The financial records of dunbar inc were destroyed by fire

Reference no: EM13575545

The financial records of Dunbar Inc. were destroyed by fire at the end of 2012. Fortunately, the controller had kept certain statistical data related to the income statement as presented below.

1. The beginning merchandise inventory was $91,400 and decreased 20% during the current year.

2. Sales discounts amount to $21,800.

3. 30,500 shares of common stock were outstanding for the entire year.

4. Interest expense was $25,700.

5. The income tax rate is 30%.

6. Cost of goods sold amounts to $511,000.

7. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales.

8. Four-fifths of the operating expenses relate to sales activities.

From the foregoing, information, prepare an income statement for the year 2012 in single-step form.

Reference no: EM13575545

Questions Cloud

What is the maximum amount of dividends per share that : philips rock and mud is trying to determine the maximum amount of cash dividends it can pay this year. the company has

Waveland corporations research and development department : waveland corporations research and development department has an idea for a project it believes will culminate in a new

When you have learned enough about the two chart types you : when you have learned enough about the two chart types you selected return to our discussion and answer the following

A small cohort study is conducted in 13 patients with an : a small cohort study is conducted in 13 patients with an aggressive cellular disorder linked cancer. the clinical

The financial records of dunbar inc were destroyed by fire : the financial records of dunbar inc. were destroyed by fire at the end of 2012. fortunately the controller had kept

Wcc the patrick companys cost of common equity is 16 its : wacc the patrick companys cost of common equity is 16 its before-tax cost of debt is 13 and its marginal tax rate is

What is the difference between operations costing and a : what is the difference between operations costing and a process costing system? how does a company decide whether to

Compute the cumulative incidence of stroke in persons over : a national survey is conducted to assess the association between hypertension and stroke in persons over 75 years of

No ache company has a division that produces a single : no ache company has a division that produces a single product - a backache reducing pill - that sells for 1. the pill

User Account

All Pages