Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how do I do this? SUNLAND COMPANY Income Statement For the Year Ended December 31, 2020 Selles Revenue 500000 187240000 Cast of Goods Sold Gross

how do I do this?

image text in transcribed

image text in transcribed

SUNLAND COMPANY Income Statement For the Year Ended December 31, 2020 Selles Revenue 500000 187240000 Cast of Goods Sold Gross Profit (Loss) 10260000 5358000 Selling and Administrative Expenses Income from Operations 4902000 Other Revenues and cains $ Interest Revenue 79800 Calin on the sale of Investments 225400 205200 Other Expenses and losses Wite-off of Good 934800 Income Tax 1418160 income from Comenung oderatlens 2754240 V 102600 1705440 Samin Per Share soos on Operadors, kes of Applicable Tax 1 oss on Disposa. Net of Applicable Tax is The following information is related to Sunland Company for 2020. $1,117,200 28,500,000 18,240,000 79,800 5,358,000 934.800 Retained earnings balance, January 1, 2020 Sales Revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2020 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock 1,418,160 125.400 444.600 501,600 102.600 285.000 91.200 Sunland Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Sunland sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan

15th edition

978-0133428858, 133428850, 133428702, 978-0133428704

More Books

Students also viewed these Accounting questions

Question

=+a) How much more cereal do you expect to be in the large bowl?

Answered: 1 week ago