Multiple-step income statement single-step income statement


 

Accounts

Balance  

 

Interest expense

        16,000

 

Depreciation expense, admin.

          7,380

 

Sales telephone expense

        13,850

 

Cost of Goods Sold

      886,270

 

Sales returns and allowances

        62,300

 

Sales commissions expense

        92,600

 

Salespersons' salaries

        46,260

 

Sales Revenue

   1,543,000

 

Salespersons' travel

        28,800

 

Delivery expense

        21,400

 

Depreciation - sales

        11,180

 

Sales Discounts

        31,150

 

Miscellaneous selling expenses

        11,765

 

Maintenance and repairs

          9,130

 

Property tax expense, admin

          7,320

 

Supplies expense, admin.

          8,450

 

Administration telephone

          4,820

 

Office expenses, admin.

          6,000

 

Dividends received

        38,000

 

Income tax expense

        97,000

 

Depreciation understatement due to error - 2011 (net of tax)

        13,300

 

Dividends declared on preferred stock

        12,000

 

Dividends declared on common stock

        34,500

 

 

 

 

The balance in Retained Earnings at July 1, 2013 was

      337,000

The number of shares of common stock outstanding is

        80,000

 

 

 

In the space below, prepare the following statements for the year ended June 30, 2014:

multiple-step income statement, single-step income statement, and statement of retained earnings

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: Multiple-step income statement single-step income statement
Reference No:- TGS01215527

Expected delivery within 24 Hours