$ Sales 100,000 Expense Cost of goods sold 40,000 Wages 5,000 Depreciation 7,000
ID: 2662082 • Letter: #
Question
$
Sales
100,000
Expense
Cost of goods sold
40,000
Wages
5,000
Depreciation
7,000
Interest
500
Total expenses
52,500
Income from continuing operations
47,500
Gain on sale of land
10,000
Pretax income
57,500
Provision for taxes
20,000
Net income
37,500
Common Dividends declared.
8,500
2009
2008
$
$
Assets
Current Assets:
Cash
33,000
9,000
Accounts receivables
10,000
9,000
Inventory
5,000
7,000
Non-current Assets
Land
35,000
40,000
Gross Plant and equipment
85,000
60,000
$
Sales
100,000
Expense
Cost of goods sold
40,000
Wages
5,000
Depreciation
7,000
Interest
500
Total expenses
52,500
Income from continuing operations
47,500
Gain on sale of land
10,000
Pretax income
57,500
Provision for taxes
20,000
Net income
37,500
Common Dividends declared.
8,500
Explanation / Answer
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