FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Presented below are selected ledger accounts of Skysong Corporation as of December 31, 2025.
Cash
Administrative expenses
Selling expenses
Net sales
Cost of goods sold
Cash dividends declared (2025)
Cash dividends paid (2025)
Discontinued operations (loss before income taxes)
Depreciation expense, not recorded in 2024
Retained earnings, December 31, 2024
Effective tax rate = 20%
(a)
Compute net income for 2025.
Net income $
60
$124,000
247,000
198,000
1,364,000
521,000
54,000
39,200
101,000
75,000
228.000
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Transcribed Image Text:Presented below are selected ledger accounts of Skysong Corporation as of December 31, 2025. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2025) Cash dividends paid (2025) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2024 Retained earnings, December 31, 2024 Effective tax rate = 20% (a) Compute net income for 2025. Net income $ 60 $124,000 247,000 198,000 1,364,000 521,000 54,000 39,200 101,000 75,000 228.000
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