The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- common Cash dividends- preferred Common shares Cost of goods sold Depreciation expense Sales 1. 2. 3. $63,500 Operating expenses Your analysis reveals the following additional information: Sales 25,000 Cost of Goods Sold 318,500 7,250,000 347,000 9,017,000 Gross Profit Other comprehensive income-loss on equity investments (before income tax) Rent revenue Preferred shares ($5 noncumulative) Retained earnings, December 1, 2023 Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, e.g. 15.25.) The company has a 25% income tax rate. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $16,400 before income tax. The division was sold at a loss of $73,500 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. + Ĉ ; SUNLAND CORPORATION Income Statement Year Ended November 30, 2024 : $ $1,107,000 $ 77,000 45,000 387,000 738,000
The ledger of Sunland Corporation at November 30, 2024, contains the following summary data: Cash dividends- common Cash dividends- preferred Common shares Cost of goods sold Depreciation expense Sales 1. 2. 3. $63,500 Operating expenses Your analysis reveals the following additional information: Sales 25,000 Cost of Goods Sold 318,500 7,250,000 347,000 9,017,000 Gross Profit Other comprehensive income-loss on equity investments (before income tax) Rent revenue Preferred shares ($5 noncumulative) Retained earnings, December 1, 2023 Prepare a multiple-step income statement for the year. (Round earnings per share to 2 decimal places, e.g. 15.25.) The company has a 25% income tax rate. The communications devices division was discontinued on August 31. The profit from operations for the division up to that day was $16,400 before income tax. The division was sold at a loss of $73,500 before income tax. There were 200,000 common and 5,000 preferred shares issued on December 1, 2023, with no changes during the year. + Ĉ ; SUNLAND CORPORATION Income Statement Year Ended November 30, 2024 : $ $1,107,000 $ 77,000 45,000 387,000 738,000
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.17E: Profitability metrics The following selected data were taken from the financial statements of The...
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