Exercise 4-7 (Part Level Submission)The accountant of Latifa Shoe Co. has compiled the\

Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... Description / Instructions: Exercises from Chapter 4, There are 3 attempts. Exercise 4-3 Presented below are certain account balances of Paczki Products Co. Rent revenue $7,350 Sales discounts $8,360 Interest expense 13,060 Selling expenses 99,540 Beginning retained earnings 114,480 Sales revenue Ending retained earnings 134,960 Income tax expense 402,240 Dividend revenue 71,670 Cost of goods sold Sales returns and allowances 12,600 Administrative expenses Allocation to noncontrolling interest 26,290 184,780 17,256 83,760 From the foregoing, compute the following: (a) Total net revenue (b) Net income (c) Dividends declared (d) Income attributable to controlling stockholders $ $ $ $ Exercise 4-5 (Part Level Submission) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2014 information related to P. Bride Company ($000 omitted). Administrative expense Officers' salaries Depreciation of office furniture and equipment $5,430 4,490 Cost of goods sold 61,100 Rent revenue 17,760 Selling expense Delivery expense 3,220 Sales commissions 8,510 Depreciation of sales equipment 7,010 Sales revenue 97,030 Income tax 9,600 Interest expense 2,390 Common shares outstanding for 2014 total 39,830 (000 omitted). (a) Prepare an income statement for the year 2014 using the multiple-step form. (Round earnings per 1 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... share to 2 decimal places, e.g. 1.48.) P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2014 (In thousands, except earnings per share) $ $ $ $ $ 2 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... (b) Prepare an income statement for the year 2014 using the single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2014 (In thousands, except earnings per share) $ $ $ Exercise 4-6 The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2014. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances $95,550 Accumulated depreciationbuildings $37,550 60,550 Notes receivable 164,550 1,389,550 Selling expenses 203,550 159,550 29,550 159,550 Accounts payable 179,550 Bonds payable 109,550 Administrative and general expenses 106,550 Allowance for doubtful accounts 16,550 Accrued liabilities 41,550 Sales discounts 54,550 Interest expense 69,550 Land 3 of 15 109,550 Notes payable 109,550 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... Equipment 209,550 Loss from earthquake damage (extraordinary item) 159,550 Buildings 149,550 Common stock 509,550 Cost of goods sold 630,550 Retained earnings Accumulated depreciationequipment 30,550 49,550 Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,500 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) MARIA CONCHITA ALONZO CORP. Income Statement For the Year Ended December 31, 2014 $ : $ 4 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... : $ : $ $ Exercise 4-7 (Part Level Submission) The accountant of Latifa Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2014. Rent revenue $30,400 Interest expense 19,400 Market appreciation on land above cost 32,400 Salaries and wages expense (selling) Supplies expense (selling) 116,200 19,000 Income tax 38,800 Salaries and wages expense (administrative) Other administrative expenses 137,300 53,100 Cost of goods sold 497,400 Net sales 981,400 Depreciation on plant assets (70% selling, 30% administrative) 66,400 Cash dividends declared 17,400 There were 19,300 shares of common stock outstanding during the year. (a) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) LATIFA SHOE CO. Income Statement For the Year Ended December 31, 2014 $ 5 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... $ $ $ $ (b) Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) 6 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... LATIFA SHOE CO. Income Statement For the Year Ended December 31, 2014 $ $ $ $ Exercise 4-8 (Part Level Submission) Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2014. Cash $66,200 Administrative expenses 102,000 Selling expenses 82,400 Net sales 540,900 Cost of goods sold 264,800 Cash dividends declared (2014) 21,700 Cash dividends paid (2014) 20,000 Discontinued operations (loss before income taxes) 41,600 Depreciation expense, not recorded in 2013 39,500 Retained earnings, December 31, 2013 94,900 Effective tax rate 30% 7 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... (a) Compute net income for 2014. Net income $ (b) Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 19,900 shares of common stock were outstanding during 2014. (Round earnings per share to 2 decimal places, e.g. 1.48.) TUCKER CORPORATION Income Statement For the Year Ended December 31, 2014 $ $ : $ $ Exercise 4-9 (Part Level Submission) Presented below is information related to Ivan Calderon Corp. for the year 2014. Net sales Cost of goods sold Selling expenses $1,338,000 782,100 65,200 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2013 48,900 Casualty loss (extraordinary item) before taxes 55,800 Administrative expenses 53,900 Cash dividends declared Dividend revenue 20,000 Retained earnings at December 31, 2013 Interest revenue 8,200 $83,700 53,600 981,600 Effective tax rate of 34% on all items (a) Prepare a multiple-step income statement for 2014. Assume that 59,400 shares of common stock are outstanding. (Round earnings per share to 2 decimal places, e.g. 1.48.) 