Homework Answers
Since tax rate is not provided it is not considered while preparing income statement.
| Sales Revenue | $ 13,81,700.00 | |
| Less: Sales return and allowances | $ -1,51,700.00 | |
| less: Sales Discounts | $ -46,700.00 | |
| Net Sales | $ 11,83,300.00 | |
| Less: Cost of goods sold | $ -6,22,700.00 | |
| Gross Profit | $ 5,60,600.00 | |
| Operating Expenses | ||
| Selling Expense | $ -1,95,700.00 | |
| Administrative Expense | $ -98,700.00 | $ -2,94,400.00 |
| Operating Income: | $ 2,66,200.00 | |
| Non Operating Items: | ||
| Interest Revenue | $ 87,700.00 | |
| Interest Expense | $ -61,700.00 | $ 26,000.00 |
| Income Before income tax | $ 2,92,200.00 | |
| Less: Income tax | $ - | |
| Income from continuing Operations | $ 2,92,200.00 | |
| Extraordinary Items: | ||
| Loss from earthquake damage, | $ -1,51,700.00 | |
| Net Income | $ 1,40,500.00 | |
| Earnings per share | ||
| Earnings per share of continuing Operations | =292200/100000 | $ 2.92 |
| Earnings per share of Extraordinary Items | =-151700/100000 | $ -1.52 |
| Net Earnings per share | $ 1.41 |
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The following balances were taken from the books of Vaughn Corp. on December 31, 2020. Con-...
The following balances were taken from the books of Oriole Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Oriole Corp. on December 31, 2020. Interest revenue $87,950 Accumulated depreciation—equipment $41,950 Cash 52,950 Accumulated depreciation—buildings 29,950 Sales revenue 1,381,950 Notes receivable 156,950 Accounts receivable 151,950 Selling expenses 195,950 Prepaid insurance 21,950 Accounts payable 171,950 Sales returns and allowances 151,950 Bonds payable 101,950 Allowance for doubtful accounts 8,950 Administrative and general expenses 98,950 Sales discounts 46,950 Accrued liabilities 33,950 Land 101,950 Interest expense 61,950 Equipment 201,950 Notes payable 101,950 Buildings 141,950...
The following balances were taken from the books of Concord Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Concord Corp. on December 31, 2020. Interest revenue $87,200 Accumulated depreciation-equipment $41,200 Cash 52,200 Accumulated depreciation-buildings 29,200 Sales revenue 1,381,200 Notes receivable 156,200 Accounts receivable 151,200 Selling expenses 195,200 Prepaid insurance 21,200 Accounts payable 171,200 Sales returns and allowances 151,200 Bonds payable 101,200 Allowance for doubtful accounts 8,200 Administrative and general expenses 98,200 Sales discounts 46,200 Accrued liabilities 33,200 Land 101,200 Interest expense 61,200 Equipment 201,200 Notes payable 101,200 Buildings Loss...
The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable $41,250 29,250 Cash Sales revenue 156,250 Accounts receivable 195,250 Prepaid insurance 171,250 $87,250 52.250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 Sales returns and allowances 101,250 Allowance for doubtful accounts Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable 98,250 Sales discounts 33,250 Land 61.250 Equipment 101,250 Buildings Cost...
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest revenue $87.650 Accumulated depreciation equipment $41,650 Cash 52,650 Accumulated depreciation-buildings 29,650 Sales revenue 1,381,650 Notes receivable 156,650 Accounts receivable 151,650 Selling expenses 195,650 Prepaid insurance 21,650 Accounts payable 171,650 Sales returns and allowances 151,650 Bonds payable 101,650 Allowance for doubtful accounts 8,650 Administrative and general expenses 98,650 Sales discounts Accrued liabilities 33,650 46,650 101,650 Land Interest expense 61,650 Equipment 201.650 Notes payable 101.650 Buildings...
The following balances were taken from the books of Concord Corp. on December 31, 2017. Interest...
The following balances were taken from the books of Concord
Corp. on December 31, 2017.
Interest revenue $87,350
Accumulated depreciation—equipment $41,350
Cash 52,350
Accumulated depreciation—buildings 29,350
Sales revenue 1,381,350
Notes receivable 156,350
Accounts receivable 151,350
Selling expenses 195,350
Prepaid insurance 21,350
Accounts payable 171,350
Sales returns and allowances 151,350
Bonds payable 101,350
Allowance for doubtful accounts 8,350
Administrative and general expenses 98,350
Sales discounts 46,350
Accrued liabilities 33,350
Land 101,350
Interest expense 61,350
Equipment 201,350
Notes payable 101,350
Buildings...
Exercise 4-06 The following balances were taken from the books of Nash Corp. on December 31,...
Exercise 4-06 The following balances were taken from the books of Nash Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,050 52,050 1,381,050 151,050 21,050 151,050 8,050 46,050 101,050 201,050 141,050 622,050 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake...
Exercise 4-6 The following balances were taken from the books of Sheffield Corp. on December 31,...
Exercise 4-6 The following balances were taken from the books of Sheffield Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,800 52,800 1,381,800 151,800 21,800 151,800 8,800 46,800 101,800 201,800 141,800 622,800 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake...
