WINTON Incorporated had a balance of $88,000 in its quality-…

WINTON Incorporated had a balance of $88,000 in its quality-assurance warranty liability account as of December 31, 2023. In 2024, WINTON’s warranty expenditures paid were $453,000. Its warranty expense is calculated as 1% of sales. Sales in 2024 were $40.8 million. What was the balance in the warranty liability account as of December 31, 2024?

PANTHER LLP started the year with a cash balance of $1,255,0…

PANTHER LLP started the year with a cash balance of $1,255,000. During the year, it reported the following: – $3,690,000  Cash flow provided by Operating activities – $710,000     Cash flow provided by Investing activities – $155,000     Cash flow used for Financing activities   What was the ending cash balance?

THRONE Enterprises reported a pretax book operating loss of…

THRONE Enterprises reported a pretax book operating loss of $425 million in 2023. During 2023, THRONE recorded the following:   $60 million from purchasing insurance that provides coverage for the 2024 year. $12 million in losses due to violations of the law that were paid in 2023.   There were no other permanent or temporary differences. THRONE uses the carryforward method when calculating its taxes. The enacted tax rate is 30%.   The balance of the deferred tax asset at the end of 2023 is  

Use the following information to answer #43-46  pertaining t…

Use the following information to answer #43-46  pertaining to Luna Company:       Additional Information from the accounting records of LUNA Company:                                                                                                 (a) Land that originally cost $15,750 was sold for $21,000                 (b) The common stock of STAR Inc. was purchased for $43,750 as a long-term investment. (c) New equipment was purchased for $262,500 cash.                       (e) A $52,500 bank loan was paid off.                                               (d) Bonds with a face value of $105,000 were issued at par.               (f) Common stock was sold for $133,000.                    (g) Issued a 5% stock dividend (5,000 shares).  The market price of the common stock was $14 per share at the time.                                    (h) Net income was $150,500                                                          (i) Cash dividends of $61,250 were paid to stockholders.  

Questions 35-36 are based on the following information.   MA…

Questions 35-36 are based on the following information.   MANGO Corporation had 150,000 shares of common stock and 20,000 shares of 6%, $100 par convertible preferred stock outstanding during the year. Net income for the year was $550,000 and dividends were paid to both common and preferred shareholders. MANGO’s effective tax rate is 30%.   Each share of preferred stock is convertible into five shares of common stock.     What is MANGO’s basic earnings per share (rounded)?