Question
In: Accounting
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
ekkarill92 answered 1 year agoRelated Solutions
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