Reference no: EM132000685
Exercise: Shown below are the accounts of Coyote Corporation for 2014.
Telephone and Internet expense (administrative) $ 20,000
Sales commissions 145,000
Sales revenue 885,000
Rent revenue 11,000
Office salary expenses 195,000
Major casualty loss (extraordinary item) 50,000
Loss on sale of equipment 3,000
Loss on disposal of a component of the business 30,000
Interest expense 13,000
Investment revenue 19,500
Dividend received 1,200
Cost of goods sold 408,500
Advertising expense 2,500
Required:
Prepare a multiple-step income statement for 2014 for Coyote Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Coyote Corporation has 50,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. Round all earnings per share figures to the nearest cent. Show four earnings per share calculations.
Calculate the ending goods in process inventory
: If the cost of the beginning goods in process inventory is $10,200, Calculate the ending goods in process inventory
|
Calculate the soup kitchen total annual cost
: A not-for profit organization has three programs: a soup kitchen, a thrift shop, and a homeless shelter. Calculate the soup kitchen total annual cost
|
Prepare the journal entry to record the issuance by karla
: Prepare the journal entry to record the issuance by Karla Industries on Jan 1,2010. Prepare both of the journal entries to record interest on June
|
How should the above information be treated
: How should the above information be treated on the statement of cash flows, assuming that Cannon uses the indirect method
|
Prepare a multiple-step income statement
: Prepare a multiple-step income statement for 2014 for Coyote Corporation that is presented in accordance with generally accepted accounting principles
|
What journal entry is required to correct mansang books
: An internal auditor caught error on April 27, 2014. If Mansang has an effective tax rate of 35%, what journal entry is required to correct Mansang's 2014 books
|
What accounts will created or affected by this transaction
: What accounts will created or affected by this transaction, and how will the lease or asset and other costs related to the transaction be matched with earnings
|
What is flora and earl investment income
: Flora and Earl also received a $100 check for opening up a new brokerage account to buy the Cargill stock. What is Flora and Earl's investment income
|
What is ron adjusted gross income
: Ron's rent in the dormitory where he lived would have been $5,000 for the year. What is Ron's adjusted gross income for 2014
|