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The following information was taken from the accounting records of Winnifred Corp. at January 1, 2017. The income tax rate is 40%.
Preferred shares, $1 cumulative, 50,000 shares authorized,
10,000 shares issued $150,000
Retained earnings, balance as of January 1,2017 287,000
Cost of goods sold 635,000
Gain on sale of discontinued segment 80,000
Sales revenue 1,463,500
Selling expenses 215,000
Sales Returns 10,000
Sales Discounts 3,500
Administrative expenses 112,000
Operating income, discontinued segment 33,000
Loss on expropriation of land 46,000
Common shares, unlimited number of shares authorized,
200,000 shares issued 315,000
1. Open t-accounts for the ledger records and add the amounts from the accounting records given above.
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