Prepare a partial income statement for abc

Assignment Help Accounting Basics
Reference no: EM133100773

Question - Compute the present value of the following single amounts to be received at the end of the specified period at the given interest rate. Use the tables in your text.

Item

Value at Expiration

Interest Rate

Number of Periods

a

$40,000

7%

20

b

$20,000

6%

25

c

$50,000

11%

10

ABC, Inc. earned before-tax income of $540,000 for its 2019 fiscal year. During the year the company experienced a $130,000 loss resulting from the sale of a discontinued component. The lost is not included in the $540,000 income figure. The company's income tax rate is 40%.

Required -

1. Prepare a partial 2019 income statement for ABC starting with income before tax and any separately reported items.

2. Repeat requirement 1 assuming that ABC prepares its financial statements according to International Financial Reporting Standards. Explain the difference between a single step and a multi-step income statement.

Reference no: EM133100773

Questions Cloud

How much research and development should be expensed : How much research and development should be expensed in the year ended 30 June, 2018? How to account for that
Define cultural intelligence on your own terms : 1. Define cultural intelligence on your own terms. Compare your definition with the definition below:
Give an example of a successful firm : 1. Why does strategic management process take into consideration the challenging issues of globalization, innovation and sustainability? Discuss.
Explain and analyse the competitiveness of a nation : 1. Explain and analyse the competitiveness of a nation and the competitiveness of an industry. Give an example of a country in Asia which indicates its competit
Prepare a partial income statement for abc : Prepare a partial 2019 income statement for ABC starting with income before tax and any separately reported items
Value of analyzing organizational behavior : What is the value of analyzing organizational behavior from the individual, group, and organizational perspective. What do you think is the benefit of understan
Evidence of that learning in a purposeful manner : The purpose of this last Portfolio task is to demonstrate and highlight some of your learning from the course through reflection, observation, recording, presen
Equity holders will do what is optimal for equity holders : Bondholders are aware that equity holders will do what is optimal for equity holders.
How they will disrupt current industries : 1. Choose one of the technology trends and discuss them in terms of how they will disrupt current industries. (Artificial Intelligence and Machine Learning/or R

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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