The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $17,900: cost of goods sold, $7,500; selling expenses. $1,430; general and administrative expenses, $930; interest revenue, $200; interest expense, $310. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. The company's controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021($ in thousands). All transactions are material in amount. 1. Investments were sold during the year at a loss of $350. Schembri also had an unrealized gain of $460 for the year on investments in debt securities that qualify as components of comprehensive income. 2. One of the company's factories was closed during the year. Restructuring costs incurred were $1,600 Check my work 3. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $680 in 2021 prior to the sale, and its assets were sold at a gain of $1,660. 4. In 2021, the company's accountant discovered that depreciation expense in 2020 for the office building was understated by $330. 5. Negative foreign currency translation adjustment for the year totaled $380. Required: 1. Prepare Schembri's single, continuous multiple-step statement of comprehensive income for 2021, including earnings per share disclosures.2. Prepare a separate statement of comprehensive income for 2021.

Answer:

A.Net income $5,155

Earning per share :-

Income from continuing operation 3.20

Income from discontinued operation 0.47

Net income 3.67

B. Comprehensive income $5,215

Explanation:

A. Preparation of statement of comprehensive income for 2021, including earnings per share disclosures

SCHEMBRI MANUFACTURING CORPORATION

Statement of Comprehensive Income

For the Year Ended December 31, 2021

($ in 000s)

Sales revenue $17,900

Cost of goods sold ($7,500)

Gross profit $10,400

Operating expenses:

Selling expenses ($1,430)

General and administrative expenses ($930)

Restructuring costs ($1,600)

Total operating expenses ($3,960)

Operating income $6,440

(10,400-3,960)

Other income (expenses):-

Loss on sale of investment $(350)

Interest expenses $(310)

Interest revenue $200

Other income (expenses) $(460)

Income from continue operation before income tax $5,980

(6,440-460)

Income tax expenses (25%*5,980) $1,495

Income from continuing operations $4,485

(5,980-1,495)

Discontinued operation :-

Income from operation of discontinued component (1,660-680) $980

Income tax expenses $(310)

Income from discontinued operation $670

(980-310)

Net income $5,155

(4,485+670)

Other comprehensive income (loss)

Unrealized gain from investment,net of tax [460*(1-25%)] $345

Loss from foreign currency translation , net of tax [380*(1-25%)] $(285)

Total other comprehensive income $60

(345-285)

Comprehensive income $5,215

(5,155+60)

Earning per share :-

Income from continuing operation 3.20

Income from discontinued operation 0.47

Net income 3.67

Workings for Earning per share

Weighted average share = 1,000,000+(800,000/2)

Weighted average share = 1,000000+400,000

Weighted average share = 1,400,000

Net income from continue operation = 4,485/1400 = 3.20

Net income from discontinued operation = 670/1400 = 0.47

2. Preparation of a separate statement of comprehensive income for 2021.

SCHEMBRI MANUFACTURING CORPORATION

Statement of comprehensive income

For the year ended December 31,2021

Net income $5,155

(4,485+670)

Other comprehensive income (loss)

Unrealized gain from investment,net of tax [460*(1-25%)] $345

Loss from foreign currency translation , net of tax [380*(1-25%)] $(285)

Total other comprehensive income $60

(345-285)

Comprehensive income $5,215

(5,155+60)

If the equilibrium price for tickets to a a Lady Antebellum concert is $100 each and they sell them for $85,

Which go where? Put the letter next to the right one , there could be the same letter for each one more than once

In a paragraph of 250 words or less, please discuss areas of outstanding achievements. Give examples such as scholarships, leadership roles, major projects, work experience, etc. Outstanding achievements will be reviewed by all selected major choices to which you apply.

g Which of the following statements is correct? Multiple Choice If supply declines and demand remains constant, equilibrium price will fall. If demand increases and supply decreases, equilibrium price will fall. If demand decreases and supply increases, equilibrium price will rise. If supply increases and demand decreases, equilibrium price will fall.

Which of the following is most likely to raise a significant ethical issue? (select one).
An Undergraduate is asking participants about their impressions of changes in book illustration.
An Undergraduate studying sociolinguistics wants to research the Polish community in Cambridge. She is interested in which parents use Polish to speak to their children and which English. The researcher mixes with Polish people to observe them, but does not let anyone know she understands Polish.
Analysing public spending patterns over a 5-year period using secondary research resources.

