Prepare a multiple-step income statement for Fred Inc

Assignment Help Financial Accounting
Reference no: EM132816432

Question - Fred Inc is a small retail company with the following data for the year ended Dec 31

Sales Revenue $800,000

Pretax loss from operation of discontinued division 15,000

Cost of goods sold 185,000

Pretax gains from foreign currency translation 30,000

Pretax deferred loss on derivative 50,000

Pretax loss on disposal of discontinued division 70,000

Selling expenses 25,000

Administrative expenses 45,000

Interest revenue 108,000

Loss on write-down of obsolete inventory 10,000

Shares of common stock outstanding, 10,000 shares.

Tax rate of 30% on all items

Required - Prepare a multiple-step income statement for Fred, Inc. for the year ended December 31, 2020 including earnings per share, and a comprehensive income statement (starting with Net Income).

Reference no: EM132816432

Questions Cloud

Focus on empowering leadership : This journal articles focus on empowering leadership and effective collaboration in geographically dispersed teams,
What are the expectations of the people in your field : What are the expectations of the people in your field - How will you ensure that your argument has consistency and clarity? How will you present reasonable
Discuss the human causal factors leading to the accident : From this information you will summarize the cause of the accident and discuss the HUMAN causal factors leading to the accident (i.e., decision making).
What is the actual amount needs to pay for xyz company : XYZ Company sold10 units of goods with a unit list price of P 2,000 on January 1, 2020, what is the actual amount he needs to pay?
Prepare a multiple-step income statement for Fred Inc : Prepare a multiple-step income statement for Fred, Inc. for the year ended December 31, 2020 including earnings per share
What is your common sense telling you in the given situation : Given the aforementioned case, what is your common sense telling you in this situation? You do not need to know theory for this assignment.
Identify leader traits and attributes : Discuss and identify leader traits and attributes that are most beneficial in implementing the best decisions in an organization.
Which def co would report net sale revenue on statement : Which DEF Co. would report net sale revenue on its statement of comprehensive income amounting to? Credit sales 280,000. Sales discounts 25,000
Greatest threat to security of information : What or who do you think is the greatest threat to the security of information today? What computer security incidents have been in the news recently?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What happened as a result of the business event

What happened as a result of the business event? describes the effect of these events on the elements of the company's financial statements?

  Determine the excess of revenues over expenses for june

Prepare an unadjusted trial balance for First-Class Designs as of June 30, 2014 - determine the excess of revenues over expenses for June.

  How much will have at the end of two years

You are hoping this return will continue for the next two years. If the return remains at 53.67%, how much will you have at the end of 2 years?

  Fair value measurement based on a transfer price

How does fair value measurement based on a transfer price differ from a valuation based on settlement of a liability with the counterparty?

  Compute the degree of operating leverage for the level

Compute the degree of operating leverage for the level of production and sales 484 swim trunks. Round the answer to two decimal places

  What is the after tax cost of debt

Suspect Corp. issued a bond with a maturity of 30 years and a semiannual coupon rate of 6 percent 4 years ago. What is the after tax cost of debt

  Analyze adjustment for supplies using t accounts

Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal.

  Classified as a facility-level cost

Easton can currently purchase the scooters it makes from another company. If the company purchases the scooters, Easton would still continue to use its own logo, sales staff, and advertising programs. Which of the following costs would be classified ..

  What is impact of understanding of a client internal control

In relation to the "three phases of audit" in which phase does an auditor commonly obtain her/his understanding of a client's internal control systems?

  Should caroline candles buy the equipment at the time

Should Caroline's Candles buy the equipment at this time? Why or why not? Caroline's Candles would like to buy $134,000 of new candle-making

  Determine what is the duration of the bond

Bond currently, Suppose that if the yield increases by 25 basis points, the price of the bond falls to $1,025. What is the duration of this bond?

  Calculate the profit for malaysian

Calculate the profit. You notice that Bank A is buying MYR at MYR4.8180/EUR and selling MYR at MYR4.8170/EUR. Malaysian investor with MYR100,000 to invest.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd