Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2016: The

Question:

Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2016:

The following additional information is also available. The December 31, 2016, ending inventory is $14,700. During 2016, 4,200 shares of common stock were outstanding the entire year. The income tax rate is 30% on all items of income.
Required:
1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskin€™s cost of goods sold.
2. Prepare a 2016 single-step income statement.
3. Prepare a 2016 multiple-step income statement.
4. Prepare a 2016 statement of comprehensive income

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...