Reference no: EM132660155
The information below relates to the operations of Sunland Corporation, a private company following ASPE, for the year ended December 31, 2020:
Cost of goods sold $337,000
Interest expense 2,450
Sales returns and allowances 8,810
Accounts payable 119,938
Sales discounts 3,792
Depreciation expense 284,640
Sales revenue 982,436
Salaries and wages expense 163,412
Prepaid expenses 3,550
Rent expense 39,100
Loss from fire 8,618
Rental revenue 24,506
Additional information:
- The effective tax rate is 40%.
- Depreciation expense: 70% administrative expense and 30% selling expense
- Salaries and wages expense: 45% administration expense and 55% selling expense
- Rent expense: 85% administration expense and 15% selling expense
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