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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
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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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 Questi Accountin Questi Accountin Questie Accountin Questi Accountin Viewin Accountin Questio Accountin Questio Accountin Questie Accountin
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 Questi Accountin Questi Accountin Questie Accountin Questi Accountin Viewin Accountin Questio Accountin Questio Accountin Questie Accountin
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
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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