Please help and explain how?

Question 1

Crane Corporation had net sales of $2,414,600 and interest revenue of $31,400 during 2017. Expenses for 2017 were cost of goods sold $1,462,800, administrative expenses $219,400, selling expenses $287,800, and interest expense $46,700. Crane’s tax rate is 30%. The corporation had 108,300 shares of common stock authorized and 73,230 shares issued and outstanding during 2017. Prepare a single-step income statement for the year ended December 31, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)

 

Question 2

Sarasota Corporation had net sales of $2,404,900 and interest revenue of $38,100 during 2017. Expenses for 2017 were cost of goods sold $1,462,600, administrative expenses $214,000, selling expenses $294,200, and interest expense $51,600. Sarasota’s tax rate is 30%. The corporation had 102,800 shares of common stock authorized and 73,160 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Sarasota Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

 

Question 3

Sheridan Corporation has retained earnings of $706,100 at January 1, 2017. Net income during 2017 was $1,638,400, and cash dividends declared and paid during 2017 totaled $83,100. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $89,100 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.)

 

 

 

 

Question 5

On May 1, 2017, Pearl Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $913 in advance on May 15, 2017. Kickapoo pays Pearl on May 15, 2017, and Pearl delivers the mower (with cost of $563) on May 31, 2017.

(a) Prepare the journal entry on May 1, 2017, for Pearl. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

(b) Prepare the journal entry on May 15, 2017, for Pearl. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

(c) Prepare the journal entry on May 31, 2017, for Pearl. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

 

 

 

 

Question 7

Flounder Company sells goods that cost $317,000 to Ricard Company for $427,000 on January 2, 2017. The sales price includes an installation fee, which has a standalone selling price of $43,000. The standalone selling price of the goods is $384,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete.

(a) Prepare the journal entry (if any) to record the sale on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

(b) Flounder prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (installation was completed on June 18, 2017). How much revenue should Flounder recognize related to its sale to Ricard?