Question
Problem 4-02 (Part Level Submission) The following is the trial balance of Whispering Corporation at December 31, 2020. WHISPERING CORPORATION TRIAL BALANCE DECEMBER 31, 2020
Problem 4-02 (Part Level Submission)
The following is the trial balance of Whispering Corporation at December 31, 2020.
WHISPERING CORPORATION
TRIAL BALANCE
DECEMBER 31, 2020
Debits
Credits
Purchase Discounts$18,000
Cash$341,460
Accounts Receivable189,000
Rent Revenue32,400
Retained Earnings288,000
Salaries and Wages Payable32,400
Sales Revenue1,980,000
Notes Receivable198,000
Accounts Payable88,200
Accumulated DepreciationEquipment50,400
Sales Discounts26,100
Sales Returns and Allowances31,500
Notes Payable126,000
Selling Expenses417,600
Administrative Expenses178,200
Common Stock540,000
Income Tax Expense97,020
Cash Dividends81,000
Allowance for Doubtful Accounts9,000
Supplies25,200
Freight-in36,000
Land126,000
Equipment252,000
Bonds Payable180,000
Gain on Sale of Land54,000
Accumulated DepreciationBuildings35,280
Inventory160,200
Buildings176,400
Purchases1,098,000
Totals$3,433,680
$3,433,680
A physical count of inventory on December 31 resulted in an inventory amount of $115,200; thus, cost of goods sold for 2020 is $1,161,000.
(a1)
a single-step income statement.54,000shares of common stock were outstanding the entire year.(Round earnings per share to 2 decimal places, e.g. 1.48.)
WHISPERINGCORPORATION
Income Statement
December 31, 2020
For the Year Ended December 31, 2020
For the Quarter Ended December 31, 2020
Dividends
Earnings Per Share
Income Before Income Tax
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
$
Dividends
Earnings Per Share
Expenses
Income Before Income Tax
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
$
Dividends
Earnings Per Share
Expenses
Income Before Income Tax
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Total Expenses
Total Revenues
Dividends
Earnings Per Share
Expenses
Income Before Income Tax
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Dividends
Earnings Per Share
Expenses
Income Before Income Tax
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
Dividends
Earnings Per Share
Expenses
Income Before Income Tax
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
$
Dividends
Earnings Per Share
Expenses
Income Before Income Tax
Net Income / (Loss)
Net Sales
Retained Earnings, January 1
Retained Earnings, December 31
Revenues
Total Expenses
Total Revenues
$
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
5th Canadian edition
1259269868, 978-1259269868
