Business, 21.09.2020 23:01 bellavelasco

Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 2017. Net sales $5,281,954
Costs and expenses:
Cost of products sold 4,765,505
Marketing, administrative, and other expenses 193,147
Interest expense 17,143
Other, net 54,529
Total expenses before taxes 5,030,324
Earnings before income taxes 251,630
Provision for income taxes (75,489)
Net income 176,141
Retained earnings at 1/1/17 3,046,660
Dividends on common stock (100,000)
Retained earnings at 12/31/17 $3,122,801

Additional facts gleaned from notes to Hardrock’s financial statements follow (dollar amounts in thousands):

a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses.
b. Marketing, administrative, and other expenses for 20X1 included a loss on currency translation of $55.
c. All of these transactions were subject to Hardrock’s income tax rate of 21%.
d. Hardrock disclosed earnings per share data only in the notes to the financial statements. The company had 10,000,000 shares of common stock outstanding throughout 20X1.

Required:
Recast this single-step combined income statement and retained earnings statement as a multiple-step income statement. Include appropriate per share amounts.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 03:40

Oceanside marine company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. oceanside uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 2 pound per unit; $ 11 per pound direct labor: 2 hours per unit; $ 19 per hour oceanside produced 2 comma 000 units during the quarter. at the end of the quarter, an examination of the direct materials records showed that the company used 7 comma 500 pounds of direct materials and actual total materials costs were $ 98 comma 100. what is the direct materials cost variance? (round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)

Answers: 1

Answer

Business, 22.06.2019 10:40

Parks corporation is considering an investment proposal in which a working capital investment of $10,000 would be required. the investment would provide cash inflows of $2,000 per year for six years. the working capital would be released for use elsewhere when the project is completed. if the company's discount rate is 10%, the investment's net present value is closest to (ignore income taxes) ?

Answers: 1

Answer

Business, 22.06.2019 13:10

Laval produces lamps and home lighting fixtures. its most popular product is a brushed aluminum desk lamp. this lamp is made from components shaped in the fabricating department and assembled in the assembly department. information related to the 22,000 desk lamps produced annually follows.direct materials $280,000direct labor fabricating department (8,000 dlh × $24 per dlh) $192,000assembly department (16,600 dlh × $26 per dlh) $431,600machine hours fabricating department $15,200mhassembly department $20,850mhexpected overhead cost and related data for the two production departments follow.fabricating assemblydirect labor hours 150,000dlh 295,000dlhmachine hours 161,000mh 128,000mhoverhead cost $400,000 430,000required1. determine the plantwide overhead rate for laval using direct labor hours as a base.2. determine the total manufacturing cost per unit for the aluminum desk lamp using the plantwide overhead rate.3. compute departmental overhead rates based on machine hours in the fabricating department and direct labor hours in the assembly department.4. use departmental overhead rates from requirement 3 to determine the total manufacturing cost per unit for the aluminum desk lamps.

Answers: 3

Answer

Business, 22.06.2019 16:40

Job applications give employers uniform information for all employees,making it easier to

Answers: 1

Answer

You know the right answer?

Presented below is a combined single-step income and retained earnings statement for Hardrock Mining...

Questions