Question
On June 30, Sheffield Corporation discontinued its operations in Mexico. During the year, the operating income was $292,000 before taxes. On September 1, Sheffield disposed
On June 30, Sheffield Corporation discontinued its operations in Mexico. During the year, the operating income was $292,000 before taxes. On September 1, Sheffield disposed of the Mexico facility at a pretax loss of $692,000. The applicable tax rate is 25%. Show the discontinued operations section of Sheffields income statement. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
An inexperienced accountant for Sheridan Corporation showed the following in the income statement: net income $278,250 and unrealized gain on available-for-sale securities (before taxes) $88,700. The unrealized gain on available-for-sale securities is subject to a 25% tax rate Prepare a correct statement of comprehensive income. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)
The following data were taken from the financial records of Sunland Company.
2022 | 2021 | |||||
---|---|---|---|---|---|---|
Net Sales | $6,480,000 | $6,250,000 | ||||
Beginning inventory | 1,000,000 | 850,000 | ||||
Purchases | 4,363,000 | 4,590,000 | ||||
Ending inventory | 1,020,000 | 1,000,000 |
(a1)
(a2)
Compute for each year the days in inventory. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.)
2022 | 2021 | |||
---|---|---|---|---|
Days in inventory | enter a number of days days | enter a number of days |
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