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Q AutoSave OFF ACCT 202 FINAL WINTER 2021 Share Comments Home Insert Draw Page Layout Formulas Data Review View ? Tell me Insert v Calibri (Body) v 11 AA ap Wrap Text General x Delete v Find & nalyze Sensitivity Paste BIUV DVAv E = $ ~ % " $08 08 Conditional Format Sort & Merge & Center v Cell Formatting as Table Styles Format v DV Filter Select Data F32 X V fx B D E F G H J K L M N P Q R S T U V W X A ALT-CORPORATION INCOME STATEMENT MA W N Wharf Corporation began by issuing 40,000 shares of common stock at a par value of $10 per share. The Sales this year amounted to $320,000 and Cost of Goods Sold was $112,000. Operating expenses were $80,000. Wharf made a Gain on Disposal in the amount of $4,000. The federal income tax rate is 25%. Using the captions below, create an income statement for this situation. SALES COST OF GOODS SOLD GROSS PROFIT OPERATING EXPENSES INCOME FROM OPERATIONS GAIN ON DISPOSAL INCOME BEFORE INCOME TAXES INCOME TAX NET INCOME 20 EARNINGS PER SHARE (EPS) Compute EPS to 3 digits. 23 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 12 D 0. INFO 1. MC QS 2. PAYROLL 3. CORP-IS 4. CORP-BS 5. EPS 6. LOAN 7. BONDS 8. CASHFL 9. FV-PV 10. YOUR THOUGHTS + + 100% ReadyAutoSave OFF ACCT 202 FINAL WINTER 2021 Q Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments Calibri (Body) v 11 AA = = ap Wrap Text General Insert v Ex AY- O. x Delete v Paste BIUV E Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & nalyze Sensitivity Formatting as Table Styles Format v Filter Select Data E35 4 fx B E F G H 1 K L M N 0 P Q R S ALT-CORPORATION BALANCE SHEET Un D WN Hampton Corporation issued 80,000 shares of $5.00 par value common stock at a price of $9.00 per share. Total revenue this year was $240,000 with $60,000 received in cash, and the rest on account. The expenses for the year were $160,000 with $90,000 paid in cash, and the rest on account. A dividend of $10,000 was declared and paid ASSETS LIABILITIES CASH ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE STOCKHOLDERS' EQUITY COMMON STOCK PAID IN CAPITAL IN EXCESS OF PAR TOTAL PAID IN CAPITAL RETAINED EARNINGS TOTAL STOCKHOLDERS' EQUITY 20 TOTAL ASSETS TOTAL LIABILITIES & STOCKHOLDERS' EQUITY A=L+OE? YES 24 25 26 28 35 36 37 38 39 40 41 42 43 0 . INFO 1. MC Qs 2. PAYROLL 3. CORP-IS 4. CORP-BS 5. EPS 6. LOAN 7. BONDS 8. CASHFL 9. FV-PV 10. YOUR THOUGHTS + + 100% Ready