Presented below are selected ledger accounts of Windsor
Corporation as of December 31, 2017.
Cash
$55,200
Administrative expenses
102,800
Selling expenses
83,460
Net...
90.2K
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Accounting
Presented below are selected ledger accounts of WindsorCorporation as of December 31, 2017.
Cash
$55,200
Administrative expenses
102,800
Selling expenses
83,460
Net sales
549,100
Cost of goods sold
263,700
Cash dividends declared (2017)
24,130
Cash dividends paid (2017)
22,300
Discontinued operations (loss before income taxes)
42,900
Depreciation expense, not recorded in 2016
30,600
Retained earnings, December 31, 2016
96,200
Effective tax rate 30%
Prepare a partial income statement beginning with income fromcontinuing operations before income tax, and including appropriateearnings per share information. Assume 21,240 shares of commonstock were outstanding during 2017.
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Calculation of Income before Income taxes from Continuing Operations Net Sales 549100 Less Cost of Goods Sold 263700 Gross Profit 285400 Expenses Administrative expenses 102800 Selling expenses 83460 186260 Income from Continuing Operations Before Income Tax 99140 Partial Income
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