales Revenue 1,382,000.00 Sales return and Allowances 152,000.00 Sales Discount 47,000.00 Net Sales Revenue 1,183,000.00 Cost of Goods Sold 623,000.00 Gross Profit 560,000.00 Selling Expenses 196,000.00 Administrative and General Expenses 99,000.00 Operating Profits 265,000.00 Interest Revenue 88,000.00 Interest Expenses 62,000.00 Net Income before taxes 291,000.00 Income Taxes 98,940.00 Net Income after tax 192,060.00 Loss from Earthquake damage net of tax 230,303.03 Comprehensive Income/ (loss) (38,243.03) Ex 4-9 Concord Corp. Income Statement For the year December 31, 2017 Sales Revenue 1,361,900.00 Cost of Goods Sold 782,000.00 Gross Profit 579,900.00 Selling expenses 69,500.00 Administrative expenses 55,000.00 Inventory Write off 80,680.00 Operating Profits 374,720.00 Dividend Revenue 20,100.00 Interest revenue 7,160.00 Casualty Loss 52,200.00 Net Income before taxes 335,460.00 Income Taxes 114,056.40 Net Income After Taxes 221,403.60 Ex 4-10 P 4-6 Ex 4-12 Ex 4-14 Earnings Per Share Net Income / Loss $ 3.14 33,965,400 Martinez Corp Retained Earnings Statement Beginning balance Jan.1, 2017 Refund on litigation with government Recognition of income earned in 2016 omitte Cum. Effect of change in Inv Valuation metho Adjusted Retained earnings Add Net Income/(loss) for year Dividends Retained earnings at Dec. 31, 2017 258,540 22,540 26,340 (24,140) 283,280 30,700 (32,940) 281,040 Nash Corporation Statement of Retained Earnings For year 2017 Balance at beginning of year Adj for 2015 dep after tax Decrease in come due to change in inventory Adjusted retained earnings Net Income Dividends Balance of retained earnings at end of 2017 220,700 19,200 26,880 174,620 138,600 118,400 20,200 Tamarisk Company Net Income 303,485 Net Effect 45,800 Income before income tax Income tax Net income Ex 4-15 Concord Corporation Statement of Comprehensive Income For 2017 Sales Revenue Cost of Goods Sold Gross profit Selling and Administrative Expenses Net Income Unrealized holding gain on AFS Securities Comprehensive Income Concord Corporation Income Statement For 2017 Sales Revenue Cost of Goods Sold Gross profit Selling and Administrative Expenses Net Income Comprehensive Income Net Income Unrealized holding gain on AFS Securities Comprehensive Income 2017 466,900 163,415 303,485 1,235,200 721,800 513,400 338,600 174,800 15,700 190,500 1,235,200 721,800 513,400 338,600 174,800 174,800 15,700 190,500 2016 398,700 139,545 259,155 2015 382,100 133,735 248,365 Op 382,100 398,700 421,100 398,800 426,900 466,900 16,700 28,200 45,800 Cls 16,700 28,200 16,700 28,200 45,800 Net 16,700 11,500 17,600 45,800 Exercise 42 Presented below is information related to Marigold Company at December 31, 2017, the end of its first year of operations. Sales revenue Cost of goods sold $312,500 126,330 Selling and administrative expenses 51,400 Gain on sale of plant assets 27,160 Unrealized gain on available-for-sale investments 9,870 Interest expense 5,400 Loss on discontinued operations 12,630 Dividends declared and paid 4,870 Compute the following: $ (a) Income from operations $ (b) Net income $ (c) Comprehensive income $ (d) Retained earnings balance at December 31, 2017 Exercise 46 The following balances were taken from the books of Swifty Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts $88,000 53,000 Accumulated depreciationequipment Accumulated depreciationbuildings 1,382,000 Notes receivable 152,000 Selling expenses 22,000 152,000 9,000 47,000 Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Land 102,000 Interest expense Equipment 202,000 Notes payable Buildings 142,000 Loss from earthquake damage Cost of goods sold 623,000 Common stock Retained earnings Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) Exercise 4-9 Presented below is information related to Concord Corp. for the year 2017. Net sales $1,361,900 Cost of goods sold 782,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2016 Selling expenses 69,500 Casualty loss Administrative expenses 55,000 Cash dividends declared Dividend revenue 20,100 Retained earnings at December 31, 2016 Interest revenue 7,160 Effective tax rate of 34% on all items Prepare a multiple-step income statement for 2017. Assume that 63,980 shares of common stock are outstanding. (Round earnings per share to 2 decimal places, e.g. 1.49.) Exercise 4-10 The stockholders' equity section of Coronado Corporation appears below as of December 31, 2017. 