Answers for the following problems; I’m stuck??? Brief Exercise


Question Description:

30

Oct 26, 2015. Answers for the following problems; I’m stuck??? Brief Exercise 18-6 Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $4,000 of prepaid cards in January 2014. It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,000. Indicate how much income Telephone Sellers should recognize in January, February, March, and April. January income $ February income $ March income $ April income $ Brief Exercise 4-4Finley Corporation had income from continuing operations of $10,600,000 in 2014. During 2014, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2014. Finley had 10,000,000 shares of common stock outstanding during 2014. Prepare a partial income statement for Finley beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.) FINLEY CORPORATION Income Statement (Partial) 2014 Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant DivisionLoss From Operation of Discontinued Restaurant DivisionNet Income / (Loss) $ Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant DivisionLoss From Operation of Discontinued Restaurant DivisionNet Income / (Loss) Discontinued Operations    Earnings Per Share    Income From Continuing Operations    Loss From Disposal of Restaurant Division    Loss From Operation of Discontinued Restaurant Division    Net Income / (Loss) $ Discontinued Operations    Earnings Per Share    Income From Continuing Operations    Loss From Disposal of Restaurant Division    Loss From Operation of Discontinued Restaurant Division    Net Income / (Loss) Discontinued OperationsEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant DivisionLoss From Operation of Discontinued Restaurant DivisionNet Income / (Loss) $ Discontinued Operations, Net of TaxEarnings Per ShareIncome From Continuing OperationsLoss From Disposal of Restaurant DivisionLoss From Operation of Discontinued Restaurant DivisionNet Income / (Loss) Discontinued Operations, Net of Tax    Earnings Per Share    Income From Continuing Operations    Loss From Disposal of Restaurant Division    Loss From Operation of Discontinued Restaurant Division    Net Income / (Loss) $ Discontinued Operations, Net of Tax    Earnings Per Share    Income From Continuing Operations    Loss From Disposal of Restaurant Division    Loss From Operation of Discontinued Restaurant Division    Net Income / (Loss) Discontinued Operations, Net of Tax    Earnings Per Share    Income From Continuing Operations    Loss From Disposal of Restaurant Division    Loss From Operation of Discontinued Restaurant Division    Net Income / (Loss) $ Thank you, sanderson9283
posted a question · Oct 26, 2015 at 3:50am

Answer

30