The following are selected ledger accounts of Marigold Corporation at December 31, 2020.Cash$177,600Salaries and wages expense (sales)$272,640Inventory513,600Salaries and wages expense (office)332,160Sales revenue4,104,000Purchase returns14,400Unearned sales revenue112,320Sales returns and allowances75,840Purchases2,674,560Freight-in69,120Sales discounts32,640Accounts receivable136,800Purchase discounts25,920Sales commissions79,680Selling expenses66,240Telephone and Internet expense (sales)16,320Accounting and legal services31,680Utilities expense (office)30,720Insurance expense (office)23,040Miscellaneous office expenses7,680Advertising expense51,840Rent revenue230,400Delivery expense89,280Casualty loss (before tax)67,200Depreciation expense (office equipment)46,080Interest expense168,960Depreciation expense (sales equipment)34,560Common stock ($10 par)753,760Marigold's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000.Prepare a condensed 2020 income statement for Marigold Corporation. (Round earnings per share to 2 decimal places, e.g.1.48.)MARIGOLD CORPORATIONIncome Statement2$$%24%24

The condensed Income statement is shown all the details and amount in summarized. The condensed…

Answered: Prepare a condensed 2020 income…

Prepare a condensed 2020 income statement for Marigold Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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