Presented below is information related to Sheridan Corp. for the year 2020. Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Particulars Amount Amount Net Sales $11,96,000 Cost of Good Sold $7,17,600 Gross Profit $4,78,400 Operating Expenses Selling Expenses $59,800 Administrative Expenses $44,160 Total Operating Expenses $1,03,960 Income from Operations $3,74,440 Other Revenues and Gains Dividend Revenue $18,400 Interest $6,440 $24,840 $3,99,280 Other Expenses & Losses Causality Loss $46,000 Write off inventory due to the obsolescence $73,600 $1,19,600 Income Before Tax $2,79,680 Income Tax Expenses $55,936 Net Income $2,23,744 EPS ($223,744/69920) $3.20 SHERIDAN CORP. Retained Earning Statement For the Year Ended December 31, 2020 Particulars Amount Retained Earnings at December 31, 2019 $9,01,600 Add: Net Income $2,23,744 Less: Cash Dividend Declared $41,400 Retained Earnings at December 31, 2020 $10,83,944 for the retained earnings statement can I get help with the amounts for: Correction for Overstatement of Net Income in Prior Period $ Retained Earnings, January 1, as adjusted $
Presented below is information related to Sheridan Corp. for the year 2020. Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items SHERIDAN CORP. Income Statement For the Year Ended December 31, 2020 Particulars Amount Amount Net Sales $11,96,000 Cost of Good Sold $7,17,600 Gross Profit $4,78,400 Operating Expenses Selling Expenses $59,800 Administrative Expenses $44,160 Total Operating Expenses $1,03,960 Income from Operations $3,74,440 Other Revenues and Gains Dividend Revenue $18,400 Interest $6,440 $24,840 $3,99,280 Other Expenses & Losses Causality Loss $46,000 Write off inventory due to the obsolescence $73,600 $1,19,600 Income Before Tax $2,79,680 Income Tax Expenses $55,936 Net Income $2,23,744 EPS ($223,744/69920) $3.20 SHERIDAN CORP. Retained Earning Statement For the Year Ended December 31, 2020 Particulars Amount Retained Earnings at December 31, 2019 $9,01,600 Add: Net Income $2,23,744 Less: Cash Dividend Declared $41,400 Retained Earnings at December 31, 2020 $10,83,944 for the retained earnings statement can I get help with the amounts for: Correction for Overstatement of Net Income in Prior Period $ Retained Earnings, January 1, as adjusted $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Presented below is information related to Sheridan Corp. for the year 2020.
Net sales
|
$ 1,196,000 |
Write-off of inventory due to obsolescence
|
$ 73,600 | |||
---|---|---|---|---|---|---|
Cost of goods sold
|
717,600 |
|
50,600 | |||
Selling expenses
|
59,800 |
Casualty loss
|
46,000 | |||
Administrative expenses
|
44,160 |
Cash dividends declared
|
41,400 | |||
Dividend revenue
|
18,400 |
|
901,600 | |||
Interest revenue
|
6,440 |
Effective tax rate of 20% on all items
|
SHERIDAN CORP.
Income Statement
Income Statement
For the Year Ended December 31, 2020
Particulars | Amount | Amount |
Net Sales | $11,96,000 | |
Cost of Good Sold | $7,17,600 | |
Gross Profit | $4,78,400 | |
Operating Expenses | ||
Selling Expenses | $59,800 | |
Administrative Expenses | $44,160 | |
Total Operating Expenses | $1,03,960 | |
Income from Operations | $3,74,440 | |
Other Revenues and Gains | ||
Dividend Revenue | $18,400 | |
Interest | $6,440 | $24,840 |
$3,99,280 | ||
Other Expenses & Losses | ||
Causality Loss | $46,000 | |
Write off inventory due to the obsolescence | $73,600 | $1,19,600 |
Income Before Tax | $2,79,680 | |
Income Tax Expenses | $55,936 | |
Net Income | $2,23,744 | |
EPS ($223,744/69920) | $3.20 |
SHERIDAN CORP.
Retained Earning Statement
Retained Earning Statement
For the Year Ended December 31, 2020
Particulars | Amount |
Retained Earnings at December 31, 2019 | $9,01,600 |
Add: Net Income | $2,23,744 |
Less: Cash Dividend Declared | $41,400 |
Retained Earnings at December 31, 2020 | $10,83,944 |
for the retained earnings statement can I get help with the amounts for:
Correction for Overstatement of Net Income in Prior Period $
Retained Earnings, January 1, as adjusted $
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