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Croydon is calendar year, accrual Basis Corporation, MR and Mrs. Croyden (cash basis taxpayers ) are the sole corporation shareholder . Mr. Croyden is president and Mrs. croyden is vise president of the corporation, Croyden's financial records. Prepared in accordance with GAAP, show the following information for the year,
Revenues from sides goods
$12,900,000
Cost of goods sold( LIFO)
(9,260,000)
Gross profit
3,640,000
Bad debt expense
24,000
Administration salaries and wages
612,000
State and local business taxes
135,000
Interest expense
33,900
Advertising
67,000
Annual property insurance premiums
19,800
Annual life insurance premiums
7,300
Depreciation expense
148,800
Repairs maintains ,utilities
81,000
Croydon's records reveal the following facts.
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