Sales 559,000 5,500 Sales returns Inventories, January 1: Raw materials Work in process Finished goods Inventories, December 31: 13,100 23,800 44,200 Raw materials 14,500 17,750 41,200 105,000 205,300 1,700 1,250 Work in process Finished goods Direct labor Raw materials purchases Purchase returns and allowances Purchase discounts Freight in Advertising Amortization - patents 850 20,000 3,300 2,000 4,400 2,550 6,400 7,700 8,400 6,500 7,800 3,530 5,600 5,000 15,500 1,320 44,500 6,500 1,050 Bad debts Depreciation - factory building Depreciation - machinery and factory equipment Depreciation - office equipment Depreciation - store equipment Dividends paid Factory light and power Factory supplies used Indirect labor Interest income Miscellaneous factory expenses Office salaries Property taxes and insurance - office Sales salaries Office supervision Factory tools (amount is immaterial) Note: Income tax rate applicable for the company is 30%.
Sales 559,000 5,500 Sales returns Inventories, January 1: Raw materials Work in process Finished goods Inventories, December 31: 13,100 23,800 44,200 Raw materials 14,500 17,750 41,200 105,000 205,300 1,700 1,250 Work in process Finished goods Direct labor Raw materials purchases Purchase returns and allowances Purchase discounts Freight in Advertising Amortization - patents 850 20,000 3,300 2,000 4,400 2,550 6,400 7,700 8,400 6,500 7,800 3,530 5,600 5,000 15,500 1,320 44,500 6,500 1,050 Bad debts Depreciation - factory building Depreciation - machinery and factory equipment Depreciation - office equipment Depreciation - store equipment Dividends paid Factory light and power Factory supplies used Indirect labor Interest income Miscellaneous factory expenses Office salaries Property taxes and insurance - office Sales salaries Office supervision Factory tools (amount is immaterial) Note: Income tax rate applicable for the company is 30%.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
WHAT IS THE TOTAL NET INCOME AFTER TAX 2021?
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 2 steps with 4 images
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