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Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: Inventory, January 1 $45,000 Purchases returns 35,000 Interest expense Selling expenses Purchases 110,000 Sales discounts taken. Sales 300,000 Gain on sale of property (pretax) 22,000 Freight-in General and administrative expenses Additional data: 1. A physical count reveals an ending-inventory of $22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year 3. The income tax rate is 30% on all items of income. Required: 1. Prepare a separate schedule for Schuch's cost of goods sold SCHUCH COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, Current Year 10000 $3,500 4,000 2,000 7,000 5,000

Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: Inventory, January 1 $45,000 Purchases returns 35,000 Interest expense Selling expenses Purchases 110,000 Sales discounts taken. Sales 300,000 Gain on sale of property (pretax) 22,000 Freight-in General and administrative expenses Additional data: 1. A physical count reveals an ending-inventory of $22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year 3. The income tax rate is 30% on all items of income. Required: 1. Prepare a separate schedule for Schuch's cost of goods sold SCHUCH COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, Current Year 10000 $3,500 4,000 2,000 7,000 5,000

FINANCIAL ACCOUNTING
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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2. Prepare a multiple-step income statement. Round earnings per share computations to two decimal places. SCHUCH COMPANY Income Statement (Multi-Step) For Year Ended December 31, Current Year Operating expenses: Other items: Components of Income 00 Expenses: 00000 00 00 0000-0 3. Prepare a single-step income statement. Round earnings per share computations to two decimal places. 3. Prepare a single-step income statement. Round earnings per share computations to two decimal places. SCHUCH COMPANY Income Statement (Single-Step) For Year Ended December 31, Current Year Revenues: Components of Income 00000 EPS
Transcribed Image Text:2. Prepare a multiple-step income statement. Round earnings per share computations to two decimal places. SCHUCH COMPANY Income Statement (Multi-Step) For Year Ended December 31, Current Year Operating expenses: Other items: Components of Income 00 Expenses: 00000 00 00 0000-0 3. Prepare a single-step income statement. Round earnings per share computations to two decimal places. 3. Prepare a single-step income statement. Round earnings per share computations to two decimal places. SCHUCH COMPANY Income Statement (Single-Step) For Year Ended December 31, Current Year Revenues: Components of Income 00000 EPS
eBook Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: $45,000 Purchases returns E 110,000 Sales discounts taken. 300,000 Gain on sale of property (pretax) 22,000 Freight-in Inventory, January 1 Selling expenses Purchases Sales General and administrative expenses Additional data: 1. A physical count reveals an ending-inventory of $22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30% on all items of income. Required: 35,000 Interest expense 1. Prepare a separate schedule for Schuch's cost of goods sold SCHUCH COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, Current Year Check My Work 10000 $3,500 4,000 2,000 7,000 5,000
Transcribed Image Text:eBook Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: $45,000 Purchases returns E 110,000 Sales discounts taken. 300,000 Gain on sale of property (pretax) 22,000 Freight-in Inventory, January 1 Selling expenses Purchases Sales General and administrative expenses Additional data: 1. A physical count reveals an ending-inventory of $22,500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30% on all items of income. Required: 35,000 Interest expense 1. Prepare a separate schedule for Schuch's cost of goods sold SCHUCH COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, Current Year Check My Work 10000 $3,500 4,000 2,000 7,000 5,000
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