Please do not give solution in image format thanku The information below is taken from the December 31, 2014 adjusted trial balance of Rummer Company (all numbers are pre-tax):a.b.Freight-inGeneral and administrative expensesInterest expenseInventory, 1/1/14Inventory, 12/31/14Loss on sale of a major component of the businessPurchasesPurchases returnsSalesSales discounts takenSelling expenses$7,50050,00015,000140,000165,00015,000330,0005,000700,00010,00025,000The income tax rate is 30%. There were 25,000 shares of common stock outstanding throughout the year.Required:Prepare a schedule of the cost of goods sold.Prepare a 2014 income statement for Rummer Company, using a single-step format (disregard earnings per share).

Lets understand the basics.The cost of goods sold is nothing but the sum of costs that are directly…

he information below is taken from the December 31, 2014 adjusted trial balance of Rummer Company (all numbers are pre-tax): Freight-in General and administrative expenses Interest expense Inventory, 1/1/14 Inventory, 12/31/14 Loss on sale of a major component of the business $7,500 50,000 15,000 140,000 165,000 15,000

he information below is taken from the December 31, 2014 adjusted trial balance of Rummer Company (all numbers are pre-tax): Freight-in General and administrative expenses Interest expense Inventory, 1/1/14 Inventory, 12/31/14 Loss on sale of a major component of the business $7,500 50,000 15,000 140,000 165,000 15,000

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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