Homework Help Question & Answers

$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin...

$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives1. Prepare a separate schedule for Gaskins cost of goods sold. GASKIN COMPANY Schedule 1: Cost of Goods Sold For Year Ended2. Prepare a 2019 single-step income statement. Disregard EPS disclosure. GASKIN COMPANY Income Statement (Single-Step) For Y3. Prepare a 2019 multiple-step income statement. Disregard EPS disclosure. GASKIN COMPANY Income Statement (Multi-Step) For4. Prepare a 2019 statement of comprehensive income. GASKIN COMPANY Statement of Comprehensive Income For Year Ended December

$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: Sales $142,000 Interest revenue Purchases returns 5,200 Purchases discounts taken Gain on sale of equipment (pretax) 3,800 Inventory, January 1, 2019 Freight-in 3,400 Purchases Selling expenses 15,600 Administrative expenses Unrealized increase in fair value of Loss from truck accident (pretax) 2,400 available-for-sale securities The following additional information is also available. 1. The December 31, 2019, ending inventory is $14,700. 2. During 2019, 4,200 shares of common stock were outstanding the entire year. 3. The income tax rate is 30% on all items of income. 24,200 6,500
1. Prepare a separate schedule for Gaskin's cost of goods sold. GASKIN COMPANY Schedule 1: Cost of Goods Sold For Year Ended December 31, 2019 Inventory, 1/1/2019 12,800 Purchases ✓ 89,700 3,400 93,100 Add: Freight-in Cost of purchases Less: Purchases returns Less: Purchases discounts taken 5,200 2,700 Net purchases 85,200 Cost of goods available for sale Less: Inventory, 12/31/2019 Cost of goods sold 14,700
2. Prepare a 2019 single-step income statement. Disregard EPS disclosure. GASKIN COMPANY Income Statement (Single-Step) For Year Ended December 31, 2019 Revenues Sales 142,000 Interest revenue 3,300 Gain on sale of equipment 3,800 149,100 Total revenues Expenses Cost of goods sold Selling expenses Administrative expenses 15,600 24,200 Loss from truck accident 6,500 Income tax expense Total expenses Net income
3. Prepare a 2019 multiple-step income statement. Disregard EPS disclosure. GASKIN COMPANY Income Statement (Multi-Step) For Year Ended December 31, 2019 Sales 142,000 ✓ Cost of goods sold Gross profit Operating expenses Selling expenses 15,600 Administrative expenses 24,200 39,800 Total operating expenses Operating income Other items Gain on sale of equipment Loss from truck accident Interest revenue 3,800 6,500 3,300 600 Income before income tax Income tax expense Net income
4. Prepare a 2019 statement of comprehensive income. GASKIN COMPANY Statement of Comprehensive Income For Year Ended December 31, 2019 Net income Other comprehensive income: Unrealized increase in value of available-for-sale securities (net of income taxes) Comprehensive income
0 0
Next > < Previous
ReportAnswer #1

Gaskin Company

Schedule1: Cost of good sold

For year ended December31,2019

lnventory1/1/2019 $12800
Purchase 89700
Add: Freight in 3400
Cost of purchases 93100
Less: Purchases return 5200
Less : Purchase discount taken: 2700
Net purchases $85200
Cost of good available for sale $98000
Less: Inventory 31/12/2019 14700
Cost of Good sold $83300

Gaskin Company

Income statement(Single step)

For year ended December 31,2019

Revenues:
Sales $142000
Interest revenue 3300
Gain on sale of equipment 3800
Total revenue $149100
Expenses:
Cost of good sold $83300
Selling expenses 15600
Administration expenses 24200
Loss from truck accidents 6500
Income tax expenses(see working note) 5850
Total expenses $135450
Net Income $13650

Working note

Income taxes expenses =30% of (149100 -83300-15600-24200-6500) =30% of $19500 =$5850

Gaskin Company

Income Statement (Multi step)

For year ended December31,2019

Sales $142000
Cost of good sold $83300
Gross Profit $58700
Operating expenses
Selling expenses 15600
Administrative ecpenses 24200
total operating expenses $39800
Operating Income $18900
Others item:
Gain on sale of equipments 3800
Loss on truck accident 6500
Interest revenue 3300 600
Income before income taxes 19500
Income tax expenses(30% of 19500) 5850
Net Income $13650

Gaskin Company

Statement of Comprehensive Income

For year ended December 31,2019

Net Income $13650
other comprehensive income:
Unrealized increase in value of available for sale securities(Net of income taxes) $2400
Comprehensive Income $16050
Know the answer?
Add Answer to:
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000,...

    1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...

  • Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company...

    Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) $8,000 General and administrative expenses $17,000 Interest revenue 3,000 Sales 180,000 Selling expenses 15,000 Unrealized decrease in fair value of Cost of goods sold 90,000 available-for-sale securities 1,800 Loss on sale of equipment (pretax) 2,000 Additional data: Seven thousand shares of common stock have been outstanding the entire year. The income...

  • $17,000 180,000 Multiple-Step and Single-Step Income Statements, and statement of Comprehensive Income On December 31, 2019,...

    $17,000 180,000 Multiple-Step and Single-Step Income Statements, and statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) $8,000 General and administrative expenses Interest revenue 3,000 Sales Selling expenses 16,000 Unrealized decrease in fair value of Cost of goods sold 95,000 available-for-sale securities Loss on sale of equipment (pretax) 2,000 Additional data: 1. Seven thousand shares of common stock have been outstanding the entire year. 2. The...

  • PROBLEM 3–13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3–3...

    PROBLEM 3–13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3–3 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

  • Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement...

    Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 210,000 $ 267,000 2 $ 155,000 $ 370,000 $ 353,000 Inventory balances at the beginning and end of the...

  • Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...

    Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 220,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $ 370,000 $ 359,000 Inventory balances at the beginning and end of the year were...

  • prepare schedules of cost of goods manufactured and cost of goods sold and an income statement....

    prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. Portal Watch The Grand Tour Season 2 Prime Video Resume Builder Connect Problems Saved Help Save & Exit Submit Check my work Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead...

  • 2-27 Statement of comprehensive income and schedule of cost of goods manufactured. The Howell Corporation has...

    2-27 Statement of comprehensive income and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions): For Specific Date For Year 2019 Direct materials, January 1, 2019 Purchases of direct materials Work in process, January 1, 2019 Direct manufacturing labour Finished goods, January 1, 2019 Depreciation—plant, building, and equipment Direct materials, December 31, 2019 Plant supervisory salaries Work in process, December 31, 2019 Miscellaneous plant overhead Finished goods, December 31, 2019 Revenues 1,140 Marketing,...

  • Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement...

    Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 211,000 Purchases of raw materials $ 262,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 374,000 Actual manufacturing overhead cost $ 360,000 Inventory balances at the beginning and end of the...

  • Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...

    Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 264,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 373,000 Actual manufacturing overhead cost $ 353,000 Inventory balances at the beginning and end of the year...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.