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The following account balances were included in the trial balance of Marigold Corporation at June 30, 2020. The Retained Earnings account had a balance of
The following account balances were included in the trial balance of Marigold Corporation at June 30, 2020.
The Retained Earnings account had a balance of $353,730 at July 1, 2019. There are 86,470 shares of common stock outstanding.
Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,596,300 31,740 903,200 56,530 98,230 34,200 22,230 15,060 9,070 5,091 5,949 4,719 3,391 2,730 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received Interest expense Income tax expense Depreciation understatement due to error-2017 (net of tax) Dividends declared on preferred stock Dividends declared on common stock $7,344 7,894 4,535 8,321 5,500 59,395 39,690 18,440 109,350 19,103 9,040 38,070 Total Administrative Expenses 35180 i Income from Operations 311171 Other Expenses and Losses Dividend Revenue 39690 Other Revenues and Gains Interest Expense 18440 Income Before Income Tax Income Tax 109350 Net Income /(Loss) $ Earnings Per Common Share $Step by Step Solution
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