B Skysong's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) Net Sales Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Income from Operations Casualty Loss SKYSONG CORPORATION Income Statement For the Year Ended December 31, 2025 634200 1190000 98000 i 5826800 4005400 1821400 1824200 -2800
B Skysong's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) Net Sales Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Income from Operations Casualty Loss SKYSONG CORPORATION Income Statement For the Year Ended December 31, 2025 634200 1190000 98000 i 5826800 4005400 1821400 1824200 -2800
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter14: Activities Required In Completing A Quality Audit
Section: Chapter Questions
Problem 65RSCQ
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Transcribed Image Text:The following are selected ledger accounts of Skysong Corporation at December 31, 2025.
Salaries and wages expense (sales)
Salaries and wages expense (office)
Purchase returns
Sales returns and allowances
Cash
Inventory
Sales revenue
Unearned sales revenue
Purchases
Sales discounts
Purchase discounts
Selling expenses
Accounting and legal services
Insurance expense (office)
Advertising expense
Delivery expense
Depreciation expense (office equipment)
Depreciation expense (sales equipment)
$259,000
749,000
5,985,000
163,800
3,900,400
47,600
37,800
96,600
46,200
33,600
75,600
130,200
67,200
50,400
Freight-in
Accounts receivable
Sales commissions
Telephone and Internet expense (sales)
Utilities expense (office)
Miscellaneous office expenses
Rent revenue
Casualty loss (before tax)
Interest expense
Common stock ($10 par)
$397,600
484,400
21,000
110,600
100,800
199,500
116,200
23,800
44,800
11,200
336,000
98,000
246,400
627,200
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Transcribed Image Text:B
Skysong's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000.
Prepare a condensed 2025 income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Net Sales
Cost of Goods Sold
Gross Profit
Selling Expenses
Administrative Expenses
Income from Operations
Casualty Loss
SKYSONG CORPORATION
Income Statement
For the Year Ended December 31, 2025
634200
1190000
98000 i
5826800
4005400
1821400
1824200
-2800
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