Starr Co . had sales revenue of $ 609,500 in 2012 . Other items recorded during the year were :
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