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goods sold ofit Expenses ative expenses erating expenses efore income taxes ax expense ne Amount $720,000 501,120 218,880 111,600 59,040 170,640 48,240 28,800 $19,440 SHEFFIELD CORP. Condensed Income Statement 2020 Percent % % % 175,800 75,000 43,800 % 118,800 % % % % Amount $600,000 % 424,200 57,000 24,600 $32,400 2019 Percent % % de % % % % % de %

goods sold ofit Expenses ative expenses erating expenses efore income taxes ax expense ne Amount $720,000 501,120 218,880 111,600 59,040 170,640 48,240 28,800 $19,440 SHEFFIELD CORP. Condensed Income Statement 2020 Percent % % % 175,800 75,000 43,800 % 118,800 % % % % Amount $600,000 % 424,200 57,000 24,600 $32,400 2019 Percent % % de % % % % % de %

FINANCIAL ACCOUNTING
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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Please help me with show all calculation thanku 

Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2020 $720,000 501,120 111,600 59,040 28,800 19,440 2019 $600,000 424,200 75,000 43,800 24,600 32,400
Transcribed Image Text:Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2020 $720,000 501,120 111,600 59,040 28,800 19,440 2019 $600,000 424,200 75,000 43,800 24,600 32,400
Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense Net income Amount $720,000 501,120 218,880 111,600 59,040 170,640 48,240 28,800 $19,440 SHEFFIELD CORP. Condensed Income Statement 2020 Percent % % % % % % % % % Amount $600,000 424,200 175,800 75,000 43,800 118,800 57,000 24,600 $32,400 2019 Percent % % % % % % % %
Transcribed Image Text:Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense Net income Amount $720,000 501,120 218,880 111,600 59,040 170,640 48,240 28,800 $19,440 SHEFFIELD CORP. Condensed Income Statement 2020 Percent % % % % % % % % % Amount $600,000 424,200 175,800 75,000 43,800 118,800 57,000 24,600 $32,400 2019 Percent % % % % % % % %
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