During 2019, the corporation distributed cash dividends of $250,000 Income Gross sales $5,750,000 Sales returns and allowances

• During 2019, the corporation distributed cash dividends of $250,000
   
   

Transcribed Image Text:

Income Gross sales $5,750,000 Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock (200,000) $5,550,000 (2,300,000) $3,250,000 investments in less-than-20%- owned U.S. corporations Interest income: 43,750 State bonds $15,000 Certificates of deposit 20,000 35,000 Total income $3,328,750 Expenses Salaries-officers: Janet Morton $262,500 Kim Wong Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance 262,500 $525,000 725,000 238,000 140,000 Interest expense: Loan to purchase state bonds $9,000 Income Gross sales $5,750,000 Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock (200,000) $5,550,000 (2,300,000) $3,250,000 investments in less-than-20%- owned U.S. corporations Interest income: 43,750 State bonds $15,000 Certificates of deposit 20,000 35,000 Total income $3,328,750 Expenses Salaries-officers: Janet Morton $262,500 Kim Wong Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance 262,500 $525,000 725,000 238,000 140,000 Interest expense: Loan to purchase state bonds $9,000

Answer rating: 100% (QA)

As per given data income statement as follows expenses as ... View the full answer