The following information is related to Vaughn Company for 2020.
The following information is related to Vaughn Company for 2020.
| $1,156,400 | ||
| Sales Revenue | 29,500,000 | |
| Cost of goods sold | 18,880,000 | |
| Interest revenue | 82,600 | |
| Selling and administrative expenses | 5,546,000 | |
| Write-off of goodwill | 967,600 | |
| Income taxes for 2020 | 1,467,920 | |
| Gain on the sale of investments | 129,800 | |
| Loss due to flood damage | 460,200 | |
| 519,200 | ||
| Loss on operations of the wholesale division (net of tax) | 106,200 | |
| Dividends declared on common stock | 295,000 | |
| Dividends declared on preferred stock | 94,400 |
Vaughn Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Vaughn sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
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Retained earnings balance, January 1, 2020
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Cost of goods sold
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Interest revenue
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Income taxes for 2020
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Loss on the disposition of the wholesale division (net of
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Loss on operations of the wholesale division (net of tax)
111,600...
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The following information is related to Whispering Company for
2020.
Retained earnings balance, January 1, 2020
$1,078,000
Sales Revenue
27,500,000
Cost of goods sold
17,600,000
Interest revenue
77,000
Selling and administrative expenses
5,170,000
Write-off of goodwill
902,000
Income taxes for 2020
1,368,400
Gain on the sale of investments
121,000
Loss due to flood damage
429,000
Loss on the disposition of the wholesale division (net of
tax)
484,000
Loss on operations of the wholesale division (net of tax)
99,000
Dividends declared...
Problem 4-01
The following information is related to Wildhorse Company for
2020.
Retained earnings balance, January 1, 2020
$1,215,200
Sales Revenue
31,000,000
Cost of goods sold
19,840,000
Interest revenue
86,800
Selling and administrative expenses
5,828,000
Write-off of goodwill
1,016,800
Income taxes for 2020
1,542,560
Gain on the sale of investments
136,400
Loss due to flood damage
483,600
Loss on the disposition of the wholesale division (net of
tax)
545,600
Loss on operations of the wholesale division (net of tax)
111,600...
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