26-29

Use the following to answer questions 23 - 26 T Corporation was organized on January 3, 20XE. The firm was authorized to issue 100,000,000 shares of $0.05 par common stock. During 20XE, I had the following transactions relating to shareholders' equity, including earning $790,000 in net income for 20XE. Effect on Total Stockholders Equity Per share Shares Common stock APIC Issued common stock (January) $15.00 400,000 Issued common stock (July) $19.00 200,000 Outstanding shares 590,000 Dividends declared $1.00 Treasury stock $22.00 Net income for the year What is total stockholders' 26. $ equity at the end of 20XE? Use the following to answer questions 27 - 34 Victory Corporation reports the following amounts in its December 31, 20XF income statement: Sales $1.941,800 Advertising expense $334,000 Net sales 1.909,000 Salaries expense 298,500 income tax expense 148,500 Cost of goods sold 777.600 Sales returns 32,800 Utilities expense 22.000 Interest revenue 18,500 Average shares outstanding 500,000 $ Determine gross $ 27. profit: 28. expenses: 29. $ (IBT): Determine operating Determine Income before income taxes