The financial records of Splish Inc. were destroyed by fire at the end of 2020. Fortunately,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The financial records of Splish 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 $80,960 and decreased 20% during the current year. Sales discounts amount to $15,640. 2. 3. 17,776 shares of common stock were outstanding for the entire year. Interest expense was $21,600. The income tax rate is 30%. 6. Cost of goods sold amounts to $430,000. 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 2020 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) NON CO 4. 5. The financial records of Splish 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 $80,960 and decreased 20% during the current year. Sales discounts amount to $15,640. 2. 3. 17,776 shares of common stock were outstanding for the entire year. Interest expense was $21,600. The income tax rate is 30%. 6. Cost of goods sold amounts to $430,000. 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 2020 in single-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.) NON CO 4. 5.
Expert Answer:
Answer rating: 100% (QA)
MARIGOLD INC Income statement For the Year Ended December 31 2020 Revenues Net Sal... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
suppose you deposite $250 every 6 months into an investment account that pays 4.5%/a compounded semi-annually. What is the amount of these regular deposits after 3 years?
-
The financial records of Dunbar Inc. were destroyed by fire at the end of 2012. Fortunately, the controller had kept certain statistical data related to the income statement as presented below. 1....
-
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...
-
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline would shift the supply curve Multiple Choice O down by $1.00. down by more than $1.00. up by $1.00. up by less than...
-
Don Wyatt is unable to reconcile the bank balance at January 31. Dons reconciliation is as follows. Cash balance per bank ......... $3,560.20 Add: NSF check ............ 490.00 Less: Bank service...
-
For which of the following ions does the formal charge give a fairly accurate picture of where the charge really is? Explain in each case. (a) NH4 (b) H3O: (C) NH2 (d) CH3
-
Clarmont Resources has the following account balances at October 31, 2010. The inventory balance was determined using FIFO. Clarmont Resources has determined that the replacement cost (current market...
-
Debbie Davis and Elizabeth Engels Exchanged like kind property. Debbie had an adjusted basis of $12,000 in her property (Fair Market value is $15,000). Elizabeths property had an adjusted basis of...
-
When making a budget would you include staffing costs for the hours required for the project. Or would the cost be $0 because no new staff would need to be hired?
-
The Booth Companys sales are forecasted to increase from $1,000 in 2007 to $2,000 in 2008. Here is the December 31, 2007, balance sheet: Booths fixed assets were used to only 50% of capacity during...
-
Discuss,using Examples.Five of the Major Steeple factors that Mattel Should consider when analyzing it's Strategic Supply chain.
-
Use your KPIs, your goals and your user stories to sketch out your management tools and dashboards. Identify the data you want to show and the audiences you want to show it to. Select charts and...
-
At one time, most software applications came with a thick users' manual. Many of these users manuals have disappeared in favor of sophisticated online help systems and tutorials. If you are a systems...
-
Consider the various aspects of an ideal computer memory discussed in Section 2.1.1 and the characteristics of available memory devices discussed in Section 2.1.2. Fill in the columns of the table...
-
The following facts apply to the pension plan of Boudreau Inc. for the year 2015. Instructions Using the preceding data, compute pension expense for the year 2015. As part of your solution, prepare a...
-
Repeat the calculations of Example 9.13, but for an initial protein concentration of the whey of \(30 \mathrm{~g} / \mathrm{L}\). Data From Example 9.13:- The coagulation process to produce cheese...
-
All of the following are false about transfer pricing except: the cost approach can base the transfer price on either the variable cost or full absorption cost. companies should always use the...
-
we have to compute the letter grades for a course. The data is a collection of student records stored in a file. Each record consists of a name(up to 20 characters), ID (8 characters), the scores of...
-
Explain a multiple-deliverable arrangement. What is the major accounting issue related to these arrangements?
-
The financial statements of P&G are presented in Appendix 5B or can be accessed at the books companion website, www.wiley.com/college/kieso. Instructions Refer to P&Gs financial statements and the...
-
On December 31, 2011, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a $300,000 zero-interest-bearing note due...
-
Describe one occasion where you have been influenced to buy a product or engage in an activity as a direct result of an item of corporate communication, eg social media update; and explain what that...
-
What are the elements of a master budget?
-
Discuss the potential conflict between using a budget as a motivational device and as a means of control.
Study smarter with the SolutionInn App