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    Act 5

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    Unknowingly Anonymous
    Bernadette Company reported total sales of $5.535 million for 2021 with $55,000 in sales returns, resulting in net sales of $5.48 million. Cost of goods sold was $3.5 million and operating expenses were $2.1 million, resulting in income before taxes of $88,000. After deducting $336,408 in income tax expense, net income was a loss of $248,408.

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    Act 5

    Uploaded by

    Unknowingly Anonymous
    46 views1 page
    Bernadette Company reported total sales of $5.535 million for 2021 with $55,000 in sales returns, resulting in net sales of $5.48 million. Cost of goods sold was $3.5 million and operating expenses were $2.1 million, resulting in income before taxes of $88,000. After deducting $336,408 in income tax expense, net income was a loss of $248,408.

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    Bernadette Company reported total sales of $5.535 million for 2021 with $55,000 in sales returns, resulting in net sales of $5.48 million. Cost of goods sold was $3.5 million and operating expenses were $2.1 million, resulting in income before taxes of $88,000. After deducting $336,408 in income tax expense, net income was a loss of $248,408.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    46 views1 page

    Act 5

    Uploaded by

    Unknowingly Anonymous
    Bernadette Company reported total sales of $5.535 million for 2021 with $55,000 in sales returns, resulting in net sales of $5.48 million. Cost of goods sold was $3.5 million and operating expenses were $2.1 million, resulting in income before taxes of $88,000. After deducting $336,408 in income tax expense, net income was a loss of $248,408.

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    The following data were taken from the records of Bernadette Company for the year ended December

    31, 2021:

    Sales 5,590,000
    Sales returns 55,000
    Inventories, Jan 1:
    Raw materials 131,000
    Work in process 283,350
    Finished goods 442,000
    Inventories, Dec. 31:
    Raw materials 145,500
    Work in process 175,720
    Finished goods 412,000
    Direct labor 1,050,300
    Purchases 2,051,500
    Purchases returns 17,150
    Purchases discounts 12,550
    Freight in 8,250
    Freight out 200,000
    Sales salaries 445,000
    Office salaries 155,000
    Depreciation – factory building 44,000
    Depreciation – office equipment 44,000
    Depreciation – store equipment 77,000
    Depreciation – machinery and equipment 25,500
    Amortization – patents 33,000
    Bad debts expense 20,000
    Factory supplies expense 75,550
    Indirect labor 35,300
    Interest income 116,240
    Factory light and power 65,000
    Property, taxes and insurance – factory building 13,200
    Royalties on production 13,200
    Supervision expense 65,000
    Tools expense 10,500
    Miscellaneous factory expense 50,150
    Income tax expense 336,408
    Dividends paid 70,000

    Required:
    Prepare a statement of profit or loss

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