PLEASE SHOW SOLUTION IN GOOD ACCOUNTING FORM Problem 4-19 (IAA)Empress Company provided the following data forcurrent year:Retained earnings, January 1Dividends declaredSalesDividend incomeInventory, January 1PurchasesSalariesContribution to employees' pension fundDeliveryMiscellaneous expenseDoubtful accounts expenseDepreciation expenseLoss on sale of investmentIncome from discontinued operation, net of taxIncome tax expenseInventory on December 31 at costNet realizable value of inventory3,000,0001,000,0008,400,000100,0001,000,0003,700,0001,540,000300,000200,000120,00010,00080,000100,000500,000150,000850,000700,000but discetned geraThh d de filowing is pot at1 2IR Saant of comprTa anide t df tnansial st1. What amount should be reported as cost of goods sold?a. 3,850,000b. 4,000,000c. 4,150,000d. 4,700,000mred aet of related inclarmental scha& Eiglayed in a utatemeee a ster fonancial2. What amount should be reported as total expenses beforeincome tax?a. 2,350,000b. 2.500,000c. 2,250,000d. 2,050,000L'h netanhy on tem of bo3. What amount should be reported as net income for thecurrent year?a. 2,000,000b. 2,500,000c. 1,500,000d. 2,650,0004. What amount should be reported as retained earnings onDecember 31?a 4,000,000b. 4,500,000c. 3,500,000d. 4,650,000144ar ahns he

SOLUTION WORKING NOTE - INCOME STATEMENT - SALES 8400000 LESS - COST OF GOOD SOLD…

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

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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