The accountant of Wildhorse Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $31,700 20,700 33,700 117,500 20,300 25,800 138,600 54,400 498,700 982,700 67,700 18,700 There were 20,000 shares of common stock outstanding during the year.
The accountant of Wildhorse Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $31,700 20,700 33,700 117,500 20,300 25,800 138,600 54,400 498,700 982,700 67,700 18,700 There were 20,000 shares of common stock outstanding during the year.
Chapter1: Financial Statements And Business Decisions
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