30 Company XYZ showed the following additional information regarding merchandising activities for 2020:3132 Invoice cost of merchandise purchases33 Purchase discounts34 Purchase returns and allowances35 Transportation - in361. Use the additional information to calculate the total cost of merchandise purchases38 2. Prepare'a 2020 classified multi-step income statement for internal use. (Use the example in your text book)=9 3. Present a single step income statement for 2020. (Use the example in the textbook)4. Calculate the gross profit ratio for Company XYZ, round to 2 decimal places.137,0002,6003,2003,950371 ВEH.1Use the following adjusted trial balance and additional information to complete the requirements:Company XYZAdjusted Trial BalanceDecember 31, 20204.19,20051,0006.CashMerchandise InventoryStore SuppliesEquipment10 Accumulated depreciation, equipmentAccounts payableSalaries payableClaire Smith, Capital78.9506.43,50015,4008,9501,20068,00011121314Claire Smith, Withdrawals7,00015Interest Income40016Sales326,000Sales Discounts6,1004,000150,0003,8501,60028,30029,80013,50027,0005,7501718Sales Returns and Allowances19Cost of Goods Sold20 Depreciation expense, store equipment21 Depreciation expense, office equipment22 Sales salaries expenseOffice salaries expense2324Insurance expenseRent expense (70% is store, 30% is office)Store supplies expense27 Advertising expense252628,400419,95028Totals419,95029

An income statement is the one that is prepared by the company as a part of a financial statement by…

1. Use the additional information to calculate the total cost of merchandise purchases 2. Prepare a 2020 classified multi-step income statement for internal use. (Use the example in your text book) 3. Present a single step income statement for 2020. (Use the example in the textboolk) 4. Calculate the gross profit ratio for Company XYZ, round to 2 decimal places.

1. Use the additional information to calculate the total cost of merchandise purchases 2. Prepare a 2020 classified multi-step income statement for internal use. (Use the example in your text book) 3. Present a single step income statement for 2020. (Use the example in the textboolk) 4. Calculate the gross profit ratio for Company XYZ, round to 2 decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(16). Subject :- Accounting
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