Carson Corporation provided the following partial-trial balance for the current year.
Carson Corporation
Trial Balance (Selected Accounts)
For the Year Ended December 31
Account
Debit
Credit
Dividends
$1,370
Sales
$190,000
Dividend Income
530
Interest Income
1,300
Gain on Disposal of Plant Assets
960
Unrealized Gain on Trading Investments
1,600
Cost of Goods Sold
40,000
Office Supplies Expense
5,000
Sales Salaries Expense
4,200
Selling Expenses
9,000
Accounting and Legal Fees—General Expense
770
Advertising Expense
3,600
Office Salaries Expense
7,100
Depreciation Expense—General Expense
8,900
Interest Expense
1,900
Loss on Asset Impairment
2,000
Prepare a single-step income statement for the year ended December 31.
CarsonCarson
is subject to a
4040%
income tax rate. (Round all amounts to the nearest whole dollar.)
Carson Corporation |
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Statement of Net Income |
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For the Year Ended December 31 |
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Net Income |
Carson Corporation | |
Statement of Net Income | |
For the Year Ended December 31 | |
Sales | $190,000 |
Less: Cost of Goods Sold | ($40,000) |
Gross Profit | $150,000 |
Less: Operating Expenses: | |
Office supplies expense | ($5,000) |
Sales salaries expense | ($4,200) |
Selling expense | ($9,000) |
Accounting and legal fees - General expense | ($770) |
Advertising expense | ($3,600) |
Office salaries expense | ($7,100) |
Depreciation expense - General Expense | ($8,900) |
Interest expense | ($1,900) |
Loss on asset impairment | ($2,000) |
Add: Operating Income: | |
Dividend income | $530 |
Interest income | $1,300 |
Gain on Disposal of plant assets | $960 |
Income before tax | $110,320 |
Less: Income tax ($110,320*40.40/100) | ($44,569) |
Net Income after Tax | $65,751 |
Carson Corporation provided the following partial-trial balance for the current year. Carson Corporation Trial Balance (Selected...
Carson Corporation provided the following partial-trial balance for the current year. Prepare a single-step income statement for the year ended December 31. Carson is subject to a 40% income tax rate. (Round all amounts to the nearest whole dollar.) Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,370 Sales $190,000 Dividend Income 530 Interest Income 1,300 Gain on Disposal of Plant Assets 960 Unrealized Gain on Trading Investments 1,600 Cost of Goods...
Carson Corporation provided the following partial-trial balance for the current year. Prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires be reported on the statement of net income. Carson is subject to a 40% income tax rate. Use the condensed format Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,330 Sales $190,000 Dividend Income 550 Interest Income 1,200 Gain on Disposal of...
Corporation provided the following partial-trial balance for the current year. Prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires to be reported on the statement of net income. Carson is subject to a 40% income tax rate. Use the condensed format. Carson Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $1,330 Sales $190,000 Dividend Income 550 Interest Income 1,200 Gain on Disposal of...
Corporation provided the following account balances as of the end of the current year. The company is subject to a 45% income tax rate. Requirement Prepare a single-step and a multiple-step statement of net income for Bob Corporation. Bob Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $29,000 Sales $1,800,000 Interest Income 7,500 Dividend Income 5,800 Unrealized Gain on Trading Securities 24,000 Gain on Disposal of Plant Assets 28,000 Gain on Flood Damage-Before...
Corporation provided the following account balances as of the end of the current year. The company is subject to a 45% income tax rate. Requirement Prepare a single-step and a multiple-step statement of net income for Bob Corporation. Bob Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Debit Credit Dividends $29,000 Sales $1,800,000 Interest Income 7,500 Dividend Income 5,800 Unrealized Gain on Trading Securities 24,000 Gain on Disposal of Plant Assets 28,000 Gain on Flood Damage-Before...
Fox, Inc. provided the following partial-trial balance (selected accounts) for the year ended December 31, 2018. During 2018, Fox sold Division A, not Division B. Fox is subject to a 30% income tax rate. Accounts Debit Credit Sales 325,500 Income from Discontinued Operations-Div. A 3,830 Interest Income 1,450 Gain on Disposal of Plant Assets-Div. B 14,500 Unrealized Gain on Available-for-sale Marketable Securities 12,000 Cost of Goods Sold 130,600 Office Supplies Expense 4,500 Sales Salaries Expense 8,390 Selling Expenses 11,210 Accounting...
Colleen’s Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,403,000 Accumulated Other Comprehensive Income, Beginning Balance $60,275 Dividends 62,000 Sales 1,520,000 Interest Income 3,900 Dividend Income 3,050 Gain on Sale of Property 6,800 Gain on Disposal of Plant Assets 70,000 Unrealized Gain on Trading Investments 27,850 Unrealized Gain on Available-for-Sale Bonds Before Tax 3,700 Gain on Sale of Discontinued Operations Before Tax 54,300 Cost of Goods Sold 400,000...
Cara's Cookie Company Adjusted Trial Balance (Selected Accounts) For the Current Year Ended Account Debit Credit Common Stock (no par): Beginning Balance $466,000 Retained Earnings: Beginning Balance 2,100,000 Accumulated Other Comprehensive Income: Beginning Balance $71,000 Dividends 77,000 Sales 1,600,000 Interest Income 5,200 Dividend Income 3,600 Gain on Disposal of Plant Assets 78,000 Unrealized Gain on Trading Securities 41,000 Gain on Sale of Discontinued Operations-Before Tax 60,000 Unrealized Gain on Available-for-Sale Bonds-Before Tax 4,500 Cost of Goods Sold 530,000 Selling Expenses...
%) E57 (similar to) Trial balance Cassie's Cookle Company provided the following accounts from its year end trial balanoe E(Clok the loon to view the yearend trial balance accounts) The company is subjet to a 45% home tax rate. 81,000 73,000 Aooumulated Other Comprehensive Income: Beginning Balance 2,600,000 Sales Interest Income Dividend Income Gain on Disposal of Plant Assels Unrealized Gain on Tradng Securites Gain on Sale of Discontinued Operations Before Tax Unrealined Gain on Available-for Sale Bonde-Before Tax Cost...
Corinne's Cookie Company provided the following account balances from its year-end trial balance. During the year,Corinne issued no-par common stock. The proceeds of the new issue were $ 26 comma 000$26,000. The company is subject to a 40% income tax rate. The beginning balance in common stock was $ 450 comma 000$450,000. Corinne’s Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,403,000 Accumulated Other Comprehensive Income, Beginning Balance...