The following information is available for Shamrock Corp. for
the year ended December 31, 2022. Other...
The following information is available for Shamrock Corp. for
the year ended December 31, 2022. Other revenues and gains $21,400
Other expenses and losses 3,000 Cost of goods sold 279,000 Sales
discounts 3,000 Sales revenue 745,000 Operating expenses 209,000
Sales returns and allowances 8,800 Prepare a multiple-step income
statement for Shamrock Corp. The company has a tax rate of 25%.
The following information is available for Splish Brothers Corp.
for the year ended December 31, 2022....
The following information is available for Splish Brothers Corp.
for the year ended December 31, 2022.
Other revenues and gains
$23,600
Other expenses and losses
4,000
Cost of goods sold
291,000
Sales discounts
4,800
Sales revenue
759,000
Operating expenses
220,000
Sales returns and allowances
10,600
Prepare a multiple-step income statement for Splish Brothers Corp.
The company has a tax rate of 25%.
The following information for ZHOU Co. is for the Month Ended
January 31, 2018.
Sales revenue,...
The following information for ZHOU Co. is for the Month Ended
January 31, 2018.
Sales revenue, $370,000, Sales returns and allowances,
$20,000, Sales discounts, 8,000, Cost of goods sold, 212,000,
Salaries and wages expense, 60,000, Rent expense, 32,000, Insurance
expense, 12,000, Freight-out, 7,000, interest expense, 500,
investment dividend income, 1500, Income taxes are 40%.
1. Prepare a multiple income statement in good GAAP form
The following information for
ZHOU Co. is for the Month Ended January 31, 2018.
Sales revenue,...
The following information for
ZHOU Co. is for the Month Ended January 31, 2018.
Sales revenue, $370,000, Sales returns and allowances, $20,000,
Sales discounts, 8,000, Cost of goods sold, 212,000, Salaries and
wages expense, 60,000, Rent expense, 32,000, Insurance expense,
12,000, Freight-out, 7,000, interest expense, 500, investment
dividend income, 1500, Income taxes are 40%.
1. Prepare a multiple income
statement in good GAAP form
) Presented below is information
related to Chesterton Corp for the year ended
December 31,...
) Presented below is information
related to Chesterton Corp for the year ended
December 31,
2019.
Purchases
$200,000
Purchase discounts
3,000
Purchase returns & allowances
6,000
Sales revenue
312,000
Sales discounts
8,000
Sales returns & allowances
13,000
Freight-in
10,000
Freight-out
5,000
Inventory, January 1, 2019
42,000
Inventory, Dec. 31, 2019
63,000
Instructions:
Prepare a partial income statement through gross profit,
including a detailed cost of goods sold section assuming that
Chesterton uses a periodic inventory system.
Record the entry...
Presented below is information for Pharoah Company for the month
of January 2022.
Cost of goods...
Presented below is information for Pharoah Company for the month
of January 2022.
Cost of goods sold
$218,125
Rent expense
$33,000
Freight-out
7,000
Sales discounts
8,000
Insurance expense
12,000
Sales returns and allowances
20,000
Salaries and wages expense
57,000
Sales revenue
377,000
Other comprehensive income
2,100
(a)
Prepare a multiple-step income statement. (If there
is a net loss then enter the amount using either a negative sign
preceding the number e.g. -45 or parentheses e.g.
(45).)
Pharoah Company
Income Statement...
The December 31, 2019 adjusted trial balance for Camptown
Company is shown below.
Debit
Credit
Cash...
The December 31, 2019 adjusted trial balance for Camptown
Company is shown below.
Debit
Credit
Cash
$12,600
Accounts receivable
2,400
Prepaid rent
800
Inventory
28,000
Accounts payable
$4,200
Salary payable
1,000
Notes payable
800
Capital
13,800
Drawing
1,000
Sales revenue
96,000
Sales returns and allowances
1,600
Sales discounts
400
Cost of goods sold
25,000
Salary expense
21,000
Rent expense
22,500
Supplies expense
500
Total
$115,800
$115,800
Using the information above prepare an income statement in
single-step format and the closing...
The December 31, 2019 adjusted trial balance for Camptown
Company is shown below.
Debit
Credit
Cash...
The December 31, 2019 adjusted trial balance for Camptown
Company is shown below.
Debit
Credit
Cash
$12,600
Accounts receivable
2,400
Prepaid rent
800
Inventory
28,000
Accounts payable
$4,200
Salary payable
1,000
Notes payable
800
Capital
13,800
Drawing
1,000
Sales revenue
96,000
Sales returns and allowances
1,600
Sales discounts
400
Cost of goods sold
25,000
Salary expense
21,000
Rent expense
22,500
Supplies expense
500
Total
$115,800
$115,800
Using the information above prepare an income statement in
single-step format and the closing...
Exercise 5-07
Presented below is information for Lieu Co. for the month of
January 2022.
Cost...
Exercise 5-07
Presented below is information for Lieu Co. for the month of
January 2022.
Cost of goods sold
$212,040
Rent expense
$32,000
Freight-out
7,000
Sales discounts
8,000
Insurance expense
12,000
Sales returns and allowances
20,000
Salaries and wages expense
60,000
Sales revenue
370,000
Income tax expense
5,280
Other comprehensive income (net of $400 tax)
2,000
a. Prepare an income statement using the multiple-step
format.
b. Prepare a comprehensive income statement.
c. Calculate the profit margin and the gross profit...
On October 31, the end of the first month of operations,
Maryville Equipment Company prepared the...
On October 31, the end of the first month of operations,
Maryville Equipment Company prepared the following income
statement, based on the variable costing concept:
Maryville Equipment Company
Variable Costing Income Statement
For the Month Ended October 31
Sales (220,000 units)
$7,920,000
Variable cost of goods sold:
Variable cost of goods manufactured
$6,360,000
Inventory, October 31 (45,000 units)
(1,080,000)
Total variable cost of goods sold
(5,280,000)
Manufacturing margin
$2,640,000
Variable selling and administrative expenses
(330,000)
Contribution margin
$2,310,000
Fixed costs:...