Multiple-Step Income Statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: Administrative Expenses $ 224,600 Inventory $ 233,800 Accumulated Dep. - Building 184,460 Notes Payable 52,900 Building 922,300 Office Supplies 18,900 Common Stock 150,000 Retained Earnings 873,800 Cash 87,500 Sales 2,297,200 Cost of Goods Sold 1,259,800 Selling Expenses 368,800 Dividends 44,800 Store Supplies 14,000 Interest Expense 13,500 a. Prepare a multiple-step income statement for the year ended March 31, 20OY5. Lange Daughters Inc. Income Statehent For the Year Ended March 31, 20Y5 %$4 Operating Expenses: Total operating expenses O

Multiple-Step Income Statement On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows: Administrative Expenses $ 224,600 Inventory $ 233,800 Accumulated Dep. - Building 184,460 Notes Payable 52,900 Building 922,300 Office Supplies 18,900 Common Stock 150,000 Retained Earnings 873,800 Cash 87,500 Sales 2,297,200 Cost of Goods Sold 1,259,800 Selling Expenses 368,800 Dividends 44,800 Store Supplies 14,000 Interest Expense 13,500 a. Prepare a multiple-step income statement for the year ended March 31, 20OY5. Lange Daughters Inc. Income Statehent For the Year Ended March 31, 20Y5 %$4 Operating Expenses: Total operating expenses O

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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Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $120,200 Gerri Faber, Drawing $72,000 Accounts Receivable 326,200 Sales 4,344,900 Merchandise Inventory 365,300 Cost of Merchandise Sold 2,546,100 Estimated Returns Inventory 14,450 Sales Salaries Expense 716,000 Office Supplies 11,300 Advertising Expense 196,900 Prepaid Insurance 8,800 Depreciation Expense—Store Equipment 38,400 Office Equipment 264,500 Miscellaneous Selling Expense 16,800 Accumulated Depreciation—Office Equipment 179,700 Office Salaries Expense 390,900 Store Equipment 825,600 Rent Expense 57,700 Accumulated Depreciation—Store Equipment 264,500 Insurance Expense 17,900 Accounts Payable 183,000 Depreciation Expense—Office Equipment 28,900 Customer Refunds Payable 28,900 Office Supplies Expense 10,600 Salaries Payable…
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Presented below are selected account balances for Skysong Co. as of December 31, 20X1. Inventory 12/31/X1 Common Stock Retained Earnings Dividends Sales Returns and Allowances $60,380 73,910 44,880 18,039 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $224,260 16,250 37,419 29,860 11,879 Sales Discounts 15,240 Sales Revenue 417,310 Prepare closing entries for Skysong Co. on December 31, 20X1.
Assignment on Income Statement Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash 185,000 Prepaid insurance 24,000 Merchandise inventory, 1/1/20X1 535,000 Advertising expense 54,000 Sales 4,275,000 Prepaid income tax 93,000 Advances from customers 117,000 Depreciation of sales equipment 36,000 Purchases 2,786,000 Telephone – sales 17,000 Purchase discounts 27,000 Unearned rent 8,000 Sales salaries 284,000 Rental revenue 240,000 Sales returns 79,000 Interest expense 176,000 Transportation-in 72,000 Common stock ($10 par) 900,000 Sales equipment 135,500 Additional paid-in capital 250,000 Accounts receivable 142,500 Retained earnings 166,000 Metro’s tax rate on all items is 34%. A physical inventory indicates that the ending inventory is…
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Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $536,800 $440,000 Cost of merchandise sold 444,000 370,000 Gross profit $92,800 $70,000 Selling expenses $25,760 $23,000 Administrative expenses 22,800 19,000 Total operating expenses $48,560 $42,000 Income before income tax expense $44,240 $28,000 Income tax expenses 17,700 11,200 Net income $26,540 S16,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Increase Increase (Decrease) Previous year year (Decrease)
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