Required information [The following information applies to the questions displayed below.] Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows: JORDAN SALES COMPANY Trial Balance At March 31, 2019 Account Titles Debit Credit Cash $ 58,000 Accounts receivable 49,000 1,000 34,000 Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Income taxes payable Salaries and commissions payable Note payable, long-term Capital stock (par $1; 33,000 shares) Paid-in capital Retained earnings (on April 1, 2018) Dividends declared and paid during the current year Sales revenue $ 14,000 3,000 1,000 22,000 2,000 33,000 33,000 5,000 7,500 10,500 99,000 Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expense (on autos and including $500 on office equipment) Interest expense 33,000 19,000 8,000 1,000 Income tax expense (not yet computed) Totals $ 216,500 $216,500
Required information [The following information applies to the questions displayed below.] Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows: JORDAN SALES COMPANY Trial Balance At March 31, 2019 Account Titles Debit Credit Cash $ 58,000 Accounts receivable 49,000 1,000 34,000 Office supplies inventory Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Income taxes payable Salaries and commissions payable Note payable, long-term Capital stock (par $1; 33,000 shares) Paid-in capital Retained earnings (on April 1, 2018) Dividends declared and paid during the current year Sales revenue $ 14,000 3,000 1,000 22,000 2,000 33,000 33,000 5,000 7,500 10,500 99,000 Cost of goods sold Operating expenses (detail omitted to conserve time) Depreciation expense (on autos and including $500 on office equipment) Interest expense 33,000 19,000 8,000 1,000 Income tax expense (not yet computed) Totals $ 216,500 $216,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second
year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows:
JORDAN SALES COMPANY
Trial Balance
At March 31, 2019
Account Titles
Debit
Credit
Cash
$ 58,000
Accounts receivable
49,000
1,000
34,000
Office supplies inventory
Automobiles (company cars)
Accumulated depreciation, automobiles
Office equipment
Accumulated depreciation, office equipment
Accounts payable
Income taxes payable
Salaries and commissions payable
Note payable, long-term
Capital stock (par $1; 33,000 shares)
Paid-in capital
Retained earnings (on April 1, 2018)
Dividends declared and paid during the current year
Sales revenue
$ 14,000
3,000
1,000
22,000
2,000
33, 0өө
33,000
5,000
7,500
10,500
99,000
Cost of goods sold
Operating expenses (detail omitted to conserve time)
Depreciation expense (on autos and including $500 on office equipment)
Interest expense
33,000
19,000
8,000
1,000
Income tax expense (not yet computed)
Totals
$ 216,500
$216,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6c3f8590-689a-4d6c-97b9-c10ba121944d%2F695feb74-2478-4726-a9b1-e4c42ab7c4ac%2Fgq30tr_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second
year, ended March 31, 2019. Jordan also has completed a correct trial balance as follows:
JORDAN SALES COMPANY
Trial Balance
At March 31, 2019
Account Titles
Debit
Credit
Cash
$ 58,000
Accounts receivable
49,000
1,000
34,000
Office supplies inventory
Automobiles (company cars)
Accumulated depreciation, automobiles
Office equipment
Accumulated depreciation, office equipment
Accounts payable
Income taxes payable
Salaries and commissions payable
Note payable, long-term
Capital stock (par $1; 33,000 shares)
Paid-in capital
Retained earnings (on April 1, 2018)
Dividends declared and paid during the current year
Sales revenue
$ 14,000
3,000
1,000
22,000
2,000
33, 0өө
33,000
5,000
7,500
10,500
99,000
Cost of goods sold
Operating expenses (detail omitted to conserve time)
Depreciation expense (on autos and including $500 on office equipment)
Interest expense
33,000
19,000
8,000
1,000
Income tax expense (not yet computed)
Totals
$ 216,500
$216,500
![Required:
Complete the financial statements as follows:
a. Classified (multiple-step) income statement for the reporting year ended March 31, 2019. Include income tax expense, assuming a 25
percent tax rate. (Round your "Earnings per share" to 2 decimal places.)
JORDAN SALES COMPANY
Income Statement
At March 31, 2019
Sales revenue
Cost of goods sold
Gross profit
Operating expenses:
Operating expenses
Depreciation expense
Total operating expenses
Income from operations
Earnings per share](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6c3f8590-689a-4d6c-97b9-c10ba121944d%2F695feb74-2478-4726-a9b1-e4c42ab7c4ac%2Fabbyjjg_processed.png&w=3840&q=75)
Transcribed Image Text:Required:
Complete the financial statements as follows:
a. Classified (multiple-step) income statement for the reporting year ended March 31, 2019. Include income tax expense, assuming a 25
percent tax rate. (Round your "Earnings per share" to 2 decimal places.)
JORDAN SALES COMPANY
Income Statement
At March 31, 2019
Sales revenue
Cost of goods sold
Gross profit
Operating expenses:
Operating expenses
Depreciation expense
Total operating expenses
Income from operations
Earnings per share
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