Presented below is information related to Bramble Corp. for the year 2020. Net sales $1,378,000 Write-off of inventory due to obsolescence $84,800 Cost of goods sold 826,800 Depreciation expense omitted by accident in 2019
Presented below is information related to Bramble Corp. for the year 2020. Net sales $1,378,000 Write-off of inventory due to obsolescence $84,800 Cost of goods sold 826,800 Depreciation expense omitted by accident in 2019
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Presented below is information related to Bramble Corp. for the year 2020.
Net sales
|
$1,378,000 |
Write-off of inventory due to obsolescence
|
$84,800 | |||
---|---|---|---|---|---|---|
Cost of goods sold
|
826,800 |
Depreciation expense omitted by accident in 2019
|
58,300 | |||
Selling expenses
|
68,900 |
Casualty loss
|
53,000 | |||
Administrative expenses
|
50,880 |
Cash dividends declared
|
47,700 | |||
Dividend revenue
|
21,200 |
|
1,038,800 | |||
Interest revenue
|
7,420 |
Effective tax rate of 20% on all items
|
(a)
Prepare a multiple-step income statement for 2020. Assume that 64,448 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)
BRAMBLE CORP.
Income Statement choose the accounting period |
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---|---|---|
select an opening name for section one
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||
enter an income statement item
|
$enter a dollar amount
|
|
enter an income statement item
|
enter a dollar amount
|
|
select a summarizing line for the first part
|
enter a total amount for the first part
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|
select an opening name for section two
|
||
enter an income statement item
|
$enter a dollar amount
|
|
enter an income statement item
|
enter a dollar amount
|
|
select a closing name for section one
|
enter a total amount for section two
|
|
select a summarizing line for the second part
|
enter a total amount for the second part
|
|
select an opening name for section three
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||
enter an income statement item
|
enter a dollar amount
|
|
enter an income statement item
|
enter a dollar amount
|
|
enter a total amount for section three
|
||
enter a total income from operations
|
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select an opening name for section four
|
||
enter an income statement item
|
enter a dollar amount | |
select an income statement item
|
enter a dollar amount
|
|
enter a dollar amount
|
||
select a summarizing line for the third part
|
enter a total amount for the third part
|
|
enter an income statement item
|
enter a dollar amount
|
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select a closing name for this statement
|
enter a total net income or loss amount
|
|
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