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Presented below are selected ledger accounts of Skysong Corporation as of December 31, 2020. Cash $45,000 Administrative expenses 90,000 Selling expenses 72,000 Net sales 486,000
Presented below are selected ledger accounts of Skysong Corporation as of December 31, 2020.
| Cash | $45,000 | ||
| Administrative expenses | 90,000 | ||
| Selling expenses | 72,000 | ||
| Net sales | 486,000 | ||
| Cost of goods sold | 189,000 | ||
| Cash dividends declared (2020) | 18,000 | ||
| Cash dividends paid (2020) | 13,500 | ||
| Discontinued operations (loss before income taxes) | 36,000 | ||
| Depreciation expense, not recorded in 2019 | 27,000 | ||
| Retained earnings, December 31, 2019 | 81,000 | ||
| Effective tax rate 20%
Compute net income for 2020.
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
