SOURCES Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,324,900...
Presented below is information related to Bridgeport Corp. for the year 2017. Net sales $1,324,900 Write-off of inventory due to obsolescence $80,970 Cost of goods sold 788,800 Depreciation expense omitted by accident in 2016 46,300 Selling expenses 67,600 Casualty loss 51,500 Administrative expenses 54,300 Cash dividends declared 46,010 Dividend revenue 27,900 Retained earnings at December 31, 2016 1,020,840 Interest revenue 8,170 Effective tax rate of 34% on all items Exercise 4-9 (Part Level Submission) Presented below is information related to...
Exercise 4-9 Presented below is information related to Pearl Corp. for the year 2017. Net sales $1,392,100 Write-off of inventory due to obsolescence $81,030 Cost of goods sold 780,300 Depreciation expense omitted by accident in 2016 45,000 Selling expenses 74,600 Casualty loss 51,800 Administrative expenses 52,500 Cash dividends declared 41,740 Dividend revenue 27,800 Retained earnings at December 31, 2016 889,370 Interest revenue 7,120 Effective tax rate of 34% on all items Prepare a multiple-step income statement for 2017. Assume that...
Sales revenue Cost of goods sold Gross profit Selling, general, and administrative expenses Loss on sales of securities Income before interest and taxes Interest expense Income before taxes Income tax expense Net income Retained earnings, January 1, 2017 $542,825 (435,550) $107,275 $(65,830) (310) $41,135 (9,220) $31,915 (12,766) $19,149 58,615 $77,764 (12,149) $65,615 Dividends paid on common stock Retained earnings, December 31, 2017 December 31, 2016 Heartland Inc. Comparative Statements of Financial Position (thousands omitted) December 31, 2017 Assets Current assets:...
Sales revenue 350,200 Cost of goods sold 141,800 Fixed costs 42,800 Selling, general, and administrative expenses 28,100 Depreciation 45,900 ASSETS LIABILITIES Cash 16,200 Notes payable 14,100 Accounts receivable 27,900 Accounts payable 19,100 Inventories 47,900 Long-term debt 189,900 Fixed assets 367,800 OWNERS' EQUITY Accumulated depreciation 140,100 Retained earnings Intangible assets 81,800 Common stock 131,900 ASSETS LIABILITIES Cash 25,900 Notes payable 11,800 Accounts receivable 18,900 Accounts payable 23,800 Inventories 52,800 Long-term debt 162,100 Fixed assets 447,900 OWNERS' EQUITY Accumulated depreciation ...
Presented below is information related to Blossom Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,612,000 967.200 80,600 59.520 24,800 8.680 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $99,200 68.200 62,000 55,800 1.215.200 Prepare a multiple-step income statement for 2020. Assume that 94.240 shares...
Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales $1,300,000 Write-off of inventory due to obsolescence $80,000 Cost of goods sold 780,000 Depreciation expense omitted by accident in 2019 55,000 Selling expenses 65,000 Casualty loss 50,000 Administrative expenses 48,000 Cash dividends declared 45,000 Dividend revenue 20,000 Retained earnings at December 31, 2019 980,000 Interest revenue 7,000 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 60,000...
Exercise 4-9 Presented below is information related to Ivan Calderon Corp. for the year 2017, Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,300,000 780,000 65,000 48,000 20,000 7,000 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2016 Casualty loss Cash dividends declared Retained earnings at December 31, 2016 Effective tax rate of 34% on all items $80,000 55,000 50,000 45,000 980,000 Prepare a multiple-step income statement for 2017. Assume...
Presented below is information related to Coronado Corp. for the year 2020. Net sales $1,326,000 Write-off of inventory due to obsolescence $81.600 Cost of goods sold 795,600 Depreciation expense omitted by accident in 2019 56,100 66,300 Casualty loss 51.000 Selling expenses Administrative expenses Cash dividends declared 45.900 Dividend revenue 48.960 20.400 7.140 999.600 Retained earnings at December 31, 2019 Effective tax rate of 20% on all items Interest revenue Prepare a multiple-step income statement for 2020. Assume that 62.016 shares...
Exercise 4-09 Presented below is information related to Blue Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,586,000 951,600 79,300 58,560 24,400 8,540 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $97,600 67,100 61,000 54,900 1,195,600 Prepare a multiple-step income statement for 2020. Assume that...
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $1,231, 349 670 2,035,531 395,883 86,387 63,832 Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. (Enter your answers in thousands not in dollars. Round "Basic earnings per share" to 2 decimal places.) AEROPOSTALE, INC. Consolidated Statement of Income For...