The following are selected ledger accounts of Windsor Corporation at December 31, 2025. Salaries and wages expense (sales) Salaries and wages expense (office) Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses $192,400 556,400 4,446,000 121,680 2,897,440 35.360 28,080 71,760 Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) $295,360 359,840 15,600 82,160 74,880 148.200 86.320 17,680

Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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The following are selected ledger accounts of Windsor Corporation at December 31, 2025.
Salaries and wages expense (sales)
Salaries and wages expense (office)
Purchase returns
Cash
Inventory
Sales revenue
Unearned sales revenue
Purchases
Sales discounts.
Purchase discounts
Selling expenses
Accounting and legal services
Insurance expense (office)
Advertising expense
Delivery expense
Depreciation expense (office equipment)
Depreciation expense (sales equipment)
$192,400
556,400
4,446,000
121,680
2,897,440
35.360
28,080
71,760
34,320
24,960
56,160
96,720
49,920
37,440
Sales returns and allowances
Freight-in
Accounts receivable
Sales commissions
Telephone and Internet expense (sales)
Utilities
se (office)
Miscellaneous office expenses
Rent revenue
Casualty loss (before tax)
Interest expense
Common stock ($10 par)
$295,360
359,840
15,600
82,160
74,880
148,200
86,320
17,680
33,280
8,320
249,600
72,800
183,060
702.200
Windsor's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000.
Prepare a condensed 2025 income statement for Windsor Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48)
Transcribed Image Text:The following are selected ledger accounts of Windsor Corporation at December 31, 2025. Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts. Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $192,400 556,400 4,446,000 121,680 2,897,440 35.360 28,080 71,760 34,320 24,960 56,160 96,720 49,920 37,440 Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities se (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $295,360 359,840 15,600 82,160 74,880 148,200 86,320 17,680 33,280 8,320 249,600 72,800 183,060 702.200 Windsor's effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2025 income statement for Windsor Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48)
Net Sales
Cost of Goods Sold
Gross Profit
Selling Expenses
Administrative Expenses
Income from Operations
Casualty Los
Interest Expense
Show Transcribed Text
Net Income/(Loss)
Income before Income Tax
Earnings per Share
WINDSOR CORPORATION
Income Statement
For the Year Ended December 31, 2025
$
Ć
$
$
4446000
III
Transcribed Image Text:Net Sales Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Income from Operations Casualty Los Interest Expense Show Transcribed Text Net Income/(Loss) Income before Income Tax Earnings per Share WINDSOR CORPORATION Income Statement For the Year Ended December 31, 2025 $ Ć $ $ 4446000 III
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9781337272124
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Cengage Learning