Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances...

Cost of Goods Sold and Income Statement

Schuch Company presents you with the following account balances taken from its December 31, 2016, adjusted trial balance:

Inventory, January 1, 2016	$45,000	Purchases returns	$3,500
Selling expenses	35,000	Interest expense	4,000
Purchases	110,000	Sales discounts taken	2,000
Sales	280,000	Gain on sale of property (pretax)	7,000
General and administrative expenses	22,000	Freight-in	5,000

Additional data:

A physical count reveals an ending inventory of $22,500 on December 31, 2016.
Twenty-five thousand shares of common stock have been outstanding the entire year.
The income tax rate is 30% on all items of income.

Required:

1. Prepare a separate schedule for Schuch's cost of goods sold.

SCHUCH COMPANY
Schedule 1: Cost of Goods Sold
For Year Ended December 31, 2016
		$fill in the blank d87b0b08306806e_2
	$fill in the blank d87b0b08306806e_4
	fill in the blank d87b0b08306806e_6
	$fill in the blank d87b0b08306806e_8
	fill in the blank d87b0b08306806e_10
		fill in the blank d87b0b08306806e_12
		$fill in the blank d87b0b08306806e_14
		fill in the blank d87b0b08306806e_16
		$fill in the blank d87b0b08306806e_18

2. Prepare a 2016 multiple-step income statement. Round earnings per share computations to the nearest cent.

SCHUCH COMPANY
Income Statement (Multi-Step)
For Year Ended December 31, 2016
		$fill in the blank cdb0aefa0fddfa2_2
		fill in the blank cdb0aefa0fddfa2_4
		$fill in the blank cdb0aefa0fddfa2_6
		fill in the blank cdb0aefa0fddfa2_8
		$fill in the blank cdb0aefa0fddfa2_10
Operating expenses:
	$fill in the blank cdb0aefa0fddfa2_12
	fill in the blank cdb0aefa0fddfa2_14
		fill in the blank cdb0aefa0fddfa2_16
		$fill in the blank cdb0aefa0fddfa2_18
Other items:
	$fill in the blank cdb0aefa0fddfa2_20
	fill in the blank cdb0aefa0fddfa2_22	fill in the blank cdb0aefa0fddfa2_23
		$fill in the blank cdb0aefa0fddfa2_25
		fill in the blank cdb0aefa0fddfa2_27
		$fill in the blank cdb0aefa0fddfa2_29
Components of Income		EPS
		$fill in the blank cdb0aefa0fddfa2_31

3. Prepare a 2016 single-step income statement. Round earnings per share computations to the nearest cent.

SCHUCH COMPANY
Income Statement (Single-Step)
For Year Ended December 31, 2016
Revenues:
	$fill in the blank 2d6d49049025ff6_2
	fill in the blank 2d6d49049025ff6_4
		$fill in the blank 2d6d49049025ff6_6
Expenses:
	$fill in the blank 2d6d49049025ff6_8
	fill in the blank 2d6d49049025ff6_10
	fill in the blank 2d6d49049025ff6_12
	fill in the blank 2d6d49049025ff6_14
	fill in the blank 2d6d49049025ff6_16
		fill in the blank 2d6d49049025ff6_18
		$fill in the blank 2d6d49049025ff6_20
Components of Income		EPS
		$fill in the blank 2d6d49049025ff6_22

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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