Which of the following statements are accurate regarding the importance of learning about a company's mission and vision statements before a job interview? (select all that apply)- these statements tell you why the company exists- these statements tell you what the company wants to achieve over time- you will be a better fit for a company if you support their mission and vision statements

in a 3 - 4 page essay, discuss warren Buffett's approach to business dealings, especially as they relate to business ethics.
Compare that approach to Benie Madoff's.
Apply ethical philosophies that you have learned about in this module and state which you think apply to Mr. Buffett.

Which ethical philosophies apply to Mr. Madoff? Why?

How can problem solving skills assist a grade 12 leaver in the world of work

LEARNING OUTCOMES Occupational learning materials are organized for efficient use. Layout and presentation of learning materials are understood and used effectively. Technical language/ terminology is engaged with, and clarification sought if needed. ACTIVITY 4 Explain how you will find information on the different languages that people speak in your town. State which research tools you will use to do research on this topic?​

If you were selected for this grant, how would you use the funds in the next year?

f Honduras is open to international trade in oranges without any restrictions, it will import
tons of oranges.
Suppose the Honduran government wants to reduce imports to exactly 100 tons of oranges to help domestic producers. A tariff of
$
per ton will achieve this.
A tariff set at this level would raise
$
in revenue for the Honduran government.

Give a deeper understanding and explanation on this qoute:  "LEADERS DON'T FORCE PEOPLE  TO FOLLOW, THEY INVITE THEM ON A JOURNEY"​

A competitive market has the demand function p = 49 - 2q and the supply function p = 3 + 3q.
Calculate the equilibrium quantity (i.e. solve the simultaneous equations for q). (Round your answer

ILL GIVE BRAINLIEST Jessie has been renting for several years and although many of his friends have purchased a home, Jessie believes renting is best for him. What is one advantage Jessie receives from renting? *
A. privacy
B. tax deductions received
C. greater flexibility in moving
D. ability to make permanent changes to his apartment

whats the difference between elastic and inelastic in business

Luca wants to identify and quantify the chemicals causing air pollution in a city, but he is using a manual air sampler to collect air samples.The density of gold is 19.3 g/cm3. What is the volume of a 13 g gold nugget? (Density: D = )

T/F: A brokerage account is an account you use to pay taxes on our investments.

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life assurance forms part of...... insurance?​

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2. What are 2-3 reasons why the product (saving or investing) might NOT be a good idea for someone to use for growing their money?

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Bob lives in Miami and runs a business that sells guitars. In an average year, he receives $793,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $430,000; he also pays wages and utility bills totaling $301,000. He owns his showroom; if he chooses to rent it out, he will receive $15,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Bob does not operate this guitar business, he can work as a financial advisor, receive an annual salary of $50,000 with no additional monetary costs, and rent out his showroom at the $15,000 per year rate. No other costs are incurred in running this guitar business.

Identify each of Bob’s costs as either an implicit cost or an explicit cost of selling guitars.

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b. The wages and utility bills that Bob pays
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1) Company's most recent income statement is given below.
Sales (8,000 units) $160,000
Less variable expenses (68,000)
Contribution margin 92,000
Less fixed expenses (50,000)
Net income $42,000
Required:
a. Contribution margin per unit is $ ________ per unit
b. If sales are doubled total variable costs will equal $ ________
c. If sales are doubled total fixed costs will equal $ ________
d. If 20 more units are sold, profits will increase by $ ________
e. Compute how many units must be sold to break even. # ________
f. Compute how many units must be sold to achieve
operating income of $60,000. # ________
g. Compute the revenue needed to achieve an after tax
income of $35,000 given a tax rate of 30%. $ ________
h. What is the margin of safety percentage at 7000 units sold? ________%

2) The Company uses a normal job-costing system at its Florida plant. The

plant has a machining department and an assembly department. Its job-costing system has two direct-
cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost

pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the
assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The
2020 budget for the plant is as follows:

Machine Department Assembly Department
Manufacturing overhead $1,800,000 $4,000,000
Direct manufacturing labor costs $1,400,000 $2,000,000
Direct manufacturing labor-hours 180,000 250,000
Machine-hours 50,000 250,000
Requirements
1. Compute the overhead rates per department.
During February, the job-cost record for Job 494 contained the following:

