Homework Answers
Answer-
| SHEFFIELD CORP. | |||
| INCOME STATEMENT | |||
| FOR THE YEAR ENDED DECEMBER 31,2020 | |||
| PARTICULARS | AMOUNT | ||
| $ | |||
| Sales | |||
| Sales Revenue | 1381800 | ||
| Less- Sales discounts | 46800 | ||
| Less- Sales returns & allowances | 151800 | ||
| Net Sales | 1183200 | ||
| Less- Cost of goods sold | 622800 | ||
| Gross profit | 560400 | ||
| Less- Operating expenses | 294600 | ||
| Selling expenses | 195800 | ||
| Admin. & General expenses | 98800 | ||
| Operating income | 265800 | ||
| Non operating items | |||
| Interest revenue | 87800 | ||
| Less- Interest expense | 61800 | 26000 | |
| Income before taxes | 291800 | ||
| Less- Income taxes | $291800*34% | 99212 | |
| Income from continuing operations | 192588 | ||
| Extraordinary items | |||
| Less- Loss from earthquake (net of tax) | $151800*(1-.34) | 100188 | |
| Net Income (a) | 92400 | ||
| No. of shares (b) | 100000 | ||
| Earning per share (c=a/b) | 0.92 |
Add Answer to:
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 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...
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...
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 Vaughn Corp. on December 31, 2020. Con- Interest revenue $87,700 Cash 52,700 Sales revenue 1,381,700 Accounts receivable $41,700 29,700 156,700 195,700 171,700 101,700 port Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Prepaid insurance 151,700 21,700 151,700 8,700 46,700 Sales returns and allowances Allowance for doubtful accounts Sales discounts 98,700 33,700 Land 61,700 101,700 201,700 Interest expense Notes payable Equipment...
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...
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 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...
(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 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 Martinez Corp. on December 31, 2017. Interest revenue Cash Sales re...
The following balances were taken from the books of Martinez Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts $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 Administrative and general expenses $41,050 29,050 156,050 195,050 171,050 101,050 98,050 33,050 61,050 101,050 151,050 501,050 22,050 Land Accrued liabilities Interest expense...
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...
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...
The following balances were taken from the books of Vaughn Corp. on December 31, 2020. Con- Interest revenue $87,700 Cash 52,700 Sales revenue 1,381,700 Accounts receivable $41,700 29,700 156,700 195,700 171,700 101,700 port Accumulated depreciation equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Prepaid insurance 151,700 21,700 151,700 8,700 46,700 Sales returns and allowances Allowance for doubtful accounts Sales discounts 98,700 33,700 Land 61,700 101,700 201,700 Interest expense Notes payable Equipment...
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...
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 Martinez Corp. on December 31, 2017. Interest revenue Cash Sales revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable Selling expenses Accounts payable Bonds payable Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts $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 Administrative and general expenses $41,050 29,050 156,050 195,050 171,050 101,050 98,050 33,050 61,050 101,050 151,050 501,050 22,050 Land Accrued liabilities Interest expense...
Most questions answered within 3 hours.
-
When a bank makes its loans, if it screens its borrowers it will
collect repayment revenue...
asked 25 seconds from now -
For the movie my big fat greek wedding
1. Locate and describe three instances of non-verbal...
asked 56 seconds ago -
A customer has requested that Lewelling Corporation fill a
special order for 2,400 units of product...
asked 22 minutes ago -
What are two strengths and two weaknesses of hardware,
software, and/or data?
How can the weaknesses...
asked 25 minutes ago -
A and B face the choice of working in a safe
mine at €200/wk or an...
asked 45 minutes ago -
True or false: couldnt figure out these few
- When charges are only located OUTSIDE an...
asked 53 minutes ago -
Given the following function:
int fun1(int count){
int Num ;
for (i = 0; i <...
asked 54 minutes ago -
Please submit your paper topic so that I can review it and make
any necessary suggestions...
asked 54 minutes ago -
Why are there so many theories of addiction? (Consider the
adequacy of each theory in relation...
asked 58 minutes ago -
22mL of 0.1020M Naoh is used in a titration against an unknown
1M acid (30mL). Determine...
asked 1 hour ago -
Solve for distance using 90 db = 85 db + 20 log (20 ft/
distance)
1.8...
asked 1 hour ago -
Aluminum is cast in an insulating ceramic mold with no
superheat. The thickness of the casting...
asked 1 hour ago