Business, 05.05.2020 08:38 chrissycherry
Sandhill Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information:
Sales revenue $1,238,000
Discontinued operations loss (net of tax) 55,300
Selling expenses 126,700
Cash 59,100
Accounts receivable 88,000
Common stock 200,000
of goods sold 698,500
Accumulated depreciation-machinery 183,600
Dividend revenue 7,200
Unearned service revenue 4,300
Interest payable 1,800
Land 360,000
Patents 117,000
Retained earnings, January 1, 2020 224,950
Interest expense 19,900
Administrative expenses 165,600
Dividends declared 24,600
Allowance for doubtful accounts 5,100
Notes payable (maturity 7/1/23) 218,000
Machinery 459,000
Materials 39,800
Accounts payable 60,200
The amount of income taxes applicable to income was $70,350, excluding the tax effect of the discontinued operations loss which amounted to $23,700.
(a) Prepare a multiple-step income statement.
(b) Prepare a retained earnings statement.
Answers: 3
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Lavage rapide is a canadian company that owns and operates a large automatic car wash facility near montreal. the following table provides data concerning the companyβs costs: fixed cost per month cost per car washed cleaning supplies $ 0.70 electricity $ 1,400 $ 0.07 maintenance $ 0.15 wages and salaries $ 4,900 $ 0.30 depreciation $ 8,300 rent $ 1,900 administrative expenses $ 1,400 $ 0.03 for example, electricity costs are $1,400 per month plus $0.07 per car washed. the company expects to wash 8,000 cars in august and to collect an average of $6.50 per car washed. the actual operating results for august appear below. lavage rapide income statement for the month ended august 31 actual cars washed 8,100 revenue $ 54,100 expenses: cleaning supplies 6,100 electricity 1,930 maintenance 1,440 wages and salaries 7,660 depreciation 8,300 rent 2,100 administrative expenses 1,540 total expense 29,070 net operating income $ 25,030 required: calculate the company's revenue and spending variances for august.
Answers: 3
Sandhill Corporation's capital structure consists of 50,000 shares of common stock. At December 31,...
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