Sales revenue Purchases Net income as a percent of sales revenue Beginning inventory Expenses including income taxes Tax rate a. Required a. Prepare the company's single-step income statement. b. Prepare the journal entry at period-end to eliminate beginning inventory and to record ending inventory. Note: Do not use negative signs with your answers. Income Statement Sales revenue Cost of goods sold: Beginning inventory Plus: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross margin Expenses Income before taxes Income taxes Net income $ $ $440,000 $308,000 $ 15% $55,000 $99,000 25% 440,000 55,000 ✓ 308,000✔ X 0 x 0 x 0x X 0 x 0 x 0 x

Sales revenue Purchases Net income as a percent of sales revenue Beginning inventory Expenses including income taxes Tax rate a. Required a. Prepare the company's single-step income statement. b. Prepare the journal entry at period-end to eliminate beginning inventory and to record ending inventory. Note: Do not use negative signs with your answers. Income Statement Sales revenue Cost of goods sold: Beginning inventory Plus: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross margin Expenses Income before taxes Income taxes Net income $ $ $440,000 $308,000 $ 15% $55,000 $99,000 25% 440,000 55,000 ✓ 308,000✔ X 0 x 0 x 0x X 0 x 0 x 0 x

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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