The following are selected ledger accounts of Bonita Corporation at December 31, 2020. $196,100 567,100 Salaries...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following are selected ledger accounts of Bonita Corporation at December 31, 2020. $196,100 567,100 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns 4,531,500 124,020 Sales returns and allowances 2,953,160 Freight-in Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense 36,040 Accounts receivable 28,620 73,140 34,980 25,440 Miscellaneous office expenses Sales commissions Telephone and Internet expense (sales) Utilities expense (office) 57,240 Rent revenue 98,580 Depreciation expense (office equipment) 50,880 Interest expense Depreciation expense (sales equipment) 38,160 Common stock ($10 par) Casualty loss (before tax) $301,040 366,760 15,900 BONITA CORPORATION Income Statement For the Year Ended December 31, 2020 83,740 76,320 151,050 87,980 18,020 33,920 8,480 254,400 74,200 186,560 689,360 Bonita's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Bonita Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) Applicable Income Tax Dividends Earnings Per Share Expenses Gross Profit/ (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues The following are selected ledger accounts of Bonita Corporation at December 31, 2020. $196,100 567,100 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns 4,531,500 124,020 Sales returns and allowances 2,953,160 Freight-in Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense 36,040 Accounts receivable 28,620 73,140 34,980 25,440 Miscellaneous office expenses Sales commissions Telephone and Internet expense (sales) Utilities expense (office) 57,240 Rent revenue 98,580 Depreciation expense (office equipment) 50,880 Interest expense Depreciation expense (sales equipment) 38,160 Common stock ($10 par) Casualty loss (before tax) $301,040 366,760 15,900 BONITA CORPORATION Income Statement For the Year Ended December 31, 2020 83,740 76,320 151,050 87,980 18,020 33,920 8,480 254,400 74,200 186,560 689,360 Bonita's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2020 income statement for Bonita Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) Applicable Income Tax Dividends Earnings Per Share Expenses Gross Profit/ (Loss) Income Before Income Tax Income From Operations Net Income / (Loss) Net Sales Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues
Expert Answer:
Answer rating: 100% (QA)
BONITA CORPORATION Income statement for the year 2020 Amount Sales less Returns 4571780 Less Co... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
The following are selected ledger accounts of Holland Rose Corporation at December 31, 2014: Holland's effective tax rate on all items is 25%. A physical inventory indicates that the ending inventory...
-
In its income statement for the year ended December 31, 2017, Darren Company reported the following condensed data. Salaries and wages Loss on disposal of plant...
-
Income statement for the year ended December 31, 2008 sales(200,000 units) $1,200,000 - cost of good sold 800,000 - groos profit 400,000 - then operating expenses - selling $280,000 - administrative...
-
For the following situations, comment on whether inspection by variables or by attributes might be more appropriate: a. Filling packaged food containers to the proper weight. b. Inspecting for...
-
Is it possible to have a copper-zinc alloy that, at equilibrium, consists of an e phase of composition 80 wt% Zn-20 wt% Cu, and also a liquid phase of composition 95 wt% Zn-5 wt% Cu? If so, what will...
-
The College Board reports that 2% of the 2 million high school students who take the SAT each year receive special accommodations because of documented disabilities (Los Angeles Times, July 16,...
-
The chapter stresses the importance of comparing an individual company's financial ratios to industry norms. Robert Morris Associates (RMA), a national association of bank loan and credit officers,...
-
On January 1, 2014, VB Technical Inc. issues a 5-year, 6% fixed-rate interest only, nonprepayable $5,000,000 note with interest payable on June 30 and December 31 of each year. VB decides to change...
-
15) Find DE F 10 G 6 E D x+5 8 T about Circles. Find the measure of 1 line segme
-
The G. Saussy Manufacturing company is putting out four new electronic components. Each of Saussy's four plants has the capacity to add one more product to its current line of electronic parts. The...
-
4pb 4/3 I a. A wire carries a steady current of 2A. The number of electrons that pass through a cross-section of the wire in one Second' is: 468 1. Two point charges - 8x10C and +2x10 are separated...
-
In classical statistical sampling, which of the following must be known to estimate the appropriate sample size? a. The total amount of the population. b. The planned standard deviation. c. The...
-
Describe the operation and characteristics of a MOSFET complementary push-pull output stage. What are the advantages of this circuit?
-
Use of the ratio estimation sampling technique to estimate dollar amounts is inappropriate when a. the total book value is known and corresponds to the sum of all the individual book values. b. There...
-
In the past, the records to be evaluated in an audit have been printed reports, listings, documents, and written papers, all of which are visible output. However, in fully computerized systems that...
-
Describe the operation and characteristics of a BJT complementary push-pull output stage. What are the advantages of this circuit?
-
show your solutions. VALUATION CONCEPTS AND METHODOLOGIES P5-3. Hats and Shoes Corp. is projecting for the next five years. The volume of units to be sold on the first year is 60 and is expected to...
-
Assume a simple Keynesian depression economy with a multiplier of 4 and an initial equilibrium income of $3,000. Saving and investment equal $400, and assume full employment income is $4,000. a. What...
-
Dos Passos SA sells televisions at an average price of R$900 and also offers to each customer a separate 3-year warranty contract for R$90 that requires the company to perform periodic services and...
-
Swanson plc has the following trading investment portfolio on December 31, 2022. All of the investments were purchased in 2022. In 2023, Swanson completed the following investment transactions. March...
-
Gottschalk plc sponsors a defined benefit plan for its 100 employees. On January 1, 2022, the companys actuary provided the following information. Pension plan assets (fair value) ..................
-
What kinds of foreign exchange risk would a U.S. company face that is exporting goods to Mexico? What kinds of things would you monitor to determine what will happen to the value of the Mexican peso?
-
Extract the annual report of a Fortune Global 500 company from a country different from your home country; use the site www.glgc.com/g600.html, or...
-
Plan a study term abroad. What would you want to learn and why? How would this change if you were a business?
Study smarter with the SolutionInn App