Cost of Goods Solid and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: $3,500 4,000 2,000 7,000 5,000 Inventory, January 1 Selling expenses Purchases Sales General and administrative expenses Additional data: 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. The income tax rate is 30% on all items of income. Required: $50,000 Purchases returns 35,000 Interest expense 100,000 Sales discounts taken 290,000 22,000 Freight-in Gain on sale of property (pretax) 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 000
Cost of Goods Solid and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: $3,500 4,000 2,000 7,000 5,000 Inventory, January 1 Selling expenses Purchases Sales General and administrative expenses Additional data: 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. The income tax rate is 30% on all items of income. Required: $50,000 Purchases returns 35,000 Interest expense 100,000 Sales discounts taken 290,000 22,000 Freight-in Gain on sale of property (pretax) 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 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
$3,500
Selling expenses
4,000
Purchases
2,000
7,000
5,000
$50,000 Purchases returns
35,000 Interest expense
100,000 Sales discounts taken
290,000 Gain on sale of property (pretax)
22,000 Freight in
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:
0000
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
000
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
3. Prepare a single-step income statement. Round earnings per share computations to two decim
SCHUCH COMPANY
Income Statement (Single-Step)
For Year Ended December 31, Current Year
Revenues:
Expenses:
10:0000 00
Components of Income
EPS
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