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During 20X2 Evans Company had the following transactions a Cash dividends of $6000 were paid b Equipment was sold for $2880. It had an original cost of $10800 and a book value of

During 20X2, Evans Company had the following transactions: a. Cash dividends of $6,000 were paid. b. Equipment was sold for $2,880. It had an original cost of $10,800 and a book value of $5,400. The loss is included in operating expenses. c. Land with a fair market value of $15,000 was acquired by issuing common stock with a par value of $3,600. d. One thousand shares of preferred stock (no par) were sold for $4.20 per share. Evans provided the following income statement (for 20X2) and comparative balance sheets: Sales.....................................$147,600 Cost of goods sold.....................(90,000) Gross margin...........................$ 57,600 Operating expenses.....................(39,600) Net income..............................$ 18,000 Required: Prepare a worksheet for Evans Company.

Jun 27 2020 View more View Less

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