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Problem 3-24A (Algo) Preparing a schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 3-9 The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2. The company uses the periodic inventory system. Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land Utilities expense Balance $ 3,600 925 2,250 167,300 6,450 23,500 4,100 95,500 275 11,700 12,500 11,200 2,200 3,200 1,900 Required: a. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement. c. Prepare a single-step income statement.

Problem 3-24A (Algo) Preparing a schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 3-9 The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2. The company uses the periodic inventory system. Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land Utilities expense Balance $ 3,600 925 2,250 167,300 6,450 23,500 4,100 95,500 275 11,700 12,500 11,200 2,200 3,200 1,900 Required: a. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement. c. Prepare a single-step income statement.

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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Subject  :- Accounting 

Sales Net sales KING COMPANY Income Statement For the Year Ended December 31, Year 2 Operating expenses Total operating expenses Non-operating items Total non-operating items Net sales Operating expenses Total expenses $ KING COMPANY Income Statement For the Year Ended December 31, Year 2 Net income (loss) $ $ 0 0 0 0 0 0 0 0
Transcribed Image Text:Sales Net sales KING COMPANY Income Statement For the Year Ended December 31, Year 2 Operating expenses Total operating expenses Non-operating items Total non-operating items Net sales Operating expenses Total expenses $ KING COMPANY Income Statement For the Year Ended December 31, Year 2 Net income (loss) $ $ 0 0 0 0 0 0 0 0
Problem 3-24A (Algo) Preparing a schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 3-9 The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2. The company uses the periodic inventory system. Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land. Utilities expense Balance $ 3,600 925 2,250 167,300 6,450 23,500 4,100 95,500 275 11,700 12,500 11,200 2,200 3,200 1,900 Required: a. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement. c. Prepare a single-step income statement. KING COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Sales returns and allowances $ Cost of goods sold Cost of goods available for sale $ 3,600 3,600 3,600
Transcribed Image Text:Problem 3-24A (Algo) Preparing a schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 3-9 The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2. The company uses the periodic inventory system. Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land. Utilities expense Balance $ 3,600 925 2,250 167,300 6,450 23,500 4,100 95,500 275 11,700 12,500 11,200 2,200 3,200 1,900 Required: a. Prepare a schedule to determine the amount of cost of goods sold. b. Prepare a multistep income statement. c. Prepare a single-step income statement. KING COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Sales returns and allowances $ Cost of goods sold Cost of goods available for sale $ 3,600 3,600 3,600
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