Presented below is information for Lieu Co. for the month of
January 2017. Cost of goods...
Presented below is information for Lieu Co. for the month of
January 2017. Cost of goods sold $212,000 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 5,000 Other
comprehensive income (net of $400 tax) 2,000 Prepare an income
statement using the multi-step format. LIEU Co. Income Statement
Sales Revenue $ 370000 : Sales Returns and Allowances $ 20000 Sales
Discounts 8000...
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...
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 for K. Robson Co. for the month
of March 2020. Cost of...
Presented below is information for K. Robson Co. for the month
of March 2020. Cost of goods sold $212,000 Freight-out $ 7,000
Insurance expense 12,000 Salaries expense 34,500 Rent expense
32,000 Sales discount 17,000 Sales return and allowances 45,000
Sales revenue 370,000 Instructions (in color): A. Prepare a
multi-step income statement. Assume a 25% tax rate. B. Calculate
the profit margin and the gross profit rate (make sure final answer
is 2 decimals as a %)
Presented below is information related to Coronado Corporation
for the month of January 2017.
Cost of...
Presented below is information related to Coronado Corporation
for the month of January 2017.
Cost of goods sold
$192,350
Salaries and wages expense
$65,470
Delivery expense
7,420
Sales discounts
8,770
Insurance expense
11,370
Sales returns and allowances
14,060
Rent expense
21,700
Sales revenue
324,000
Prepare the necessary closing entries.
Presented below is information for Concord Company for the
month of March 2020.
Cost of goods...
Presented below is information for Concord Company for the
month of March 2020.
Cost of goods sold
$221,920
Rent expense
$33,370
Freight-out
6,410
Sales discounts
8,470
Insurance expense
5,440
Sales returns and allowances
12,520
Salaries and wages expense
55,970
Sales revenue
390,680
Prepare a multiple-step income statement. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
CONCORD COMPANY
Income Statement
March 31, 2020For the Month Ended March 31, 2020For the Year
Ended...
The following selected accounts from the Wildhorse Co.’s general
ledger are presented below for the year...
The following selected accounts from the Wildhorse Co.’s general
ledger are presented below for the year ended December 31,
2022:
Advertising expense
$ 59,000
Interest revenue
$ 36,000
Common stock
254,000
Inventory
71,000
Cost of goods sold
1,089,000
Rent revenue
24,000
Depreciation expense
129,000
Retained earnings
539,000
Dividends
154,000
Salaries and wages expense
678,000
Freight-out
29,000
Sales discounts
9,000
Income tax expense
74,000
Sales returns and allowances
47,000
Insurance expense
15,000
Sales revenue
2,403,000
Interest expense
73,000
Prepare a multiple-step...
Presented below is information related to Oriole Corporation for
the month of January 2020.
Cost of...
Presented below is information related to Oriole Corporation for
the month of January 2020.
Cost of goods sold
$223,110
Salaries and wages expense
$55,720
Delivery expense
6,320
Sales discounts
7,320
Insurance expense
12,760
Sales returns and allowances
11,820
Rent expense
18,640
Sales revenue
366,400
Prepare the necessary closing entries. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the...
Presented below is information related to Sunland Company, owned
by D. Flamont, for the month of...
Presented below is information related to Sunland Company, owned
by D. Flamont, for the month of January 2017.
Ending inventory per perpetual records
$22,800
Insurance expense
$11,500
Ending inventory actually on hand
17,800
Rent expense
20,200
Cost of goods sold
211,000
Salaries expense
55,800
Freight out
7,100
Sales discounts
9,100
Sales returns and allowances
13,900
Sales
369,000
1. Prepare the necessary adjusting entry for inventory.
2. Prepare the necessary closing entries. D. Flamont did not
withdraw any cash during the...