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Problem 4-28A (Algo) Preparing schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 4-9 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 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 Complete this question by entering your answers in the tabs below. Cost of goods available for sale Balance $ 8,600 860 11,100 326,000 11,800 56,000 6,500 156,000 5,600 Required A Required B Required C Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) Cost of goods sold $ < Required A 18,600 19,500 20,700 3,000 4,600 11,000 0 0 Required B >

Problem 4-28A (Algo) Preparing schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 4-9 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 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 Complete this question by entering your answers in the tabs below. Cost of goods available for sale Balance $ 8,600 860 11,100 326,000 11,800 56,000 6,500 156,000 5,600 Required A Required B Required C Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) Cost of goods sold $ < Required A 18,600 19,500 20,700 3,000 4,600 11,000 0 0 Required B >

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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Required A Required B Prepare a multistep income statement. (Enter amounts to be deducted and losses with a minus sign.) KING COMPANY Income Statement For the Year Ended December 31, Year 2 Sales Net sales Operating expenses Total operating expense Non-operating items Required A Required B Sales Net sales Operating expenses Required C Total expenses Non-operating items Net income (loss) < Required A Required C $ $ $ $ 0 Prepare a single-step income statement. (Enter amounts to be deducted and losses with a minus sign.) KING COMPANY Income Statement For the Year Ended December 31, Year 2 $ 0 0 0 0 Required C > 0 0 0
Transcribed Image Text:Required A Required B Prepare a multistep income statement. (Enter amounts to be deducted and losses with a minus sign.) KING COMPANY Income Statement For the Year Ended December 31, Year 2 Sales Net sales Operating expenses Total operating expense Non-operating items Required A Required B Sales Net sales Operating expenses Required C Total expenses Non-operating items Net income (loss) < Required A Required C $ $ $ $ 0 Prepare a single-step income statement. (Enter amounts to be deducted and losses with a minus sign.) KING COMPANY Income Statement For the Year Ended December 31, Year 2 $ 0 0 0 0 Required C > 0 0 0
Problem 4-28A (Algo) Preparing schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 4-9 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 Required A 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. Complete this question by entering your answers in the tabs below. KING COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Balance $ 8,600 860 11,100 326,000 11,800 56,000 Required B Required C Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) Cost of goods sold 6,500 156,000 5,600 18,600 19,500 20,700 $ < Required A 3,000 4,600 11,000 0 0 Required B >
Transcribed Image Text:Problem 4-28A (Algo) Preparing schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix) LO 4-9 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 Required A 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. Complete this question by entering your answers in the tabs below. KING COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Balance $ 8,600 860 11,100 326,000 11,800 56,000 Required B Required C Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.) Cost of goods sold 6,500 156,000 5,600 18,600 19,500 20,700 $ < Required A 3,000 4,600 11,000 0 0 Required B >
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