Income Statements For Years Ended December 31 2020 2019 $ 90,000 (51,000) $ 39,000 (21,900) 1,400 (2,500) $ 16,000 (4,700) $ 11,300 $ 1.95 Sales (net) Cost of goods sold Gross profit Operating expenses Interest revenue $100,000 (60,000) $ 40,000 (21,300) 1,500 (3,700) $ 16,500 (5,000) $ 11,500 1.92 Interest expense Income before income taxes Income tax expense Net income Earnings per share Balance Sheets December 31, 2020 2019 $ 2,000 8,000 12,000 15,000 63,000 $ 3,000 7,000 11,000 20,000 79,000 $120,000 $ 10,000 37,000 12,000 21,000 40,000 Total Liabilities and Shareholders' Equity $120,000 Cash Receivables (net) Inventories Long-term investments (bonds) Property and equipment (net) $100,000 $ 11,400 25,000 11,600 19,500 Total Assets Current liabilities Bonds payable, 10% Common stock, $2 par Additional paid-in capital Retained earnings 32,500 $100,000

Income Statements For Years Ended December 31 2020 2019 $ 90,000 (51,000) $ 39,000 (21,900) 1,400 (2,500) $ 16,000 (4,700) $ 11,300 $ 1.95 Sales (net) Cost of goods sold Gross profit Operating expenses Interest revenue $100,000 (60,000) $ 40,000 (21,300) 1,500 (3,700) $ 16,500 (5,000) $ 11,500 1.92 Interest expense Income before income taxes Income tax expense Net income Earnings per share Balance Sheets December 31, 2020 2019 $ 2,000 8,000 12,000 15,000 63,000 $ 3,000 7,000 11,000 20,000 79,000 $120,000 $ 10,000 37,000 12,000 21,000 40,000 Total Liabilities and Shareholders' Equity $120,000 Cash Receivables (net) Inventories Long-term investments (bonds) Property and equipment (net) $100,000 $ 11,400 25,000 11,600 19,500 Total Assets Current liabilities Bonds payable, 10% Common stock, $2 par Additional paid-in capital Retained earnings 32,500 $100,000

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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