Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2012.
Cash$50,000
Administrative expenses100,000
Selling expenses80,000
Net sales540,000
Cost of goods sold260,000
Cash dividends declared (2012)20,000
Cash dividends paid (2012)15,000
Discontinued operations (loss before income taxes)40,000
Depreciation expense, not recorded in 201130,000
Retained earnings, December 31, 201190,000
Effective tax rate 30%
(a)
Compute net income for 2012. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.)
Presented below are selected ledger accounts of McGraw Corporation as of December 31, 2012.
Cash$50,000
Administrative expenses100,000
Selling expenses80,000
Net sales540,000
Cost of goods sold260,000
Cash dividends declared (2012)20,000
Cash dividends paid (2012)15,000
Discontinued operations (loss before income taxes)40,000
Depreciation expense, not recorded in 201130,000
Retained earnings, December 31, 201190,000
Effective tax rate 30%
(a)Compute net income for 2012. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.)