70.2K

Verified Solution

Link Copied!

PART 2: MULTI STEP INCOME STATEMENT 10 POINTS An adjusted trial balance of Woods Company as of December 31, 2018 is given below. Prepare a multi- step income statement for the year for the company. Use the blank space on the bottom to prepare the multi-step income statement or you can use a blank sheet of paper and attach it to the test. Credit Debit $15,000 42,000 60,000 15,000 300,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable H. Woods, Capital H. Woods, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 326,000 3,000 480,000 240,000 15000 69,000 54,000 6,000 $834,000 $834,000 Anderson Plumbing Fixtures reported the following income statement for the year ended December 31, 2017 $258,000 Anderson Plumbing Fixtures Income Statement Year Ended December 31, 2017 Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory $43,500 Net Cost of Purchases 145.00 Cost of Goods Available for Sale 188,500 Less: Ending Merchandise Inventory 38.000 Cost of Goods Sold: Gross Profit Operating Expenses Net Income 150.000 107,500 87,200 $20.300 Compute inventory turnover rate for the year. Compute days' sales in inventory for the year

Answer & Explanation Solved by verified expert

See Answer