8 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... IVAN CALDERON CORP. Income Statement For the Year Ended December 31, 2014 $ $ : $ : $ 9 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... $ (b) Prepare a separate retained earnings statement for 2014. (List items that increase retained earnings first.) IVAN CALDERON CORP. Retained Earnings Statement For the Year Ended December 31, 2014 $ : : $ Exercise 4-10 The stockholders' equity section of Tkachuk Corporation appears below as of December 31, 2014. 8% preferred stock, $50 par value, authorized 100,430 shares, outstanding 90,430 shares $4,521,500 Common stock, $1.00 par, authorized and issued 10.61 million shares 10,610,000 Additional paid-in capital Retained earnings 20,787,000 $134,830,000 34,386,000 Net income 169,216,000 $205,134,500 Net income for 2014 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,920,000 (before tax) as a result of a major casualty, which should be classified as an extraordinary item. Preferred stock dividends of $361,720 were declared and paid in 2014. Dividends of $1,460,000 were declared and paid to common stockholders in 2014. Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation. (Round answers to 2 decimal places, e.g. 1.48.) Earnings Per Share $ $ 10 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... Exercise 4-12 (Part Level Submission) Eddie Zambrano Corporation began operations on January 1, 2011. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows. Net income Dividends declared 2011 $47,800 $ -0- 2012 129,900 54,700 2013 164,000 51,400 The following information relates to 2014. Income before income tax $242,800 Prior period adjustment: understatement of 2012 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $30,500 will be paid on January 15, 2015) Effective tax rate $30,500 $36,300 $106,100 40 % (a) Prepare a 2014 retained earnings statement for Eddie Zambrano Corporation. (List items that increase retained earnings first.) EDDIE ZAMBRANO CORPORATION Retained Earnings Statement For the Year Ended December 31, 2014 $ : : $ (b) Assume Eddie Zambrano Corp. restricted retained earnings in the amount of $65,620 on December 31, 2014. After this action, what would Zambrano report as total retained earnings in its December 31, 2014, balance sheet? Total retained earnings 11 of 15 $ 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... Exercise 4-15 (Part Level Submission) Roxanne Carter Corporation reported the following for 2014: net sales $1,222,400; cost of goods sold $726,300; selling and administrative expenses $323,200; and an unrealized holding gain on availablefor-sale securities $21,800. (a) Prepare a statement of comprehensive income using one statement format. (Ignore income taxes and earnings per share.) ROXANNE CARTER CORPORATION Income Statement and Comprehensive Income Statement For the Year Ended December 31, 2014 $ $ (b) Prepare a statement of comprehensive income, using the two statement format. (Ignore income taxes and earnings per share.) ROXANNE CARTER CORPORATION Income Statement and Comprehensive Income Statement For the Year Ended December 31, 2014 $ $ Comprehensive Income $ 12 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... $ Exercise 4-17 (Part Level Submission) The following information was taken from the records of Roland Carlson Inc. for the year 2014. Income tax applicable to income from continuing operations $190,800; income tax applicable to loss on discontinued operations $33,800; income tax applicable to extraordinary gain $33,082; income tax applicable to extraordinary loss $22,780; and unrealized holding gain on available-for-sale securities $17,600. Extraordinary gain $97,300 Loss on discontinued operations Administrative expenses Cash dividends declared 77,500 $153,400 Retained earnings January 1, 2014 605,800 Cost of goods sold 247,100 853,400 Rent revenue 48,100 Selling expenses Extraordinary loss 67,000 Sales Revenue 301,900 1,700,100 Shares outstanding during 2014 were 101,500. (a) Prepare a single-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.) ROLAND CARLSON INC. Income Statement For the Year Ended December 31, 2014 $ $ $ 13 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... $ : : : : $ : $ $ (b) Prepare a comprehensive income statement for 2014. ROLAND CARLSON INC. Comprehensive Income Statement For the Year Ended December 31, 2014 $ $ (c) 14 of 15 11/12/13 11:18 AM Print Assignment: Chapter 4A ::false http://edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?ti... Prepare a retained earnings statement for 2014. (List items that increase retained earnings first.) ROLAND CARLSON INC. Retained Earnings Statement For the Year Ended December 31, 2014 $ : $ : $ 15 of 15 11/12/13 11:18 AM