Question - Income Statement Items
Presented below are certain account balances of Paczki Products Co.
|
Rental revenue
|
$6,770
|
|
Sales discounts
|
$7,950
|
|
Interest expense
|
12,970
|
|
Selling expenses
|
99,740
|
|
Beginning retained earnings
|
114,580
|
|
Sales
|
391,120
|
|
Ending retained earnings
|
134,250
|
|
Income tax
|
31,350
|
|
Dividend revenue
|
72,710
|
|
Cost of goods sold
|
185,950
|
|
Sales returns
|
12,770
|
|
Administrative expenses
|
83,310
|
From the foregoing, compute the following in a periodic inventory environment: (a) total net revenue, (b) net income, (c) dividends declared during the current year.
(a) Total net revenue
(b) Net income
(c) Dividends declared