Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

please help:( need it in 3 hours Information for 2017 follows for Concord Corp.: Retained earnings, January 1, 2017 $2,020,000 Sales revenue 35,500,000 Cost of

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

please help:( need it in 3 hours

Information for 2017 follows for Concord Corp.: Retained earnings, January 1, 2017 $2,020,000 Sales revenue 35,500,000 Cost of goods sold 27,720,000 Interest income 159,000 Selling and administrative expenses 4,600,000 Unrealized gain on FV-OCI investments 302,000 Loss on impairment of goodwill (not tax-deductible) 550,000 Income tax on continuing operations for 2017 (assume this is correct) 1,070,300 Assessment for additional income tax for 2015 (normal, recurring) 492,000 Gain on sale of FV-NI investments (normal, recurring) 94,000 Loss-other (due to flood damage) 375,000 Loss from disposal of discontinued division (net of tax of $134,885) 250,500 Loss from operation of discontinued division (net of tax of $86,154) 160,000 Dividends declared on common shares 246,000 Dividends declared on preferred shares 68,000 Concord decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dyane Corp. During 2017, there were 720,000 common shares outstanding all year. Concord's tax rate is 35% on operating income and all gains and losses (use this rate where the tax provisions are not given). Concord prepares financial statements in accordance with IFRS Prepare a multiple-step statement of comprehensive income showing expenses by function. Include calculation of EPS. (Round EPS answers to 2 decimal places, e.g. 52.75.) Concord Corp Statement of Comprehensive Income Information for 2017 follows for Concord Corp.: Retained earnings, January 1, 2017 $2,020,000 Sales revenue 35,500,000 Cost of goods sold 27,720,000 Interest income 159,000 Selling and administrative expenses 4,600,000 Unrealized gain on FV-OCI investments 302,000 Loss on impairment of goodwill (not tax-deductible) 550,000 Income tax on continuing operations for 2017 (assume this is correct) 1,070,300 Assessment for additional income tax for 2015 (normal, recurring) 492,000 Gain on sale of FV-NI investments (normal, recurring) 94,000 Loss-other (due to flood damage) 375,000 Loss from disposal of discontinued division (net of tax of $134,885) 250,500 Loss from operation of discontinued division (net of tax of $86,154) 160,000 Dividends declared on common shares 246,000 Dividends declared on preferred shares 68,000 Concord decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dyane Corp. During 2017, there were 720,000 common shares outstanding all year. Concord's tax rate is 35% on operating income and all gains and losses (use this rate where the tax provisions are not given). Concord prepares financial statements in accordance with IFRS Prepare a multiple-step statement of comprehensive income showing expenses by function. Include calculation of EPS. (Round EPS answers to 2 decimal places, e.g. 52.75.) Concord Corp Statement of Comprehensive Income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions