Prepare shortened income statement for abc for the year

Assignment Help Accounting Basics
Reference no: EM132771102

Questions -

Q1. ABC Company sells Rs. 1,000,000 general obligation bonds for 103. The interest rate on the bonds, paid quarterly, is 5 percent. Calculate the amount that the company will actually receive from the sale of the bonds.

a. Rs. 1,030,000

b. Rs. 1,000,000

c. Rs. 970,000

d. None of the above

Q2. ABC Company had total revenue and expense of $1,600,000 and $1,300,000, respectively, in the current financial year. Moreover, the company had a gain of $240,000 that resulted from the passage of new legislation, which is considered unusual and infrequent for financial reporting purposes. The gain is expected to be subject to a 30% percent income tax rate. Prepare shortened income statement for ABC for the year.

a. $4,68,000

b. $5,68,000

c. $5,40,,000

d. $26,90,000

Reference no: EM132771102

Questions Cloud

Explain to your boss the importance of a project charter : You have been assigned as the project manager to oversee a project for your organization for a six-month, nation-wide recruitment program.
What are the top three things we do well : Your Mastering the Challenges of Leading Change text suggests three simple questions can help leaders understand the needed change in organizations.
Demonstrate ethical and professional behavior : Exploring how technology should be used, instead of asking how social work professionals can effectively use it, manipulate it, and leverage it to meet needs
Essential while designing organization : Discuss the ideas that are essential while designing an organization.
Prepare shortened income statement for abc for the year : The gain is expected to be subject to a 30% percent income tax rate. Prepare shortened income statement for ABC for the year
How you summarize and cover the information : Summarize a 3 page paper on global communications. With this paper, how you summarize and cover this information is your choice. The response must be typed.
Emerging infectious diseases : An area of microbiology receiving considerable attention now is emerging infectious diseases, which are considered to be newly evolved pathogens that have "emer
Primary benefits of using hanging-drop method : 1. What are the primary limitations imposed by using Hanging-drop method (or Wet mount) to observe microorganisms? State at least two (2) accounts with brief ex
Describe target corporation primary business activities : Describe "Target Corporation" primary business activities.

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