Question
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?
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