Machine Department Assembly Department

Direct materials used $45,000 $74,000
Direct manufacturing labor costs $19,000 $20,000
Direct manufacturing labor-hours 1,400 1,800
Machine-hours 2,100 1,100
2. Compute the total manufacturing overhead costs allocated to Job 494
3. Compute the costs of producing Job 494
4. At the end of 2020, the actual manufacturing overhead costs were $2,000,000 in machining and
$4,100,000 in assembly. Assume that 54,000 actual machine-hours were used in machining and

that actual direct manufacturing labor costs in assembly were $2,300,000. Compute the under-
allocated or over-allocated manufacturing overhead for each department.

3) Company manufactures a specialized hoverboard. Company began 2017 with an inventory of
240 hoverboards. During the year, it produced 1,200 boards and sold 1,300 for $800 each. Fixed
production costs were $319,000, and variable production costs were $375 per unit. Fixed advertising,
marketing, and other general and administrative expenses were $150,000, and variable selling costs were
$20 per board. Assume that the cost of each unit in beginning inventory is equal to 2017 production costs.
Required:
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2. Prepare an income statement assuming Mitchco uses absorption costing. Mitchco uses a denominator
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Lieutenant Smith took over her job 2 months after the unit had received a rating of “marginal” by the numbered Air Force Inspector General’s evaluation team. At the end of her first week on the job, Lt Smith called her NCOIC and key supervisors together and told them that she wouldn’t tolerate marginal performance, that she had previous experience in this type of work, and would be looking at the quality of their work very closely. Since that time, Lt Smith has attempted to supervise every phase of work in her office and, at times, has involved herself in even the most routine decisions. Lt Smith assigns people to certain jobs within the office, plans the work schedule, leave schedule, and does most of the counseling in the office.
In the last 6 months, Lt Smith has ordered several people to work overtime to complete routine work ahead of schedule. Each time this has happened, the NCOIC has asked the lieutenant for permission to speak to her immediate supervisor. On each occasion, the lieutenant has told the senior master sergeant he must not take these internal problems to you, because she’ll take care of any problems in her section--and the NCOIC should remember who writes his EPR.
Most of the time, when Lt Smith approaches the work or break area where the workers are congregated, she notices all conversation stops and the personnel won’t talk to her unless she addresses them first. After reviewing a report yesterday, Lt Smith became very impatient. She bypassed his NCOIC and took the report directly to the Airman who had typed it. While Lt Smith was berating the Airman about the typing errors, the NCOIC walked into the office and asked the Airman what the problem was. The lieutenant became flustered, told the NCOIC she was tired of doing his job for him, and shoved the report into his hands. Lt Smith then went into her office and slammed the door.
The NCOIC relayed this situation to you and asked for your help. How will you help? BACKGROUND
*ENVIRONMENT: Airforce Base
*PEOPLE INVOLVE: The Captain, Lt Smith, Airman and NCOIC.



PROBLEM DEFINATION
*Lt Smith Unprofessional Behavior



DIAGNOSIS
*Marginal Performance
*Previous Experience
*Enthusiastic With her Job
*Academic Credibility

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a wearable technology that provides customers with on-the-spot personalized experiences


a service that enhances and automates a business' customer acquisition strategy


a hybrid Cloud service that allows multiple customers to share control of applications


a multi-service approach that re-platforms global businesses with greater speed and value


I don't know this yet.

Question 7 of 10
How does fractional reserve banking increase the money supply?
O A. By automatically converting foreign currencies into U.S. dollars on
deposit
O B. By guaranteeing that all deposits are held in reserve as cash at all
times
O C. By using deposited money to make loans without reducing the
value of the deposits
O D. By giving banks the authority to print their own money in an
economic emergency
SUBMIT

Alfred E. Old and Beulah A. Crane, each age 42, married on September 7,2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorce from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry.Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society.Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. They received $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Alfred and Beulah have never owned or used any virtual currency, and they do not want to contribute to the Presidential Election Campaign. Compute the Old's net tax payable (or refund due) for 2019. Suggested software: ProConnect Tax Online

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HỆ SỐ GIẢM PHÁT GDP LÀ

61. Use the following facts to construct a coherent paragraph with a topic sentence and appropriate
transitional expressions in the supporting sentences.