Business, 05.05.2020 18:40 emmina

Whispering Winds Corp. Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment Income before income taxes Income tax expense Net income $941,820 $472,100 229,800 11,970 2,020 715,890 225,930 64,830 $161,100 Additional information: 1. Operating expenses include depreciation expense of $40,160 2. Land was sold at its book value for cash. 3. Cash dividends of $85,680 were declared and paid in 2017 4. Equipment with a cost of $164,450 was purchased for cash. Equipment with a cost of $50,790 and a book value of $35,670 was sold for $33,650 cash. 5. Bonds of $49,810 were redeemed at their face value for cash. 6. Common stock ($1 par) of $171,150 was issued for cash.

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Whispering Winds Corp. Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of g...

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