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In: Accounting

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

Insurance expense (office)

24,000

Miscellaneous office expenses

8,000

Advertising expense

54,000

Rent revenue

240,000

Delivery expense

93,000

Loss on sale of division

60,000

Depreciation expense (office equipment)

48,000

Interest expense

176,000

Depreciation expense (sales equipment)

36,000

Share capital—ordinary ($10 par)

900,000

Woods's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000.

Requirement:

Prepare a 2015 income statement for Woods Corporation

Solutions

Expert Solution

Page No.4 is NOT a part of this Question answer , the answer is Ends on Page No. 3

ekkarill92 answered 1 year ago
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