Question
Sales revenue $30,000,000 General and administrative expenses 5,400,000 Deferred revenue 50,000 Interest expense 18,000 Selling expenses 800,000 Interest revenue 16,000 Cost of goods sold 9,000,000
Sales revenue | $30,000,000 |
General and administrative expenses | 5,400,000 |
Deferred revenue | 50,000 |
Interest expense | 18,000 |
Selling expenses | 800,000 |
Interest revenue | 16,000 |
Cost of goods sold | 9,000,000 |
Dividend revenue | 8,000 |
Additional Information:
The company's fiscal year end is December 31st. Income tax expense has not been determined. The following events also occurred during 2019. All transactions are material in amount unless otherwise noted.
1 - A chemical explosion caused $36,000 in uninsured damages to one of Simon's warehouses. The explosion was considered to be an unusual event.
2 - In October 2019, Simon sold its Paint division that qualified as a component of an entity for $1,600,000. The division generated "before tax income" of $360,000 from operations, from the beginning of the year through the date of disposal, and the book value of the division's assets was $700,000.
3 - $60,000 in restructuring costs were incurred in connection with corporate down-sizing. 4 - It was discovered that depreciation expense for 2018 was understated by $10,000 due to a mathematical error. 5 - Inventory that had a cost of $10,000 had become obsolete. The inventory was sold as scrap for $6,000. 6 - Simon Corporation experienced a foreign currency translation adjustment loss of $12,000. 7 - Investments were sold during the year at a loss of $3,000. 8 - Simon also had unrealized gains of $64,000 for the year on investments.
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