subject
Business, 12.03.2021 15:30 Skylynn11

The financial records of Sunland Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $75,440 and decreased 20% during the current year.
2. Sales discounts amount to $18,700.
3. 17,108 shares of common stock were outstanding for the entire year.
4. Interest expense was $18,000.
5. The income tax rate is 30%.
6. Cost of goods sold amounts to $440,000.
7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8. Four-fifths of the operating expenses relate to sales activities.

Required:
From the foregoing information prepare an income statement for the year 2020 in single-step form.

ansver
Answers: 2

Another question on Business

question
Business, 21.06.2019 16:30
Gather reliable information to brent make his decision. to gather this information, use newspapers, call insurance companies or look at their web sites, and review consumer magazines and web sites. also, look at the manufacturer web site or for information about gas mileage. list the sources you use and take notes.
Answers: 3
question
Business, 21.06.2019 20:30
Which of the following best describes a fractional reserve banking system? a. a banking system in which a large portion of the bank's assets are digital money rather than bills and coins. b. a banking system in which banks keep a portion of deposits on hand to satisfy their customer's demands for withdrawals. c. a banking system in which banks have only partial control over the interest rates they charge on loans. d. a banking system in which net worth is calculated by subtracting a fraction of liabilities from assets. 2b2t
Answers: 3
question
Business, 22.06.2019 11:00
T-comm makes a variety of products. it is organized in two divisions, north and south. the managers for each division are paid, in part, based on the financial performance of their divisions. the south division normally sells to outside customers but, on occasion, also sells to the north division. when it does, corporate policy states that the price must be cost plus 20 percent to ensure a "fair" return to the selling division. south received an order from north for 300 units. south's planned output for the year had been 1,200 units before north's order. south's capacity is 1,500 units per year. the costs for producing those 1,200 units follow
Answers: 1
question
Business, 22.06.2019 19:40
Chang corp. has $375,000 of assets, and it uses only common equity capital (zero debt). its sales for the last year were $595,000, and its net income was $25,000. stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 15.0%. what profit margin would the firm need in order to achieve the 15% roe, holding everything else constant? a. 9.45%b. 9.93%c. 10.42%d. 10.94%e. 11.49%
Answers: 2
You know the right answer?
The financial records of Sunland Inc. were destroyed by fire at the end of 2020. Fortunately, the co...
Questions
question
Mathematics, 08.04.2020 22:40
question
Mathematics, 08.04.2020 22:40
question
History, 08.04.2020 22:40
question
English, 08.04.2020 22:40
Questions on the website: 13722367