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1) Presented below are selected ledger accounts of Bridgeport Corporation as of December 31, 2017. Cash $60,400 Administrative expenses 101,200 Selling expenses 82,920 Net sales
1) Presented below are selected ledger accounts of Bridgeport Corporation as of December 31, 2017.
Cash | $60,400 | |
Administrative expenses | 101,200 | |
Selling expenses | 82,920 | |
Net sales | 553,300 | |
Cost of goods sold | 261,600 | |
Cash dividends declared (2017) | 23,330 | |
Cash dividends paid (2017) | 23,900 | |
Discontinued operations (loss before income taxes) | 47,700 | |
Depreciation expense, not recorded in 2016 | 38,600 | |
Retained earnings, December 31, 2016 | 94,760 | |
Effective tax rate 30% 1) Compute Net Income for 2017 Net income= $________ 2)Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,810 shares of common stock were outstanding during 2017. (Round earnings per share to 2 decimal places, e.g. 1.58.)
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