Cash $207,200 Salaries and wages expense (sales) $318,080 Inventory 599,200 Salaries and wages expense (office) 387,520 Sales revenue 4,788,000 Purchase returns 16,800 Unearned sales revenue 131,040 Sales returns and allowances 88,480 Purchases 3,120,320 Freight-in 80,640 Sales discounts 38,080 Accounts receivable 159,600 Purchase discounts 30,240 Sales commissions 92,960 Selling expenses 77,280 Telephone and Internet expense (sales) 19,040 Accounting and legal services 36,960 Utilities expense (office) 35,840 Insurance expense (office) 26,880 Miscellaneous office expenses 8,960 Advertising expense 60,480 Rent revenue 268,800 Delivery expense 104,160 Casualty loss (before tax) 78,400 Depreciation expense (office equipment) 53,760 Interest expense 197,120 Depreciation expense (sales equipment) 40,320 Common stock ($10 par) 650,720 Coronado’s effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2017 income statement for Culver Corporation

Question

26-02-2020
Business

contestada

Cash $207,200 Salaries and wages expense (sales) $318,080 Inventory 599,200 Salaries and wages expense (office) 387,520 Sales revenue 4,788,000 Purchase returns 16,800 Unearned sales revenue 131,040 Sales returns and allowances 88,480 Purchases 3,120,320 Freight-in 80,640 Sales discounts 38,080 Accounts receivable 159,600 Purchase discounts 30,240 Sales commissions 92,960 Selling expenses 77,280 Telephone and Internet expense (sales) 19,040 Accounting and legal services 36,960 Utilities expense (office) 35,840 Insurance expense (office) 26,880 Miscellaneous office expenses 8,960 Advertising expense 60,480 Rent revenue 268,800 Delivery expense 104,160 Casualty loss (before tax) 78,400 Depreciation expense (office equipment) 53,760 Interest expense 197,120 Depreciation expense (sales equipment) 40,320 Common stock ($10 par) 650,720 Coronado’s effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2017 income statement for Culver Corporation

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Supabrain Supabrain · Answer 1 · 2020-02-26T09:21:09+01:00

Answer:

condenced income statement

net sales 4699520

cost of sales (3097360)

opening stock 599200

purchase 3120320

returns ( 16800 )

frieght in 80640

closing stock (686000)

gross profit 1602160

other incomes 299040

purchase discount 30240

rent income 268800

expenses (1092448 )

office salary 387520

sales salary 31808

sales discount 38080

commission 92960

selling costs 77280

telephone costs 19040

accounting service 36960

utility costs 35840

insurance 26880

mascellaneous 8960

advertising 60480

delivery costs 104160

casuality loss 78400

depreciation-office 53760

depreciation-sales 40320

operating profit 808752

interest expense 197120 ( 197120 )

profit before tax 611632

tax expense (122326.4)

profit after tax 489305.6

Explanation:

To get the net sales we take sales and minus sales return. The unearned sales are not to be recorded until they are earned and its performance obligation is satisfied. The balance sheet items such as common stock, cash do not belong in the statement of comprehensive incomes. T o calculate tax expense we take profit before tax and multiply by the tax rate.