Question

The following account titles and balances were taken from the adjusted trial balance of King Co....

The following account titles and balances were taken from the adjusted trial balance of King Co. for 2016. The company uses the periodic inventory system.
  Account Title Balance
  Sales returns and allowances $ 11,500
  Miscellaneous expense 6,100
  Transportation-out 19,100
  Sales 21,200
  Advertising expense 910
  Salaries expense 161,000
  Transportation-in 3,250
  Purchases 20,750
  Interest expense 58,500
  Merchandise inventory, January 1 331,000
  Rent expense 9,100
  Merchandise inventory, December 31 6,750
  Purchase returns and allowances 11,350
  Loss on sale of land 5,100
  Utilities expense 12,300

     

Required
a.

Prepare a schedule to determine the amount of cost of goods sold. (Amounts to be deducted should be indicated with minus sign.)

      

b.

Prepare a multistep income statement.

      

c.

Prepare a single-step income statement.

  

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