The following are selected ledger accounts of Marigold Corporation at December 31, 2020.Cash$177,600Salaries and wages expense (sales)$272,640Inventory513,600Salaries and wages expense (office)332,160Sales revenue4,104,000Purchase returns14,400Unearned sales revenue112,320Sales returns and allowances75,840Purchases2,674,560Freight-in69,120Sales discounts32,640Accounts receivable136,800Purchase discounts25,920Sales commissions79,680Selling expenses66,240Telephone and Internet expense (sales)16,320Accounting and legal services31,680Utilities expense (office)30,720Insurance expense (office)23,040Miscellaneous office expenses7,680Advertising expense51,840Rent revenue230,400Delivery expense89,280Casualty loss (before tax)67,200Depreciation expense (office equipment)46,080Interest expense168,960Depreciation expense (sales equipment)34,560Common stock ($10 par)753,760Marigold's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000.Prepare a condensed 2020 income statement for Marigold Corporation. (Round earnings per share to 2 decimal places, e.g.1.48.)MARIGOLD CORPORATIONIncome Statement2$$%24%24

The condensed Income statement is shown all the details and amount in summarized. The condensed…

Answered: Prepare a condensed 2020 income…

Prepare a condensed 2020 income statement for Marigold Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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Question

The following are selected ledger accounts of Marigold Corporation at December 31, 2020.
Cash
$177,600
Salaries and wages expense (sales)
$272,640
Inventory
513,600
Salaries and wages expense (office)
332,160
Sales revenue
4,104,000
Purchase returns
14,400
Unearned sales revenue
112,320
Sales returns and allowances
75,840
Purchases
2,674,560
Freight-in
69,120
Sales discounts
32,640
Accounts receivable
136,800
Purchase discounts
25,920
Sales commissions
79,680
Selling expenses
66,240
Telephone and Internet expense (sales)
16,320
Accounting and legal services
31,680
Utilities expense (office)
30,720
Insurance expense (office)
23,040
Miscellaneous office expenses
7,680
Advertising expense
51,840
Rent revenue
230,400
Delivery expense
89,280
Casualty loss (before tax)
67,200
Depreciation expense (office equipment)
46,080
Interest expense
168,960
Depreciation expense (sales equipment)
34,560
Common stock ($10 par)
753,760
Marigold's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000.
Prepare a condensed 2020 income statement for Marigold Corporation. (Round earnings per share to 2 decimal places, e.g.
1.48.)
MARIGOLD CORPORATION
Income Statement
2$
$
%24
%24

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