subject
Business, 27.03.2021 03:50 lanaiheart7

The following Income statement items appeared on the adjusted trial balance of Schembrl Manufacturing Corporation for the year ended December 31, 2021 ($ In thousands: sales revenue, $15,300, cost of goods sold, $6,200; selling expenses, $1.300; general and adminlstrative expenses, $800; Interest revenue, $40: Interest expense, $180. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense tem appear in the ompany. Income statement every year. The company's controller, however, has asked for your help In determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ In thousands). All transactions are materlal In amount. 1. Investments were sold during the year at a loss of $250. Schembri also had an unrealized gain of $320 for the year on investments in debt securities that qualify as components of comprehensive income. 2. One of the company’s factories was closed during the year. Restructuring costs incurred were $1,500. 3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $600 in 2021 prior to the sale, and its assets were sold at a gain of $1,460. 4. In 2021, the company’s accountant discovered that depreciation expense in 2020 for the office building was understated by $230. 5. Negative foreign currency translation adjustment for the year totaled $280.Required:A. Prepare Schembri's single, continuous multiple-step statement of comprehenslve Income for 2021, Including earnings per share disclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 400,000 shares were Issued on July 1. 2021. B. Prepare a separate statement of comprehenslve Income for 2021. SCHEMBRI MANUFACTURING CORPORATION Statement of Comprehensive Income For the Year Ended December 31, 2021 ($ in 000s) Sales revenue 15,300 Cost of goods sold 6,200 Gross profit 9,100 Selling expenses (1,300) General and administrative expenses (800) Restructuring costs (1,200) Total operating expenses 3,300Operating income 5,800Other income (expense): Interest expense $(180)Loss on sale of investments 220Interest revenue 85Other income, net (315) Income from continuing operations before income taxes 5,485 Income tax expense (2,194) Income from continuing operations 3,291 Discontinued operations Income on discontinued operations 0 Net income 3,291Other comprehensive income, net of taxComprehensive income 0Eamings per share 3,291 Net income

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 16:30
Gather reliable information to brent make his decision. to gather this information, use newspapers, call insurance companies or look at their web sites, and review consumer magazines and web sites. also, look at the manufacturer web site or for information about gas mileage. list the sources you use and take notes.
Answers: 3
question
Business, 21.06.2019 19:30
The revenues of a company increased by 39% in year one and decreased 22% in year two. what is the overall change over the two-year period?
Answers: 1
question
Business, 22.06.2019 08:00
Who is not spending wisely? erika goes shopping and saves her receipts. she totals how much she spent and writes it down. mia needs to buy a new pair of shoes because she joined the soccer team. she looks at newspaper ads to find the best price. lauren has been thinking about getting a puppy for a long time. she walks by the pet store at the mall and decides to get a puppy. erin makes a purchase online using a credit card. she knows that she can pay the entire bill when it arrives.
Answers: 2
question
Business, 22.06.2019 10:30
Marketing1. suppose the average price for a new disposable cell phone is $20, and the total market potential for that product is $4 million. topco, inc. has a planned market share of 10 percent. how many phones does topco have the potential to sell in this market? 20,0002. use the data from question 3 to calculate topco, inc.'s planned market share in dollars. $400,0003. atlantic car rental charges $29.95 per day to rent a mid-size automobile. pacific car rental, atlantic's main competitor, just reduced prices on all its car rentals. in response, atlantic reduced its prices by 5 percent. now how much does it cost to rent a mid-size automobile from atlantic? $28.45
Answers: 1
You know the right answer?
The following Income statement items appeared on the adjusted trial balance of Schembrl Manufacturin...
Questions
question
Engineering, 10.04.2020 15:28
Questions on the website: 13722360