During 2022, the corporation distributed cash dividends of $80,000. Kingfishers financial statements for 2022 are...
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Accounting
During 2022, the corporation distributed cash dividends of $80,000.
Kingfishers financial statements for 2022 are shown below.
During 2022, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS.
How did they get December cash $337,300
Income Statement
Gross Sales $2,408,000. Sales Returns and allowances (80,000). Net Sales $2,328,000. Cost of good solds (920,000). Gross profit $1,408,000. Dividends received from stock investments in less than 20% owned US corporations 12,000.
Interest income: state bonds $14,000. Certificate of deposit 10,000. Total income $1,444,000.
Expenses
Salaries-officers: $320,000. Salaries- clerical and sales 290,000. Taxes (state, local, and payroll) 85,000. Repairs and maintenance 56,000. Interest expense: business loans $12,000. Loan to purchase state bonds 8,000. Advertising 6,000. Rental expense 68,000. Depreciation * 40,000. Charitable contributions (cash) 15,000. Employee benefit programs 24,000. Premiums on life insurance 16,000.
Total Expenses (940,000). Net income before taxes $504,000. Federal income tax (106,680). Net income per books $397,320. Cash January 1 2022 $380,000. December 31,2022 $ 337,300
How did they get December cash $337,300
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