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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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