Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2012.
|
Cash |
$50,000 |
|
Administrative expenses |
100,000 |
|
Selling expenses |
80,000 |
|
Net sales |
540,000 |
|
Cost of goods sold |
260,000 |
|
Cash dividends declared (2012) |
20,000 |
|
Cash dividends paid (2012) |
15,000 |
|
Discontinued operations (loss before income taxes) |
40,000 |
|
Depreciation expense, not recorded in 2011 |
30,000 |
|
Retained earnings, December 31, 2011 |
90,000 |
|
Effective tax rate 30% |
Compute net income for 2012. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.)
Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2012.
|
Cash |
$50,000 |
|
Administrative expenses |
100,000 |
|
Selling expenses |
80,000 |
|
Net sales |
540,000 |
|
Cost of goods sold |
260,000 |
|
Cash dividends declared (2012) |
20,000 |
|
Cash dividends paid (2012) |
15,000 |
|
Discontinued operations (loss before income taxes) |
40,000 |
|
Depreciation expense, not recorded in 2011 |
30,000 |
|
Retained earnings, December 31, 2011 |
90,000 |
|
Effective tax rate 30% |
Compute net income for 2012. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.)