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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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