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Cost of goods sold $326,100 Wage expense 125,100 Income tax
expense 28,000
Question 8
Portman Corporation has retained earnings of $688,540 at January 1,
2012. Net income during 2012 was $1,749,750, and cash dividends
declared and paid during 2012 totaled
Question 9
On January 1, 2012, Richards Inc. had cash and common stock of
$63,640. At that date the company had no other asset, liability or
equity balances. On January 2, 2012, it purchased for cash $24,740 of
equity securities that it classified as available-for-sale. It received cash
dividends of $3,300 net of tax during the year on these securities. In
Question 10
Armstrong Corporation reported the following for 2012: net sales
$1,249,000; cost of goods sold $757,900; selling and administrative
expenses $325,400; and an unrealized
Question 11
Guillen, Inc. began work on a $7,017,700 contract in 2012 to construct
an office building. Guillen uses the completed-contract method. At
December 31, 2012, the
Question 12
Lazaro, Inc. sells goods on the installment basis and uses the
installment-sales method. Due to a customer default, Lazaro
repossessed merchandise that was originally sold for
Question 13