Exercise 4-11 The following are selected ledger accounts of Skysong Corporation at December 31, 2017. Cash...

Exercise 4-11

The following are selected ledger accounts of Skysong Corporation at December 31, 2017.

Cash	$189,090	Salaries and wages expense (sales)	$288,090
Inventory	539,090	Salaries and wages expense (office)	350,090
Sales revenue	4,279,090	Purchase returns	19,090
Unearned sales revenue	121,090	Sales returns and allowances	83,090
Purchases	2,790,090	Freight-in	76,090
Sales discounts	38,090	Accounts receivable	146,590
Purchase discounts	31,090	Sales commissions	87,090
Selling expenses	73,090	Telephone and Internet expense (sales)	21,090
Accounting and legal services	37,090	Utilities expense (office)	36,090
Insurance expense (office)	28,090	Miscellaneous office expenses	12,090
Advertising expense	58,090	Rent revenue	244,090
Delivery expense	97,090	Casualty loss (before tax)	74,090
Depreciation expense (office equipment)	52,090	Interest expense	180,090
Depreciation expense (sales equipment)	40,090	Common stock ($10 par)	904,090

Skysong’s effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $690,090.

Prepare a condensed 2017 income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Expert Solution

ekkarill92 answered 9 months ago

The following are selected ledger accounts of Marigold Corporation at December 31, 2017: Cash $187,000 Entertainment...

The following are selected ledger accounts of Marigold Corporation at December 31, 2017: Cash $187,000 Entertainment expense $71,700 Inventory (as of Jan. 1, 2017) 540,000 Office expense 32,800 Sales revenue 4,269,000 Insurance expense 24,400 Unearned revenue 129,000 Advertising expense 51,600 Purchases 2,784,000 Freight-out 91,800 Sales discounts 36,000 Depreciation of office equipment 50,000 Purchase discounts 29,000 Depreciation of sales equipment 37,800 Salaries and wages (sales) 286,000 Telephone and Internet expense (sales) 16,500 Salaries and wages (administrative) 349,000 Utilities expense (administrative) 33,800...

The following are selected ledger accounts of Waterway Corporation at December 31, 2017. Cash $186,300 Salaries...

The following are selected ledger accounts of Waterway Corporation at December 31, 2017. Cash $186,300 Salaries and wages expense (sales) $285,300 Inventory 536,300 Salaries and wages expense (office) 347,300 Sales revenue 4,276,300 Purchase returns 16,300 Unearned sales revenue 118,300 Sales returns and allowances 80,300 Purchases 2,787,300 Freight-in 73,300 Sales discounts 35,300 Accounts receivable 143,800 Purchase discounts 28,300 Sales commissions 84,300 Selling expenses 70,300 Telephone and Internet expense (sales) 18,300 Accounting and legal services 34,300 Utilities expense (office) 33,300 Insurance expense...

The following are selected ledger accounts of Monty Corporation at December 31, 2017. Cash $188,580 Salaries...

The following are selected ledger accounts of Monty Corporation at December 31, 2017. Cash $188,580 Salaries and wages expense (sales) $287,580 Inventory 538,580 Salaries and wages expense (office) 349,580 Sales revenue 4,278,580 Purchase returns 18,580 Unearned sales revenue 120,580 Sales returns and allowances 82,580 Purchases 2,789,580 Freight-in 75,580 Sales discounts 37,580 Accounts receivable 146,080 Purchase discounts 30,580 Sales commissions 86,580 Selling expenses 72,580 Telephone and Internet expense (sales) 20,580 Accounting and legal services 36,580 Utilities expense (office) 35,580 Insurance expense...

Presented below are selected ledger accounts of Riverbed Corporation as of December 31, 2017. Cash $52,200...

Presented below are selected ledger accounts of Riverbed Corporation as of December 31, 2017. Cash $52,200 Administrative expenses 104,700 Selling expenses 82,970 Net sales 559,300 Cost of goods sold 268,600 Cash dividends declared (2017) 23,260 Cash dividends paid (2017) 17,600 Discontinued operations (loss before income taxes) 41,600 Depreciation expense, not recorded in 2016 39,200 Retained earnings, December 31, 2016 97,930 Effective tax rate 30% Prepare a partial income statement beginning with income from continuing operations before income tax, and including...

Presented below are selected ledger accounts of Sunland Corporation as of December 31, 2017. Cash $67,100...

