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Presented below are selected ledger accounts of Sunland Corporation as of December 31, 2017. Cash $125,000 Administrative expenses 251,000 Selling expenses 198,000 Net sales 1,360,000
Presented below are selected ledger accounts of Sunland Corporation as of December 31, 2017.
| Cash | $125,000 | ||
| Administrative expenses | 251,000 | ||
| Selling expenses | 198,000 | ||
| Net sales | 1,360,000 | ||
| Cost of goods sold | 523,000 | ||
| Cash dividends declared (2017) | 47,000 | ||
| Cash dividends paid (2017) | 35,800 | ||
| Discontinued operations (loss before income taxes) | 99,000 | ||
| Depreciation expense, not recorded in 2016 | 76,000 | ||
| Retained earnings, December 31, 2016 | 223,000 | ||
| Effective tax rate = 30%
Compute net income for 2017.
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Financial Accounting Tools For Business Decision-Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
2nd Canadian Edition
0470833378, 978-0470833377
