Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31 adjusted trial balance: Inventory, January 1 $43,000 Purchases returns $3,500 Selling expenses Purchases Sales 35,000 Interest expense 4,000 100,000 Sales discounts taken 2,000 250,000 Gain on sale of property (pretax) 7,000 General and administrative expenses 22,000 Freight-in 5,000 L Additional data: A physical count reveals an ending-inventory of $22.500 on December 31. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. 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, Current Year Youtube Classifications Where would each of the following items most likely be reported in a company's financial statements? Assume the monetary amount of each item is material. 1. Bad debts expense 2 Sales discounts taken 3. Depreciation expense on sales equipment 4 Loss from operations of discontinued Division h. Kamings per share 0. Gain in sale of land 7. Administrative sales Cash dividends declared and boid common stock 9 Gain from sale of continued Division 10. Les male ufpen 11. Advertising exp 12 Herthand d 13. Las from write-off of chalets inery 14 Cain pad to agile apert Check My Work Cha My n 30 Clear 9:20 PM Qarch