8% preferred stock, $50 par value, authorized 101,754 shares, outstanding 91,754 shares Common stock, $1.00 par, authorized and issued 10,827,200 shares Additional paid-in capital Retained earnings Net income Net income for 2017 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,341,100 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $367,016 were declared and paid in 2017. Dividends of $965,400 were declared and paid to common stockholders in 2017. $134,576 33,000 Compute earnings per share data as it should appear on the income statement of Coronado Corporation. (Round answers to 2 decimal places, e.g. 1.48.) Earnings Per Share Net Income / (Loss) Exercise 4-12 Nash Corporation began operations on January 1, 2014. During its first 3 years of operations, Nash reported net income and declared dividends as follows. Net income Dividends declared 2014 $49,500 $ -0- 2015 128,600 59,600 2016 161,000 58,800 The following information relates to 2017. Income before income tax Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $32,000 will be paid on January 15, 2018) Effective tax rate Prepare a 2017 retained earnings statement for Nash Corporation. (List items that increase adjusted retained earnings first.) NASH CORPORATION Retained Earnings Statement $ Exercise 4-14 Tamarisk Company began operations in 2015 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2017, in accordance with other companies in its industry, Tamarisk changed its inventory pricing to FIFO. The pretax income data is reported below. Year 2015 Weighted-Average $382,100 FIFO $398,800 2016 398,700 426,900 2017 421,100 466,900 What is Tamarisk's net income in 2017? Assume a 35% tax rate in all years. $ Net Income Compute the cumulative effect of the change in accounting principle from weightedaverage to FIFO inventory pricing. Net effect $ Show comparative income statements for Tamarisk Company, beginning with income before income tax, as presented on the 2017 income statement. 2017 $ 2016 $ 2015 $ $ $ $ Income before income tax Income tax Net income Exercise 4-15 Concord Corporation reported the following for 2017: net sales $1,235,200, cost of goods sold $721,800, selling and administrative expenses $338,600, and an unrealized holding gain on available-for-sale securities $15,700. Prepare a statement of comprehensive income using one statement format. (Ignore income taxes and earnings per share.) CONCORD CORPORATION Statement of Comprehensive Income $ $ Prepare a statement of comprehensive income, using the two statement format. (Ignore income taxes and earnings per share.) CONCORD CORPORATION Income Statement $ $ Comprehensive Income $ $ Problem 4-3 Monty Inc. reported income from continuing operations before taxes during 2017 of $798,000. Additional transactions occurring in 2017 but not considered in the $798,000 are as follows. 1. The corporation experienced an uninsured flood loss in the amount of $94,400 during the year. 2. At the beginning of 2015, the corporation purchased a machine for $57,600 (salvage value of $9,600) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed to deduct the salvage value in computing the depreciation base. 3. Sale of securities held as a part of its portfolio resulted in a loss of $55,100 (pretax). 4. When its president died, the corporation realized $147,700 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $43,110 (the gain is nontaxable). 5. The corporation disposed of its recreational division at a loss of $111,960 before taxes. Assume that this transaction meets the criteria for discontinued operations. 6. The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2015 income by $60,690 and decrease 2016 income by $19,830 before taxes. The FIFO method has been used for 2017. The tax rate on these items is 40%. Prepare an income statement for the year 2017 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 126,190 shares. (Assume a tax rate of 30% on all items, unless indicated otherwise.) (Round earnings per share to 2 decimal places, e.g. 1.48 and all other answers to 0 decimal places, e.g. 5,275.) MONTY INC. Income Statement (Partial) $ Problem 4-6 Below is the Retained Earnings account for the year 2017 for Martinez Corp. Retained earnings, January 1, 2017 $258 Add: Gain on sale of investments (net of tax) $42,140 Net income 85,440 Refund on litigation with government, related to the year 2014 (net of tax) 22,540 Recognition of income earned in 2016, but omitted from income statement in that year (net of tax) 26,340 176 435 Deduct: Loss on discontinued operations (net of tax) 35,940 Write-off of goodwill (net of tax) 60,940 Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2017 (net of tax) 24,140 Cash dividends declared 32,940 Retained earnings, December 31, 2017 $281 (a) Prepare a corrected retained earnings statement. Martinez Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2017 to compute net income. (List items that increase adjusted retained earnings first.) MARTINEZ CORP. Retained Earnings Statement $ : 153 : $ Answer Ex 4-2 Shamrock Company Income Statement For the year December 31, 2017 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Profits Interest Expenses Gain on Sale of Plant Assets Net Income Unrealized Gain on AFS Investments Loss on Discontinued Operations Comprehensive Income 327,980 148,580 179,400 52,100 127,300 (6,060) 30,840 152,080 9,370 (11,970) 149,480 a Income from Operations 127,300 b Net Income 152,080 c Comprehensive Income 149,480 d Retained Earnings Balance at Dec. 31, 2017 134,920 Ex 4-6 Swifty Corp. Income Statement For the year December 31, 2017 Sales Revenue 1,382,000.00 Sales return and Allowances 152,000.00 Sales Discount 47,000.00 Net Sales Revenue 1,183,000.00 Cost of Goods Sold 623,000.00 Gross Profit 560,000.00 Selling Expenses 196,000.00 Administrative and General Expenses 99,000.00 Operating Profits 265,000.00 Interest Revenue 88,000.00 Interest Expenses 62,000.00 Net Income before taxes 291,000.00 Income Taxes 98,940.00 Net Income after tax 192,060.00 Loss from Earthquake damage net of tax 230,303.03 Comprehensive Income/ (loss) (38,243.03) Ex 4-9 Concord Corp. Income Statement For the year December 31, 2017 Sales Revenue 1,361,900.00 Cost of Goods Sold Gross Profit Selling expenses Administrative expenses Inventory Write off Operating Profits Dividend Revenue Interest revenue Casualty Loss Net Income before taxes Income Taxes Net Income After Taxes Ex 4-10 P 4-6 Ex 4-12 Ex 4-14 Earnings Per Share Net Income / Loss 782,000.00 579,900.00 69,500.00 55,000.00 80,680.00 374,720.00 20,100.00 7,160.00 52,200.00 335,460.00 114,056.40 221,403.60 $ 3.14 33,965,400 Martinez Corp Retained Earnings Statement Beginning balance Jan.1, 2017 Refund on litigation with government Recognition of income earned in 2016 omitte Cum. Effect of change in Inv Valuation metho Adjusted Retained earnings Add Net Income/(loss) for year Dividends Retained earnings at Dec. 31, 2017 258,540 22,540 26,340 (24,140) 283,280 30,700 (32,940) 281,040 Nash Corporation Statement of Retained Earnings For year 2017 Balance at beginning of year Adj for 2015 dep after tax Decrease in come due to change in inventory Adjusted retained earnings Net Income Dividends Balance of retained earnings at end of 2017 220,700 19,200 26,880 174,620 138,600 118,400 20,200 Tamarisk Company Net Income 303,485 Net Effect Income before income tax Income tax Net income 45,800 2017 466,900 163,415 303,485 2016 398,700 139,545 259,155 2015 382,100 133,735 248,365 Ex 4-15 Concord Corporation Statement of Comprehensive Income For 2017 Sales Revenue Cost of Goods Sold Gross profit Selling and Administrative Expenses Net Income Unrealized holding gain on AFS Securities Comprehensive Income Concord Corporation Income Statement For 2017 Sales Revenue Cost of Goods Sold Gross profit Selling and Administrative Expenses Net Income Comprehensive Income Net Income Unrealized holding gain on AFS Securities Comprehensive Income 1,235,200 721,800 513,400 338,600 174,800 15,700 190,500 1,235,200 721,800 513,400 338,600 174,800 174,800 15,700 190,500 Op 382,100 398,700 421,100 398,800 426,900 466,900 16,700 28,200 45,800 Cls Net 16,700 16,700 16,700 28,200 11,500 28,200 45,800 17,600 45,800 2/15/2017 Exercise 4-12 Print Text by: MESHARI TAWALAH BUAD361 - Spring 2017 / Chapter 4 - Homework II *Exercise 4-12 Nash Corporation began operations on January 1, 2014. During its first 3 years of operations, Nash reported net income and declared dividends as follows. Net income Dividends declared 2014 $49,500 $ -0- 2015 128,600 59,600 2016 161,000 58,800 The following information relates to 2017. Income before income tax $231,000 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $32,000 will be paid on January 15, 2018) Effective tax rate $32,000 $44,800 $118,400 40 % Prepare a 2017 retained earnings statement for Nash Corporation. (List items that increase adjusted retained earnings first.) NASH CORPORATION Retained Earnings Statement $ : : $ Assume Nash Corporation restricted retained earnings in the amount of $74,150 on December 31, 2017. After this action, what would Nash report as total retained earnings in its December 31, 2017, balance sheet? Total retained earnings $ Question Attempts: 0 of 3 used Copyright 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved. https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/1