Maurice Tutor

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Category > Management Posted 06 Apr 2018 My Price 9.00

Zen Corporation

Selected account balances from the adjusted trial balance for Zen Corporation as of its calendar year-end December 31, 2011, follow.

 

Debit

Credit

a. Income taxes expense                                                    

$ ?

 

b. Correction of overstatement of prior year’s sales (pretax)                      

17,000

 

c. Loss on sale of machinery                                               

26,850

 

d. Loss from settlement of lawsuit                                            

24,750

 

e. Other operating expenses                                                

107,400

 

f. Accumulated depreciation—Machinery                                      

 

$ 72,600

g. Gain from settlement of lawsuit                                            

 

45,000

h. Accumulated depreciation—Buildings                                       

 

175,500

i. Loss from operating a discontinued segment (pretax)                          

19,250

 

j. Gain on insurance recovery of tornado damage (pretax and extraordinary)        

 

30,120

k. Net sales                                                              

 

999,500

l. Depreciation expense—Buildings                                           

53,000

 

m. Depreciation expense—Machinery                                          

35,000

 

n. Gain on sale of discontinued segment’s assets (pretax)                         

 

35,000

o. Accounts payable                                                       

 

45,000

p. Interest revenue                                                         

 

15,000

q. Cost of goods sold                                                      

483,500

 

Required

Answer each of the following questions by providing supporting computations.

1. Assume that the company’s income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the four items labeled pretax.

2. What is the amount of income from continuing operations before income taxes? What is the amount of the income taxes expense? What is the amount of income from continuing operations?

3. What is the total amount of after-tax income (loss) associated with the discontinued segment?

4. What is the amount of income (loss) before the extraordinary items?

5. What is the amount of net income for the year?

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Apr 2018 05:04 PM My Price 9.00

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