Problem 4-19 (IAA) Empress Company provided the following data for the current year: Retained earnings, January 1 Dividends declared Sales Dividend income Inventory, January 1 Purchases Salaries Contribution to employees' pension fund Delivery Miscellaneous expense Doubtful accounts expense Depreciation expense Loss on sale of investment Income from discontinued operation, net of tax Income tax expense Inventory on December 31 at cost Net realizable value of inventory 3,000,000 1,000,000 8,400,000 100,000 1,000,000 3,700,000 1,540,000 300,000 200,000 120,000 10,000 80,000 100,000 500,000 150,000 850,000 700,000 1. What amount should be reported as cost of goods sold? a. 3,850,000 b. 4,000,000 c. 4,150,000 d. 4,700,000 2. What amount should be reported as total expenses before income tax? a. 2,350,000 b. 2.500,000 c. 2,250,000 d. 2,050,000 3. What amount should be reported as net income for the current year? a. 2,000,000 b. 2,500,000 c. 1,500,000 d. 2,650,000
Problem 4-19 (IAA) Empress Company provided the following data for the current year: Retained earnings, January 1 Dividends declared Sales Dividend income Inventory, January 1 Purchases Salaries Contribution to employees' pension fund Delivery Miscellaneous expense Doubtful accounts expense Depreciation expense Loss on sale of investment Income from discontinued operation, net of tax Income tax expense Inventory on December 31 at cost Net realizable value of inventory 3,000,000 1,000,000 8,400,000 100,000 1,000,000 3,700,000 1,540,000 300,000 200,000 120,000 10,000 80,000 100,000 500,000 150,000 850,000 700,000 1. What amount should be reported as cost of goods sold? a. 3,850,000 b. 4,000,000 c. 4,150,000 d. 4,700,000 2. What amount should be reported as total expenses before income tax? a. 2,350,000 b. 2.500,000 c. 2,250,000 d. 2,050,000 3. What amount should be reported as net income for the current year? a. 2,000,000 b. 2,500,000 c. 1,500,000 d. 2,650,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
PLEASE SHOW SOLUTION IN GOOD ACCOUNTING FORM
Transcribed Image Text:Problem 4-19 (IAA)
Empress Company provided the following data for
current year:
Retained earnings, January 1
Dividends declared
Sales
Dividend income
Inventory, January 1
Purchases
Salaries
Contribution to employees' pension fund
Delivery
Miscellaneous expense
Doubtful accounts expense
Depreciation expense
Loss on sale of investment
Income from discontinued operation, net of tax
Income tax expense
Inventory on December 31 at cost
Net realizable value of inventory
3,000,000
1,000,000
8,400,000
100,000
1,000,000
3,700,000
1,540,000
300,000
200,000
120,000
10,000
80,000
100,000
500,000
150,000
850,000
700,000
but discetned gera
Thh d de filowing is pot at
1 2IR Saant of compr
Ta anide t df tnansial st
1. What amount should be reported as cost of goods sold?
a. 3,850,000
b. 4,000,000
c. 4,150,000
d. 4,700,000
mred aet of related inc
larmental scha
& Eiglayed in a utateme
ee a ster fonancial
2. What amount should be reported as total expenses before
income tax?
a. 2,350,000
b. 2.500,000
c. 2,250,000
d. 2,050,000
L'h netanhy on tem of bo
3. What amount should be reported as net income for the
current year?
a. 2,000,000
b. 2,500,000
c. 1,500,000
d. 2,650,000
4. What amount should be reported as retained earnings on
December 31?
a 4,000,000
b. 4,500,000
c. 3,500,000
d. 4,650,000
144
ar ahns he
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education