Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $745,000 $595,000 Cost of goods sold 459,665 384,965 Selling expenses 114,730 67,235 Administrative expenses 55,130 48,790

Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $745,000 $595,000 Cost of goods sold 459,665 384,965 Selling expenses 114,730 67,235 Administrative expenses 55,130 48,790

Name: Operating data for Joshua Corporation are presented below.20202019Sal
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Description: Operating data for Joshua Corporation are presented below.20202019Sales revenue$745,000$595,000Cost of goods sold459,665384,965Selling expenses114,73067,235Administrative expenses55,13048,790

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lancer Company's preliminary income statement for 2021 and its reported income statement for 2020 are given below. 2021 2020 1,350,000 (648,0001 702,000 (172,500) (162.000 367.500 Sales Revenues 1,320,000 (630.000 690,000 Cost of Goods Sold Gross Profit Depreciation Other Expenses (172,500) (153.000 364.500 Net Income Lancer's records reveal the following information: (1) Lancer neglected to record S8,000 of supplies expense at the end of 2020, so the supplies inventory was overstated at the end of 2020. Consequently, the supplies expense computed for 2021 included the additional amount of supplies used in 2020. (2) On 1/1/19, Lancer purchased a machine for $120,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining-balance with no residual. (3) At the end of 2021, Lancer decided to change its inventory costing method from the FIFO costing method…
The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
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The comparative statements of Coronado Company are presented here. Coronado CompanyIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross profit 803,800 759,000 Selling and administrative expenses 511,000 475,400 Income from operations 292,800 283,600 Other expenses and losses    Interest expense 17,300 13,500 Income before income taxes 275,500 270,100 Income tax expense 78,640 77,600 Net income $ 196,860 $ 192,500 Coronado CompanyBalance SheetsDecember 31 Assets 2022 2021 Current assets     Cash $60,300 $64,400     Debt investments (short-term) 68,700 50,700     Accounts receivable (net) 116,500 101,200     Inventory 122,900 114,100       Total current assets 368,400…
The comparative statements of Coronado Company are presented here. Coronado CompanyIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross profit 803,800 759,000 Selling and administrative expenses 511,000 475,400 Income from operations 292,800 283,600 Other expenses and losses    Interest expense 17,300 13,500 Income before income taxes 275,500 270,100 Income tax expense 78,640 77,600 Net income $ 196,860 $ 192,500 Coronado CompanyBalance SheetsDecember 31 Assets 2022 2021 Current assets     Cash $60,300 $64,400     Debt investments (short-term) 68,700 50,700     Accounts receivable (net) 116,500 101,200     Inventory 122,900 114,100       Total current assets 368,400…
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