The following are selected ledger accounts of Bonita Corporation at December 31, 2020. $196,100 567,100 Salaries...

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The following are selected ledger accounts of Bonita Corporation at December 31, 2020. $196,100 567,100 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns 4,531,500 124,020 Sales returns and allowances 2,953,160 Freight-in Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense 36,040 Accounts receivable 28,620 73,140 34,980 25,440 Miscellaneous office expenses Sales commissions Telephone and Internet expense (sales) Utilities expense (office) 57,240 Rent revenue 98,580 Depreciation expense (office equipment) 50,880 Interest expense Depreciation expense (sales equipment) 38,160 Common stock ($10 par) Casualty loss (before tax) $301,040 366,760 15,900 BONITA CORPORATION Income Statement For the Year Ended December 31, 2020 83,740 76,320 151,050 87,980 18,020 33,920 8,480 254,400 74,200 186,560 689,360 Bonita's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Bonita Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) Applicable Income Tax Dividends Earnings Per Share Expenses Gross Profit/ (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues The following are selected ledger accounts of Bonita Corporation at December 31, 2020. $196,100 567,100 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns 4,531,500 124,020 Sales returns and allowances 2,953,160 Freight-in Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense 36,040 Accounts receivable 28,620 73,140 34,980 25,440 Miscellaneous office expenses Sales commissions Telephone and Internet expense (sales) Utilities expense (office) 57,240 Rent revenue 98,580 Depreciation expense (office equipment) 50,880 Interest expense Depreciation expense (sales equipment) 38,160 Common stock ($10 par) Casualty loss (before tax) $301,040 366,760 15,900 BONITA CORPORATION Income Statement For the Year Ended December 31, 2020 83,740 76,320 151,050 87,980 18,020 33,920 8,480 254,400 74,200 186,560 689,360 Bonita's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Bonita Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) Applicable Income Tax Dividends Earnings Per Share Expenses Gross Profit/ (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues

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BONITA CORPORATION Income statement for the year 2020 Amount Sales less Returns 4571780 Less Co... View the full answer