Accounting timed exercise | Accounting homework help

  1. Exercise 1: (60 points)
    During year 2021, Linston Inc. obtained an income after taxes from continuing activities of $1,293,000
    During the month of November, an earthquake affected one of the company’s plant and implied a loss before taxes of $160,000. Also, the company decided to sell a segment of activity. The segment generated losses before taxes prior to its disposal for $36,000. The sale of the assets of the segment implied a loss before taxes of $20,000

Finally, the accountant of the company decided to change the depreciation method of the assets from straight line to double declining balance method. This implied an additional expense of $23,000

Tax rate is 25%.
1.- Prepare the income statement of the company and calculate the net income obtained in 2021 (30 points)

2.- Prepare the earning per share figure for each section of the income statement taking into account that the company had an average of 80,000 shares of common stocks outstanding throughout year 2021, and 10% preferred stocks outstanding for a total amount of $1,200,000. (30 points)

Exercise 2: (40 points)
The company shows the following balances for certain current assets and current liabilities accounts at January 1, 2021 and December 31, 2021.

page2image2670825632page2image2670825984page2image2670826272page2image2670842736

During the year, the company obtained a net income of $127,000
This net income includes the gain of $12,000 obtained in the sale of a plant asset for a total price of $123,000, and a depreciation expense of $123,000. Besides, during the year 2021 the company paid dividends for $50,000 to its stockholders and issued common stocks for a total amount of $40,000 During year 2021, the company repaid a note payable for $54,000.
On January 1st, 2021, the balance of the cash account was $347,000
1.- Prepare a statement of cash flow separating cash flows from operating, investing and financing activities (30 points)
2.- Calculate the balance of the cash account at December 31. (10 points)

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.

Professional Academic Writers

Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.

Affordable Prices

Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.

On-Time delivery

We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.

100% Originality

At Essay USA, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.

Customer Support 24/7

Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: support@acmehomework.com.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Essay USA has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At Essay USA, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.