Presented below is information related to SAMA Company. On December 31, 2020, company revealed the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6657c2fda3f02_5816657c2fd9e39e.jpg)
Transcribed Image Text:
Presented below is information related to SAMA Company. On December 31, 2020, company revealed the following information: Sales Revenues 2,100,000 Purchases 1,284,000 Purchase discounts 36,000 Cash 120,000 Loss on discontinued operations (net of tax) 56,000 Selling expenses 256,000 Share capital (80,000 ordinary shares) 400,000 Accounts receivable 180,000 Land 740,000 Accumulated depreciation 360,000 Dividend revenue 16,000 Inventory, January 1, 2020 304,000 Inventory, December 31, 2020 250,000 Unearned service revenue 8,800 Accrued interest payable 2,000 Dividends declared 58,000 Patents 200,000 Retained earnings, January 1, 2020 580,000 Interest expense 34,000 General and administrative expenses 300,000 Accounts payable 120,000 Allowance for doubtful accounts 10,000 Notes payable 400,000 Machinery and equipment 900,000 office supplies income taxes 80,000 67200 Instructions: Prepare an income statement and retained earnings statement for 2020 for SAMA. Presented below is information related to SAMA Company. On December 31, 2020, company revealed the following information: Sales Revenues 2,100,000 Purchases 1,284,000 Purchase discounts 36,000 Cash 120,000 Loss on discontinued operations (net of tax) 56,000 Selling expenses 256,000 Share capital (80,000 ordinary shares) 400,000 Accounts receivable 180,000 Land 740,000 Accumulated depreciation 360,000 Dividend revenue 16,000 Inventory, January 1, 2020 304,000 Inventory, December 31, 2020 250,000 Unearned service revenue 8,800 Accrued interest payable 2,000 Dividends declared 58,000 Patents 200,000 Retained earnings, January 1, 2020 580,000 Interest expense 34,000 General and administrative expenses 300,000 Accounts payable 120,000 Allowance for doubtful accounts 10,000 Notes payable 400,000 Machinery and equipment 900,000 office supplies income taxes 80,000 67200 Instructions: Prepare an income statement and retained earnings statement for 2020 for SAMA.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What are the three major elements of product costs in a manufacturing company?
-
Bank of Canada Exchange Rate Index (CERI). The Bank of Canada regularly publishes an index of the Canadian dollars value, the CERI. The CERI is a multilateral trade-weighted index of the Canadian...
-
Tyneka inherited 1,000 shares of Aqua, Inc. stock from Joe. Joe's basis was $35,000, and the fair market value on July 1, 2014 (the date of death), was $45,000. The shares were distributed to Tyneka...
-
. Obtain the linear trend equation for the following data on new checking accounts at Fair Savings Bank and use it to predict expected new checking accounts for periods 16 through 19. (Round your...
-
Assignment Instructions The scenario: Johnston Smith, Associate Director of Sales as Pasedena HVAC Manufacturer, has asked you to calculate the cost of running HVAC units in summer and provide a...
-
Briefly explain the nature of soft-systems methodology. List the seven major steps in soft-systems methodology.
-
When to file a motion to strike?
-
Briefly explain the nature of the political approach to information systems development. If the political approach to information systems development is used, when is it important to have user...
-
What is the purpose of a declaration?
-
The sociotechnical design approach negates almost every major feature of the traditional life-cycle approach to systems development. Comment.
-
Find the solution to the initial value problem. y"+ 9y = 18 x?6 y(o1=1, y'l0)=1 %3D
-
The chairman of a family business has been examining the following summary of the accounts of the company since it began three years ago. The companys products are popular in the locality and in the...
-
The following information is provided for Bessemer Ltd which operates in an industry subject to marked variations in consumer demand. A corporation tax rate of 30% on reported profit before tax may...
-
J plc supplies and fits car tyres, exhaust pipes and other components. The company has branches throughout the country. Roughly 60% of sales are for cash (retail sales). The remainder are credit...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App