The stockholders of Riglets Corporation owned 10,000 shares of its $5 par value common stock during all
Question:
The stockholders of Riglets Corporation owned 10,000 shares of its $5 par value common stock during all of this year. The corporation is subject to a 40% income tax rate.
The corporation's balance sheet information at the end of this year and its income statement information for this year are as follows:
Common stock, $5 par value $ (a) Gross profit 113,000 Pretax income from continuing operations
(b) Operating expenses 33,000 Total contributed capital 228,000 Income tax expense
(c) Retained earnings 181,000 Net income 48,000 Additional paid-in capital
(d) Earnings per share
(e) Cost of goods sold
(f) Sales (net) 240,000 Total stockholders’ equity (g)
Required: Fill in the blanks lettered
(a) through (g).All the necessary information is listed. (Hint: It is not necessary to calculate your answers in alphabetical order.) TK-1
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