Exercise 4-6 The following balances were taken from the books of Flounder Corp. on December 31,...
Exercise 4-6 The following balances were taken from the books of Flounder Corp. on December 31, 2017 Interest revenue $88,000 Accumulated depreciation-equipment $42,000 Cash 53,000 Accumulated depreciation-buildings 30,000 Sales revenue 1,382,000 Notes receivable 157,000 Accounts receivable 152,000 Selling expenses 196,000 Prepaid insurance 22,000 Accounts payable 172,000 Sales returns and allowances 152,000 Bonds payable 102,000 Allowance for doubtful accounts 9,000 Administrative and general expenses 99,000 Sales discounts 47,000 Accrued liabilities 34,000 Land 102,000 Interest expense 62,000 Equipment 202.000 Notes payable 102,000...
(Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31,...
(Multiple-Step Statement) The following balances were taken from the books of Alonzo Corp. on December 31, 2017. Interest revenue $ 86,000 Accumulated depreciation—equipment $ 40,000 Cash 51,000 Accumulated depreciation—buildings 28,000 Sales revenue 1,920,000 Notes receivable 155,000 Equity earnings 30,000 loss from disposal of production lines 15,000 Accounts receivable 150,000 Selling expenses 194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 Allowance for doubtful accounts 7,000 Administrative and general expenses 97,000 Sales discounts 45,000 ...
The following balances were taken from the books of Flint Corp. on December 31, 2017. Interest...
The following balances were taken from the books of Flint Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,900 52,900 1,381,900 151,900 21,900 151,900 8,900 46,900 101,900 201,900 141,900 622,900 Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage...
The following balances were taken from the books of Concord Corp. on December 31, 2020. Interest revenue $87,200 Accumulated depreciation-equipment $41,200 Cash 52,200 Accumulated depreciation-buildings 29,200 Sales revenue 1,381,200 Notes receivable 156,200 Accounts receivable 151,200 Selling expenses 195,200 Prepaid insurance 21,200 Accounts payable 171,200 Sales returns and allowances 151,200 Bonds payable 101,200 Allowance for doubtful accounts 8,200 Administrative and general expenses 98,200 Sales discounts 46,200 Accrued liabilities 33,200 Land 101,200 Interest expense 61,200 Equipment 201,200 Notes payable 101,200 Buildings Loss...
The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable $41,250 29,250 Cash Sales revenue 156,250 Accounts receivable 195,250 Prepaid insurance 171,250 $87,250 52.250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 Sales returns and allowances 101,250 Allowance for doubtful accounts Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable 98,250 Sales discounts 33,250 Land 61.250 Equipment 101,250 Buildings Cost...
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest revenue $87.650 Accumulated depreciation equipment $41,650 Cash 52,650 Accumulated depreciation-buildings 29,650 Sales revenue 1,381,650 Notes receivable 156,650 Accounts receivable 151,650 Selling expenses 195,650 Prepaid insurance 21,650 Accounts payable 171,650 Sales returns and allowances 151,650 Bonds payable 101,650 Allowance for doubtful accounts 8,650 Administrative and general expenses 98,650 Sales discounts Accrued liabilities 33,650 46,650 101,650 Land Interest expense 61,650 Equipment 201.650 Notes payable 101.650 Buildings...
The following balances were taken from the books of Concord
Corp. on December 31, 2017.
Interest revenue $87,350
Accumulated depreciation—equipment $41,350
Cash 52,350
Accumulated depreciation—buildings 29,350
Sales revenue 1,381,350
Notes receivable 156,350
Accounts receivable 151,350
Selling expenses 195,350
Prepaid insurance 21,350
Accounts payable 171,350
Sales returns and allowances 151,350
Bonds payable 101,350
Allowance for doubtful accounts 8,350
Administrative and general expenses 98,350
Sales discounts 46,350
Accrued liabilities 33,350
Land 101,350
Interest expense 61,350
Equipment 201,350
Notes payable 101,350
Buildings...
Exercise 4-06 The following balances were taken from the books of Nash Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,050 52,050 1,381,050 151,050 21,050 151,050 8,050 46,050 101,050 201,050 141,050 622,050 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake...
Exercise 4-6 The following balances were taken from the books of Sheffield Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,800 52,800 1,381,800 151,800 21,800 151,800 8,800 46,800 101,800 201,800 141,800 622,800 Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake...
Exercise 4-6 The following balances were taken from the books of Flounder Corp. on December 31, 2017 Interest revenue $88,000 Accumulated depreciation-equipment $42,000 Cash 53,000 Accumulated depreciation-buildings 30,000 Sales revenue 1,382,000 Notes receivable 157,000 Accounts receivable 152,000 Selling expenses 196,000 Prepaid insurance 22,000 Accounts payable 172,000 Sales returns and allowances 152,000 Bonds payable 102,000 Allowance for doubtful accounts 9,000 Administrative and general expenses 99,000 Sales discounts 47,000 Accrued liabilities 34,000 Land 102,000 Interest expense 62,000 Equipment 202.000 Notes payable 102,000...
The following balances were taken from the books of Flint Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87,900 52,900 1,381,900 151,900 21,900 151,900 8,900 46,900 101,900 201,900 141,900 622,900 Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage...
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