The following information was taken from the accounting records of Winnifred Corp. at January 1, 2017. The income tax rate is 40%. Preferred shares, $1 cumulative, 50,000 shares authorized, 10,000 shares issued $150,000 Retained earnings, balance as of January 1,2017 287,000 Cost of goods sold 635,000 Gain on sale of discontinued segment 80,000 Sales revenue 1,463,500 Selling expenses 215,000 Sales Returns 10,000 Sales Discounts 3,500 Administrative expenses 112,000 Operating income, discontinued segment 33,000 Loss on expropriation of land 46,000 Common shares, unlimited number of shares authorized, 200,000 shares issued 315,000 1. Open t-accounts for the ledger records and add the amounts from the accounting records given above.
The following information was taken from the accounting records of Winnifred Corp. at January 1, 2017. The income tax rate is 40%.
10,000 shares issued $150,000
Cost of goods sold 635,000
Gain on sale of discontinued segment 80,000
Sales revenue 1,463,500
Selling expenses 215,000
Sales Returns 10,000
Sales Discounts 3,500
Administrative expenses 112,000
Operating income, discontinued segment 33,000
Loss on expropriation of land 46,000
Common shares, unlimited number of shares authorized,
200,000 shares issued 315,000
1. Open t-accounts for the ledger records and add the amounts from the accounting records given above.
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