Company X had a beginning inventory of 22 units at December 31, 2016, valued at...
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Company X had a beginning inventory of 22 units at December 31, 2016, valued at $811,000. The company had a number of purchases during the new year equal to $352,000. The ending inventory count indicated 60 units valued at $93,100. Assume Sales for the year were $1,105,000 and the tax rate was 22%. Assume General Administration expenses for the year were $61,000. The company had an external gain of 49,000. Prepare an income statement in good form for the Company X. Assume that there are 350,000 shares outstanding at year-end, 85,000 shares were issued April 15, and 100,000 were issued on September 30. There were 5,000 preferred shareholders who contributed $2,000,000 to earn 8% per year. The $2,000,000 contribution is equal to 30% of total stockholder's equity.
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