Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street,

John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premiums Selection was made on January 15, 2012, its date of incorporation. The following information was taken from the 2019 income statement. Premiums book income for the year was $704,574. Interest income $ 100,000 Gross sales receipts 2,410,000 Beginning Inventory 9,607 Direct Labor (203,102) Direct materials purchased (278,143) Direct other costs (249,356) Ending Inventory 3,467 Salaries and wages (442,103) Officers salaries (150,000) Repairs (206,106) Depreciation Expense (15,254) Interest Expense (35,222) Rent expense (operating) (40,000) Taxes (65,101) Charitable contributions (cash) (20,000)

there is another similar but with different years, I am concern how much differ from my question. I cannot see changes and looks ok but just want to be sure that I am not missing anything?

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_2

Step: 3

blur-text-image_3

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

The Controllers Toolkit

Authors: Christine H. Doxey

1st Edition

1119700647, 9781119700647

More Books

Students also viewed these Accounting questions