Presented below are selected ledger accounts of mcgraw, Ask an Expert

Accounting

Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2010.

Cash $ 50,000
Administrative expenses 100,000
Selling expenses 80,000
Net sales 548,200
Cost of goods sold 219,900
Cash dividends declared (2010) 20,000
Cash dividends paid (2010) 15,000
Discontinued operations (loss before income taxes) 43,500
Depreciation expense, not recorded in 2009 30,000
Retained earnings, December 31, 2009 90,000
Effective tax rate 30%

Compute net income for 2010

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9100780

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