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7:02PM Tue Oct 28 HW2, ACCT 310, Ch3 Question 5 of 20 oryy @ education.wiley.com Presented below is information related to Windsor Corp. for the year 2025. Net sales $1,222,000 Cost of goods sold 733,200 Selling expenses 61,100 Administrative expenses 45,120 Dividend revenue 18,800 Interest revenue 6,580 (a) Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2024 Casualty loss Cash dividends declared Retained earnings at December 31, 2024 Effective tax rate of 20% on all items $75,200 51,700 47,000 42,300 921,200 Prepare a multiple-step income statement for 2025. Assume that 60,160 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) WINDSOR CORP. Inte oo @ coursehero.com e Interest expense = 13,680 e Income tax expense = 26,328 (Beginning/ending retained earnings are not needed for this problem.) a) Total net revenue Net sales = 408,000 - 12,490 - 7,950 = 387,560 e Add other revenues: rent + dividend = 7,170 + 71,680 = 78,850 e Total net revenue = 387,560 + 78,850 = 466,410 b) Net income e Total expenses = 184,188 + 99,450 + 84,550 + 13,680 + 26,328 = 408,196 e Net income = Total net revenue Total expenses = 466,410 - 408,196 = 58,214 Answers: (a) Total net revenue = $466,410 (b) Net income = $58,214 @ OG Sources =m SOLUTIONS TO Image Document