Presented below are selected ledger accounts of Sunland Corporation as of December 31, 2017. Cash $67,100 Administrative expenses 106,500 Selling expenses 84,980 Net sales 543,300 Cost of goods sold 261,800 Cash dividends declared (2017) 20,730 Cash dividends paid (2017) 17,400 Discontinued operations (loss before income taxes) 44,200 Depreciation expense, not recorded in 2016 35,500 Retained earnings, December 31, 2016 96,240 Effective tax rate 30% a) Compute net income for 2017. b) Prepare a partial income statement beginning with income from...

Presented below are selected ledger accounts of Windsor Corporation as of December 31, 2017. Cash $55,200...

Presented below are selected ledger accounts of Windsor Corporation as of December 31, 2017. Cash $55,200 Administrative expenses 102,800 Selling expenses 83,460 Net sales 549,100 Cost of goods sold 263,700 Cash dividends declared (2017) 24,130 Cash dividends paid (2017) 22,300 Discontinued operations (loss before income taxes) 42,900 Depreciation expense, not recorded in 2016 30,600 Retained earnings, December 31, 2016 96,200 Effective tax rate 30% Prepare a partial income statement beginning with income from continuing operations before income tax, and including...

The following were selected ledger accounts of Sandy Corporation at December 31, 2017: Inventory (as of...

The following were selected ledger accounts of Sandy Corporation at December 31, 2017: Inventory (as of Jan. 1, 2017) 968,400 Office expense 60,480 Sales revenue 7,687,800 Insurance expense 43,740 Purchases 4,879,800 Freight-out 168,840 Sales discounts 57,600 Depreciation of office equipment 91,980 Purchase discounts 45,000 Depreciation of sales equipment 63,000 Salaries and wages (sales) 513,000 Telephone and Internet expense (sales) 32,040 Salaries and wages (administrative) 615,600 Utilities expense (administrative) 55,800 Purchase returns and allowances 27,000 Interest income 2,000 Sales returns and...

The following are selected ledger accounts of Whispering Corporation at December 31, 2020. Cash $203,500 Salaries...

The following are selected ledger accounts of Whispering Corporation at December 31, 2020. Cash $203,500 Salaries and wages expense (sales) $312,400 Inventory 588,500 Salaries and wages expense (office) 380,600 Sales revenue 4,702,500 Purchase returns 16,500 Unearned sales revenue 128,700 Sales returns and allowances 86,900 Purchases 3,064,600 Freight-in 79,200 Sales discounts 37,400 Accounts receivable 156,750 Purchase discounts 29,700 Sales commissions 91,300 Selling expenses 75,900 Telephone and Internet expense (sales) 18,700 Accounting and legal services 36,300 Utilities expense (office) 35,200 Insurance expense...

Problem 4 (25 marks) The following were selected ledger accounts of Sandy Corporation at December 31,...

Problem 4 The following were selected ledger accounts of Sandy Corporation at December 31, 2017: Inventory (as of Jan. 1, 2017) 968,400 Office expense 60,480 Sales revenue 7,687,800 Insurance expense 43,740 Purchases 4,879,800 Freight-out 168,840 Sales discounts 57,600 Depreciation of office equipment 91,980 Purchase discounts 45,000 Depreciation of sales equipment 63,000 Salaries and wages (sales) 513,000 Telephone and Internet expense (sales) 32,040 Salaries and wages (administrative) 615,600 Utilities expense (administrative) 55,800 Purchase returns and allowances 27,000 Interest income 2,000 Sales...

Presented below are selected ledger accounts of Woods Corporation at December 31, 2015. Cash $185,000 Salaries...

Presented below are selected ledger accounts of Woods Corporation at December 31, 2015. Cash $185,000 Salaries and wages expense (sales) $284,000 Inventory (beginning) 535,000 Salaries and wages expense (office) 346,000 Sales revenue 4,175,000 Purchase returns 15,000 Unearned sales revenue 117,000 Sales returns and allowance 79,000 Purchases 2,786,000 Freight-in 72,000 Sales discounts 34,000 Accounts receivable 142,500 Purchase discounts 27,000 Sales commissions 83,000 Selling expenses 69,000 Telephone and Internet expense (sales) 17,000 Accounting and legal services 33,000 Utilities expense (office) 32,000...

Question