Blackboard Homework 4-1 Assignment Instructions: Using the account information o

Question

Blackboard Homework 4-1 Assignment Instructions: Using the account information on the following page, prepare a multiple-step income statement and a statement of retained earnings. To qualify for full points, your assignment must meet the following minimum requirements: (1) The documents must be typed; (2) Both statements must include a proper heading (3) The income statement must properly display earnings per share; (4) You have not been given a total for cost of goods sold. The income statement must show the calculation of cost of goods sold within the statement itself (5) Bring two copies of the assignment on the due date, to ensure that you have a copy available for grading. ACCOUNTBALANCESATDECEMBER31,209 and Wages 600,000 stock 9.500,000 1,000,000 and 10 000.000 and Wages ative 180.000 90,000 Gain on Saleof 54000 January 1,500,000 # common shares ax rate

Explanation / Answer

4-1

4-2

COGS Detailed break-up Inventory Jan1 1850000 Purchases 4580000 Add:Freight-in 80000 Less:Purchase discounts 20000 Less:Purchase returns 17800 Net purchases 4622200 Add:Freight out 30000 Cost of goods available for sale 4652200 Less:Inventory Dec31 1000000 COGS 5502200

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