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Calculate cost of good sold and calculate shares outstanding

Assignment Help Accounting Basics
Reference no: EM132465373

 

Marcell Sports Inc
Debit                        Credit

Acct 311- Quiz 3 of 6 Trial Balance

Cash

Accounts Receivable

5                 143,000

475,000

 

Allowance for Doubtful Accounts

 

$             23,225

Notes Receivable

50.000

 

Supplies

17,0W

 

Inventory, 1/1/17

365.003

 

Equipment

1,385,000

 

Accumulated Deperciation Equipment

 

265,0W

Building

1.500=0

 

Accumulated Deperciation - Building

 

550,000

Land

1.325,000

 

Accounts Payable

 

365,000

Salaries and Wages Payable

 

65.000

Notes Payable

 

1,250,000

Mortgage Payable

 

1,325,000

Common Stock, Par Value $0.05

 

125,00

APIC

 

475,0W

Retained Earnings

 

424,000

Dividends

$                 233.000

 

Sales Revenue

 

3,565.0®

Sales Discounts

155,000

 

Sales Returns and Allowances

175.1303

 

Purchases

1,750,225

 

Purchase Discounts

 

60,000

Freight In

65,003

 

Selling Expenses

355,000

 

Administrative Expenses

455,000

 

Rent Revenue

 

55,000

Income Tax Expense

$                 285.000

 

Gain on Sale of land

 

175,000

 

5              8.727.225

$        8.727.225

Physical Inventory                            31-Dec

559,100

 

COGS                                           Year

$              1.561.125

 

Question 1: Calculate cost of good sold

Question 2: calculate shares outstanding

Question 3: prepare the income statement

Problem 1 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by

Problem 2 - Discontinued Operations

  1. Using the following information (below) complete the Income Statement.
  2. Note: Common Shares Outstanding: 1,000,000
  3. Note: Tax Expense Rate is 35%

Reference no: EM132465373

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