Presented below are selected ledger accounts of Whispering Corporation as of December 31, 2020.
Cash $65,000
Administrative expenses 130,000
Selling expenses 104,000
Net sales 702,000
Cost of goods sold 273,000
Cash dividends declared (2020) 26,000
Cash dividends paid (2020) 19,500
Discontinued operations (loss before income taxes) 52,000
Depreciation expense, not recorded in 2019 39,000
Retained earnings, December 31, 2019 117,000
Effective tax rate 20%
Required:
a. Compute net income for 2020.
b. Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information.
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Presented below are selected ledger accounts of Whispering Corporation as of December 31, 2020.
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