{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T03:41:57-04:00", "answer_date": "2024-06-28 03:41:57", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4233044", "url": "\/study-help\/questions\/please-answer-the-following-questions-thanks-q1-1-maries-swimsuit-4233044", "question_creation_date_js": "2024-06-28T03:41:57-04:00", "question_creation_date": "Jun 28, 2024 03:41 AM", "meta_title": "[Solved] Please answer the following questions, Th | SolutionInn", "meta_description": "Answer of - Please answer the following questions, Thanks! Q1 1. Marie's Swimsuit Company had 70,000 common shares outstanding. Th | SolutionInn", "meta_keywords": "answer,questions,thanks,q1,1,marie,s,swimsuit,company,70,000,common,shares", "question_title_h1": "Please answer the following questions, Thanks! Q1 1. Marie's Swimsuit Company had 70,000 common shares outstanding. The company has no preferred shares but paid a", "question_title": "Please answer the following questions, Thanks! Q1 1. Marie's Swimsuit Company had", "question_title_for_js_snippet": "Please answer the following questions, Thanks Q1 1 Marie's Swimsuit Company had 70,000 common shares outstanding The company has no preferred shares but paid a $2 per share dividend to all common shareholders If net income was $140,000, earnings per share equals $ ABC Industries had 300,000 common shares and 10,000 preferred shares throughout 2002 The preferred shares are not cumulative and received dividends of $40,000 for the year If net income was $250,000, earnings per share equals $ Morgan Corporation declared, but had not yet paid, dividends on the 10,000 shares of $2 no par value cumulative preferred shares, issued at $10 per share The number of common shares and net income for the year were 50,000 shares and $70,000, respectively Earnings per share equals Instructions Circle the direction of change in net income for 2002 and provide its dollar amount for each case below If net income is not affected, circle nothing and write zero as the amount of change 1 Evans Manufacturing decided to discontinue its chemicals division on July 1, 2002 The division had a loss of $15,000 from its operations in 2002 and a $60,000 loss on disposal of assets The income tax rate is 40 Discontinued operations will increase decrease net income by $ for 2002 (circle one) Lloyd Industries changed from average cost to FIFO in accounting for its inventory The cumulative effect of this change on prior years was to increase income before income taxes by $80,000 The income tax rate is 30 This accounting change will increase decrease net income by $ for 2002 (circle one) Crawford Furnace sold merchandise costing $180,000 for $250,000 in 2002 In addition, inventory costing $40,000 was destroyed by an earthquake (extremely rare in the area) The income tax rate is 40 Crawford should report extraordinary items on its income statement that will increase decrease net income by $ for 2002 (circle one) 4 In 2001, Julie's Bakery recorded $20,000 of amortization expense on newly purchased equipment Only $10,000 of amortization should have been recorded This error was discovered and corrected in 2002 The income tax rate is 40 for both years This error will increase decrease net income by $ for 2002 (circle one)", "question_description": "\"image

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\"image\"image\"image<\/div><\/div><\/div> 1. Marie's Swimsuit Company had 70,000 common shares outstanding. The company has no preferred shares but paid a $2 per share dividend to all common shareholders. If net income was $140,000, earnings per share equals $ ABC Industries had 300,000 common shares and 10,000 preferred shares throughout 2002. The preferred shares are not cumulative and received dividends of $40,000 for the year. If net income was $250,000, earnings per share equals $ Morgan Corporation declared, but had not yet paid, dividends on the 10,000 shares of $2 no par value cumulative preferred shares, issued at $10 per share The number of common shares and net income for the year were 50,000 shares and $70,000, respectively. Earnings per share equals Instructions: Circle the direction of change in net income for 2002 and provide its dollar amount for each case below. If net income is not affected, circle nothing and write \"zero\" as the amount of change. 1. Evans Manufacturing decided to discontinue its chemicals division on July 1, 2002. The division had a loss of $15,000 from its operations in 2002 and a $60,000 loss on disposal of assets. The income tax rate is 40%. Discontinued operations will increase decrease net income by $ for 2002. (circle one) Lloyd Industries changed from average cost to FIFO in accounting for its inventory. The cumulative effect of this change on prior years was to increase income before income taxes by $80,000. The income tax rate is 30%. This accounting change will increase decrease net income by $ for 2002. (circle one) Crawford Furnace sold merchandise costing $180,000 for $250,000 in 2002. In addition, inventory costing $40,000 was destroyed by an earthquake (extremely rare in the area). The income tax rate is 40%. Crawford should report extraordinary items on its income statement that will increase decrease net income by $ for 2002. (circle one) 4. In 2001, Julie's Bakery recorded $20,000 of amortization expense on newly purchased equipment. Only $10,000 of amortization should have been recorded. This error was discovered and corrected in 2002. The income tax rate is 40% for both years. This error will increase decrease net income by $ for 2002. (circle one)", "transcribed_text": "", "related_book": { "title": "Global Strategy", "isbn": "0357512367, 978-0357512364", "edition": "5th Edition", "authors": "Mike W. Peng", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg", "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CTTWJH6X", "uri": "\/textbooks\/redistribution-of-wealth-in-america-and-beyond-the-new-civil-war-1st-edition-979-8893305340-256661", "name": "Redistribution Of Wealth In America And Beyond The New Civil War", "edition": "1st Edition" }, "question_posted": "2024-06-28 03:41:57", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/an-antitrust-case-launched-more-than-a-decade-ago-sent", "description": "An antitrust case launched more than a decade ago sent tremors throughout the academic community. 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