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 |
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Exercise 4-6 The following balances were taken from the books of Sheffield Corp. on December 31,...
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The following balances were taken from the books of Concord Corp. on December 31, 2017. Interest...
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Accumulated depreciation—buildings 29,350
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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
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The following balances were taken from the books of Martinez Corp. on December 31, 2017. Interest revenue Cash Sales re...
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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
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