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Please answer questions 5-12 & show how you arrived at each answer. Thank you 18.000 5. For Mortenson Company, the following information is available: Cost
Please answer questions 5-12 & show how you arrived at each answer. Thank you
18.000 5. For Mortenson Company, the following information is available: Cost of goods sold $345,000 Dividend revenue Income tax expense 32,000 Operating expenses 130,000 Sales revenue 620,000 In Mortenson's multiple-step income statement, how much is the gross profit 6. Lantos Company had a 20 percent tax rate. Given the following pro-tax amounts, what would be the income tax expense reported on the face of the income statement? Sales revenue $1,400,000 Cost of goods sold 800,000 Salaries and wages expense 70,000 Depreciation expense 100,000 Dividend revenue 60,000 Utilities expense 12,000 Discontinued operations loss 130,000 Interest expense 25,000 7. In 2020, Esther Corporation reported net income of $1,200,000. It declared and paid preferred stock dividends of $250,000 and common stock dividends of $70,000. During 2020, Esther had a weighted average of 500,000 common shares outstanding Compute Esther's 2020 earnings per share. & Moorman Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $ 1.900.000 Dividends declared 560,000 Net income 4,000,000 Retained earnings, 1/1/20, as reported 3,700,000 Moorman should report retained carnings. 1/1/20, as adjustod at.... 9. Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax $ 565,000 Dividends declared 200,000 Net income 1.600.000 Retained earnings, 1/1/20, as reported 5,000,000 Leonard should report retained earnings, 12/31/20, at... 10. Presented below is information related to Donaldson Corp., for the year 2020. Net sales $1,950,000 Cost of goods sold 1.200,000 Selling expenses 95,000 Administrative expenses 70.000 Dividend revenue 30,000 Interest revenue 20,000 Interest expense 45,000 Write-off of goodwill due to impairment 75,000 Depreciation expense omitted in 2018 105,000 Dividends declared 120,000 Effect on prior years of change in accounting principle (credit) 220,000 Loss from operations of discontinued component of business, net of tax 192.000 Gain from disposal of component of business, net of tax 240,000 Federal tax rate of 20% on all items Assume the 200,000 shares of common stock were outstanding during 2020 In the multiple-step income statement for 2020, how much was income from operations? 11. Using data in 10 above, how much was income from continuing operations? 12. Using data in 10 above, how much was net income
Please answer questions 5-12 & show how you arrived at each answer. Thank you
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