4.8
4.9
4.7

# accounting timed exercise

Exercise 1: (60 points)During year 2021, Linston Inc. obtained an income after taxes from continuing activities of \$1,293,000During 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.
During the year, the company obtained a net income of \$127,000This 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 \$347,0001.- 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)

## Ordering Homework Writing Service

You can get our ideal online homework help services with four easy steps. All you have to do is inform us of your requirements. Immediately we will match with a specialist in your academic discipline. After that, we will track your order, review it to ensure it meets your requirements, and submit it to your email.

#### Submit Requirements

Fill in your assignment instructions on the order form

#### Quality review

We have a team of editors, who will thoroughly review your assignment, ensuring there are no errors before submission

### Affordable

Budget-friendly writing services

### Privacy

We don’t share our client’s information with a third party

### Unique

We write every assignment from scratch

## Amazing Homework Writing Features

Once you consult us for homework help online services, you will attest to why we are among the USA's best essay writing services.

Read on and find out some of the features that make our services superlative.

## Free Homework Writing Services

#### Free plagiarism checker

You can confirm that the content you get is original for free using our plagiarism checker.

#### Free title page and bibliography

Once you place an order, we format it accordingly without demanding additional charges.

#### Free unlimited revisions

We offer free unlimited revisions until your assignment is of your desired quality..