Question
Presented below are selected ledger accounts of Sunland Corporation as of December 31, 2017. Cash $67,100 Administrative expenses 106,500 Selling expenses 84,980 Net sales 543,300
Presented below are selected ledger accounts of Sunland Corporation as of December 31, 2017.
Cash $67,100
Administrative expenses 106,500
Selling expenses 84,980
Net sales 543,300
Cost of goods sold 261,800
Cash dividends declared (2017) 20,730
Cash dividends paid (2017) 17,400
Discontinued operations (loss before income taxes) 44,200
Depreciation expense, not recorded in 2016 35,500
Retained earnings, December 31, 2016 96,240
Effective tax rate 30%
a) Compute net income for 2017. b) Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 18,040 shares of common stock were outstanding during 2017.
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