Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent (use information provided for each of these problems only). Marcel Sports Acct 311 - Quix 3 of 6 - Trial Balance s Det 140,000 475,000 s 28, 225 50,000 17.000 365,000 1,305,000 265,000 1,500,000 550,000 1,325,000 Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory 1/1/17 Equipment Accumulated Depercialion - Equipment Buildir Accumulated Depercialion - Building Land Accounts Payable Salaries and Wax Payable Noles Payable More Payable Common stock, Par Valueso.05 APIC Roland Earnings Dividends Sales Revenue Sales Discounts Sales Returns and Allowance Purch Purch Discounts Freight in Selling Expenses Administrative Expres Rent Revenue Income Tan Expen Gain on Sale of Land 365,00 65,000 1,250,00 1,325,000 125,000 475,000 424,000 $ 230,000 3,565,000 155,000 175,000 1,750,225 60,000 S s s 65,000 355,000 455.000 55,000 s 285,000 s 8,727,225 175.000 8,727.225 s Physical Inventory 31-Dec 559,100 S Ya $ 1,561,125 Problem 1 - Calculate Net Sales Problem 2 - Calculate Cost of Goods Sold. Nate: Correct answer $1,561,125. Problem 3 - Calculate Shares outstanding. Problem 4 - Prepare the Income Statement 1 Note: Problems 5 and 6 are independent. Use information provided for each individual problem only. Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by Problem 6 - Discontinued Operations Using the following information (below) complete the Income Statement Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,S65.100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit S 10, Sas, 100 6.250,000 $ 4315, 100 Selling & Administrative Selling expenses Administrative expenses GS0000 257.000 907.000