The following information was taken from the accounting records of Winnifred Corp. at January 1, 2017....
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The following information was taken from the accounting records of Winnifred Corp. at January 1, 2017. The income tax rate is 40%. Preferred shares, $1 cumulative, 50,000 shares authorized, 10,000 shares issued. Retained earnings, balance as of January 1,2017 Cost of goods sold Gain on sale of discontinued segment Sales revenue Selling expenses Sales Returns Sales Discounts Administrative expenses Operating income, discontinued segment Loss on expropriation of land Common shares, unlimited number of shares authorized, 200,000 shares issued Requirement 1 $150,000 287,000 635,000 80,000 1,463,500 215,000 10,000 3,500 112,000 33,000 46,000 315,000 Open t-accounts for the ledger records and add the amounts from the accounting records given above. The following information was taken from the accounting records of Winnifred Corp. at January 1, 2017. The income tax rate is 40%. Preferred shares, $1 cumulative, 50,000 shares authorized, 10,000 shares issued. Retained earnings, balance as of January 1,2017 Cost of goods sold Gain on sale of discontinued segment Sales revenue Selling expenses Sales Returns Sales Discounts Administrative expenses Operating income, discontinued segment Loss on expropriation of land Common shares, unlimited number of shares authorized, 200,000 shares issued Requirement 1 $150,000 287,000 635,000 80,000 1,463,500 215,000 10,000 3,500 112,000 33,000 46,000 315,000 Open t-accounts for the ledger records and add the amounts from the accounting records given above.
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Here are the Taccounts for the ledger records Preferred Shares Debit Credit Jan 1 2017 150000 Retained Earnings Debit Credit Jan 1 2017 287000 Cost of Goods Sold Debit Credit Jan 1 2017 635000 Gain on ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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