Question
Marigold Corporation had net sales revenue of $5,820,000 and investment revenue of $228,000 for the year ended December 31, 2020. Other items pertaining to
Marigold Corporation had net sales revenue of $5,820,000 and investment revenue of $228,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows: Cost of goods sold Salaries and wages expense (sales) $4,630,000 476,000 Advertising expense Entertainment expense Selling expenses 129,000 80,000 685,000 Salaries and wages expense (administrative) 307,000 Rent expense 101,000 Utilities expense 42,000 Administrative expenses 450,000 Increase in value of company reputation 71,000 Unrealized gain on value of patents 36,000 Interest expense 172,000 Income tax expense 86,000 Marigold has 100,000 common shares outstanding throughout the year.
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