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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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Problem 3 |(30 minutes) Express Company provided the following data for the current year: $ Contribution to employees' pension fund Delivery Depreciation expense 300,000 200,000 80,000 100,000 1,000,000 10,000 500,000 150,000 Dividend income Dividends declared Doubtful accounts expense Income from discontinued operations, net of tax Income tax expense Inventory on December 31 at cost Inventory, January 1 850,000 1,000,000 Loss on sale of investment 100,000 Miscellanous expenses Net realizable value of inventory 120,000 700,000 3,700,000 3,000,000 1,540,000 8,400,000 Purchases Retained earnings, January 1 Salaries Sales Required: 1. Prepare the income statement. 2. Prepare the statement of retained earnings.
Transcribed Image Text:Problem 3 |(30 minutes) Express Company provided the following data for the current year: $ Contribution to employees' pension fund Delivery Depreciation expense 300,000 200,000 80,000 100,000 1,000,000 10,000 500,000 150,000 Dividend income Dividends declared Doubtful accounts expense Income from discontinued operations, net of tax Income tax expense Inventory on December 31 at cost Inventory, January 1 850,000 1,000,000 Loss on sale of investment 100,000 Miscellanous expenses Net realizable value of inventory 120,000 700,000 3,700,000 3,000,000 1,540,000 8,400,000 Purchases Retained earnings, January 1 Salaries Sales Required: 1. Prepare the income statement. 2. Prepare the statement of retained earnings.
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