Question 1:
Please identify the subtotals that would be reported on the income statement (including the amount) as Misty’s earnings per share (EPS)?
Misty’s effective tax rate is 40% and there were 1,000 shares of common stock outstanding.
Question 2:
Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system.
What would Symphony report as total assets? Hint: Don%u2019t forget to deduct the contra assets.
What would Symphony report as total shareholders’ equity? Hint: You will need to deduct dividends. (Points : 15)
Show step by step calculations plz! Need 100% correct answers and leave commments, I will choose the best answers. Need answers in 2 hours plz!