Exercise 4-4
The financial records of Cheyenne Inc. were destroyed by fire at the end of 2017. Fortunately, the controller had kept certain statistical data related to the income statement as follows.
1. | The beginning merchandise inventory was $95,600 and decreased 20% during the current year. | |
2. | Sales discounts amount to $24,600. | |
3. | 29,420 shares of common stock were outstanding for the entire year. | |
4. | Interest expense was $24,700. | |
5. | The income tax rate is 30%. | |
6. | Cost of goods sold amounts to $510,100. | |
7. | Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. | |
8. | Four-fifths of the operating expenses relate to sales activities. |
From the foregoing information prepare an income statement for the
year 2017 in single-step form. (Round earnings per
share to 2 decimal places, e.g. 1.48.)
Exercise 4-4 The financial records of Cheyenne Inc. were destroyed by fire at the end of 2017. Fortunately, the controll...
The financial records of Sheffield Inc. were destroyed by fire
at the end of 2020. Fortunately, the controller had kept certain
statistical data related to the income statement as follows. 1. The
beginning merchandise inventory was $99,360 and decreased 20%
during the current year. 2. Sales discounts amount to $18,700. 3.
19,090 shares of common stock were outstanding for the entire year.
4. Interest expense was $20,400. 5. The income tax rate is 30%. 6.
Cost of goods sold amounts...
The financial records of Blue Inc. were destroyed by fire at the
end of 2020. Fortunately, the controller had kept certain
statistical data related to the income statement as
follows.
1.
The beginning merchandise inventory was $82,800 and decreased
20% during the current year.
2.
Sales discounts amount to $17,000.
3.
16,184 shares of common stock were outstanding for the entire
year.
4.
Interest expense was $19,600.
5.
The income tax rate is 30%.
6.
Cost of goods sold amounts...
The financial records of Wildhorse Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $82,800 and decreased 20% during the current year. 2. Sales discounts amount to $16,320. 3. 27,288 shares of common stock were outstanding for the entire year. 4. Interest expense was $20,800. 5. The income tax rate is 30%. 6. Cost of goods sold amounts...
The financial records of Wildhorse Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $82,800 and decreased 20% during the current year. 2. Sales discounts amount to $16,320. 3. 27,288 shares of common stock were outstanding for the entire year. 4. Interest expense was $20,800. 5. The income tax rate is 30%. 6. Cost of goods sold amounts...
The financial records of Leon Paul Inc. were destroyed by fire at the end of 2017. Fortunately the controller had kept certain statistical data related to the income statement as presented below. 1. The beginning merchandise inventory was $184,000 and decreased 20% during the current year. 2. Sales discounts amount to $34,000. 3. 20,000 shares of common stock were outstanding for the entire year. 4. Interest expense was $40,000. 5. The income tax rate is 30%. 6. Cost of goods...
The financial records of Coronado Inc. were destroyed by fire at
the end of 2020. Fortunately, the controller had kept certain
statistical data related to the income statement as
follows.
1.
The beginning merchandise inventory was $117,760 and decreased
20% during the current year.
2.
Sales discounts amount to $14,280.
3.
21,772 shares of common stock were outstanding for the entire
year.
4.
Interest expense was $18,000.
5.
The income tax rate is 30%.
6.
Cost of goods sold amounts...
The financial records of Wildhorse Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. ANP The beginning merchandise inventory was $82,800 and decreased 20% during the current year. Sales discounts amount to $16,320. 27,288 shares of common stock were outstanding for the entire year. Interest expense was $20,800. The income tax rate is 30%. Cost of goods sold amounts to $620,000. Administrative expenses are...
The financial records of Wildhorse Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $82,800 and decreased 20% during the current year. 2. Sales discounts amount to $16,320. 3. 27,288 shares of common stock were outstanding for the entire year. 4. Interest expense was $20,800. 5. The income tax rate is 30%. 6. Cost of goods sold amounts...
The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year. 2. Sales discounts amount to $17,000. 3. 20,000 shares of common stock were outstanding for the entire year. 4. Interest expense was $20,000. 5. The income tax rate is 30%. 6. Cost of goods sold...
E4.4 (LO2) (Income Statement Presentation) The financial records of Dunbar Inc. were destroyed by fire at the end of 2019. Fortunately, the controller had kept the following statistical data related to the income statement. 1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year. 2. Sales discounts amount to $17,000. 3. 30,000 ordinary shares were outstanding for the entire year. 4. Interest expense was $20,000. 5. The income tax rate is 30%. 6. Cost of goods...