exercise 4-7

Project Description:

presented below are selected amounts from the records of mcgraw corporation as of december 31, 2012.

cash $58,500
administrative expenses 101,700
selling expenses 83,700
net sales 555,500
cost of goods sold 268,700
cash dividends declared (2012) 24,700
cash dividends paid (2012) 15,600
discontinued operations (loss before income taxes) 42,500
depreciation expense, not recorded in 2011 38,600
retained earnings, december 31, 2011 91,400
effective tax rate 30%

compute net income for 2012
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