Presented below is information related to Bonita Corp. for the year 2020. Net sales $1,248,000 Write-off of inventory due to obsolescence $76,800
Cost of goods sold 748,800 Depreciation expense omitted by accident in 2019 52,800
Selling expenses 62,400 Casualty loss 48,000
Administrative expenses 46,080 Cash dividends declared 43,200
Dividend revenue 19,200 Retained earnings at December 31, 2019 940,800
Interest revenue 6,720

Effective tax rate of 20% on all items.
Required:
a. Prepare a multiple-step income statement for 2020. Assume that 55,620 shares of common stock are outstanding. (Round earnings per share to 2 decimal places, e. g. 1.49.)
b. Prepare a separate retained earnings statement for 2020. (List items that increase adjusted retained earnings first.)

You and your new australian bride matilda, are applying for a loan and are required to submit a balance sheet with your net worth. you own a 2008 toyota camry that you bought last month for $9,995. the kelly blue book value for this car is $13,995. you owe $8,150 on the car loan for the camry. you pay off your visa credit card every month and have not paid any credit card interest this year. the current visa credit card balance is $3,522, and the next statement is due in 15 days. you have a student loan balance of $6,500. you presently have $425 in your checking account and $1,540 in your savings account. you own 100 shares of ibm stock that you purchased for $85.50 per share. one share of ibm is now selling for $158.42. you own computers and other electronics that you purchased for $4,100 but could probably sell today on e-bay for $1,800. your gross income is $80,000 per year. what is your current net worth? (see wb ch. 2 example 2.3)

James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u. s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.

One of the benefits of a well designed ergonomic work environment is low operating costs is true or false