ACTG 321 Practice Assignment 1: Income Statement

Due date: see the announcement on D2L                  Name:                                               .       

 

Don't use plagiarized sources. Get Your Custom Essay on
ACTG 321 Practice Assignment 1: Income Statement
Get a plagiarism free paperJust from $13/Page
Order Essay

 

* This assignment accounts for 3 extra points. Overdue assignment will not be accepted. No point will be given when proper work/answer is not provided. Points will be deducted for errors.

 

Presented below is information related to ColorCity Inc. for year of 2020 (1/1/2020-12/31/2020).

Selling and administrative expenses $ 1,114,000
Interest expenses            140,000
Net Sales         3,790,000
Dividends-Common stock              56,000
Income from operations of discontinued food department (pre-tax)             60,000
Interest revenues            260,000
Loss on disposal of discontinued food department (pre-tax)            120,000
Cost of goods sold         1,780,000
Dividends-Preferred stock            125,000
Retained earnings, 1/1            630,000

 

Instruction:
Use the worksheet provided (see page 2) or use a white paper, then

  1. Calculate the following five subtotals/amounts on a multiple step income statement:

(1) Gross Profit, (2) Income From Operations, (3) Income before tax, (4) Income tax expense, , and (5) Income from continuing operations. Show your work in addition to the answer. Assume a tax rate of 30%.

  1. Prepare in good form a partial multiple-step income statement for the year 2020 for ColorCity Inc. starting from Income from continuing operations. Also include a proper heading.
  2. Assume that 140,000 shares of common stock were outstanding during the year. Calculate earnings per share based on the net income (round to two decimals). Show your work in addition to the answer.

You can type your work by using WORD or do handwriting. Please make your handwriting clear and neat.

 

 

ACTG 321  Worksheet for PA1                          Name:                                                    
1.    Calculate the five amounts/subtotals below.

 

 

 

 

 

 

 

 

 

 

 

 

Answer:

(1)                       ; (2)                       ;(3)                       ; (4)                      ;(5)               .                   .

 

 

2. Prepare the partial income statement below. Include a proper heading

 
 
 
 
 
 
 
 
 
 

 

  1. Calculate the EPS below.

 

 

Answer:                            .

Homework Valley
Calculate your paper price
Pages (550 words)
Approximate price: -

Our Advantages

Plagiarism Free Papers

All our papers are original and written from scratch. We will email you a plagiarism report alongside your completed paper once done.

Free Revisions

All papers are submitted ahead of time. We do this to allow you time to point out any area you would need revision on, and help you for free.

Title-page

A title page preceeds all your paper content. Here, you put all your personal information and this we give out for free.

Bibliography

Without a reference/bibliography page, any academic paper is incomplete and doesnt qualify for grading. We also offer this for free.

Originality & Security

At Homework Valley, we take confidentiality seriously and all your personal information is stored safely and do not share it with third parties for any reasons whatsoever. Our work is original and we send plagiarism reports alongside every paper.

24/7 Customer Support

Our agents are online 24/7. Feel free to contact us through email or talk to our live agents.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

We work around the clock to see best customer experience.

Pricing

Flexible Pricing

Our prices are pocket friendly and you can do partial payments. When that is not enough, we have a free enquiry service.

Communication

Admission help & Client-Writer Contact

When you need to elaborate something further to your writer, we provide that button.

Deadlines

Paper Submission

We take deadlines seriously and our papers are submitted ahead of time. We are happy to assist you in case of any adjustments needed.

Reviews

Customer Feedback

Your feedback, good or bad is of great concern to us and we take it very seriously. We are, therefore, constantly adjusting our policies to ensure best customer/writer experience.