a) For the year 2009, Tally Corporation reported $120,000pretax income (average annual income tax rate of 30%). Theafter tax income was ? b) Time Corporation reported the following for2006
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Capital stock
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20,000 shares outstanding
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Revenues
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$500,000
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Expenses
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$350,000
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What was the amount of earnings per share? c) In 2004, Coca Cola reported net operating revenues of$18,158 million, gross profit of $7,387 million, operating incomeof $1,436 million, income before taxes of $818 million and netincome of $596 million. Their net profit margin for 2004is? d) At the end of 2009, the following data weretaken from the accounts of AlbertCompany:
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Contributed Capital
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$ 555,000
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Retained earnings, beginning balance January 1, 2009
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300,000
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Total revenue earned during 2009
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900,000
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Total expenses incurred during 2009
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810,000
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Total cash collected during 2009
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890,000
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The 2009 closing entries would include a
A) $80,000 net credit to Retainedearnings.
B) $80,000 net debit to Retainedearnings.
C) $90,000 debit to Retainedearnings.
D) $90,000 credit to Retained earnings.