The financial records of Vaughn Inc. were destroyed by fire at the end of 2022. Fortunately,...
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The financial records of Vaughn Inc. were destroyed by fire at the end of 2022. Fortunately, the controller had kept certain statistical data related to the income statement. 1. 2. 3. 4. 5. 6. 7. 8. The beginning merchandise inventory was $99,360 and decreased 20% during the current year. Sales discounts amount to $18,360. 34,776 ordinary shares were outstanding for the entire year. Interest expense was $21,600. The income tax rate is 30%. Cost of goods sold amounts to $540,000. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales. Four-fifths of the operating expenses relate to sales activities. Revenues > < VAUGHN INC. Income Statement For the Year Ended December 31, 2022 $ $ $ $ The financial records of Vaughn Inc. were destroyed by fire at the end of 2022. Fortunately, the controller had kept certain statistical data related to the income statement. 1. 2. 3. 4. 5. 6. 7. 8. The beginning merchandise inventory was $99,360 and decreased 20% during the current year. Sales discounts amount to $18,360. 34,776 ordinary shares were outstanding for the entire year. Interest expense was $21,600. The income tax rate is 30%. Cost of goods sold amounts to $540,000. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales. Four-fifths of the operating expenses relate to sales activities. Revenues > < VAUGHN INC. Income Statement For the Year Ended December 31, 2022 $ $ $ $
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Working Note 1 Administrative expenses Cost of goods sold20 54000020 108000 Working Note 2 Administr... View the full answer
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