Savage Corporation at June 30, 2020. Sales revenue $1,595,870 Depreciation expense (office furniture and equipment) $7,119...

Savage Corporation at June 30, 2020.

Sales revenue	$1,595,870	Depreciation expense (office furniture and equipment)	$7,119
Sales discounts	33,040	Property tax expense	7,850
Cost of goods sold	897,600	Bad debt expense (selling)	4,614
Salaries and wages expense (sales)	56,520	Maintenance and repairs expense (administration)	8,347
Sales commissions	98,900	Office expense	6,480
Travel expense (salespersons)	35,200	Sales returns and allowances	58,075
Delivery expense	23,290	Dividends received	34,910
Entertainment expense	14,990	Interest expense	18,950
Telephone and Internet expense (sales)	9,160	Income tax expense	107,240
Depreciation expense (sales equipment)	4,914	Depreciation understatement due to error—2020 (net of tax)	17,738
Maintenance and repairs expense (sales)	6,715	Dividends declared on preferred stock	9,020
Miscellaneous selling expenses	4,689	Dividends declared on common stock	39,470
Office supplies used	3,656
Telephone and Internet expense (administration)	2,966

The Retained Earnings account had a balance of $370,560 at July 1, 2019. There are 75,830 shares of common stock outstanding.

Using the single-step form, prepare an income statement for the year ended June 30, 2020.

Prepare a retained earnings statement for the year ended June 30, 2020.

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ekkarill92 answered 1 year ago

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Savage Corporation at June 30, 2020. Sales revenue $1,595,870 Depreciation expense (office furniture and equipment) $7,119...

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