Cost of Goods Sold and Income Statement Schuch Company presents you with the following acc unt balances taken from its December 31 adjusted trial balance: $50,000 Purchases returns $3,500 35,000 Interest expense 4,000 100,000 Sales discounts taken 2,000 7,000 290,000 Gain on sale of property (pretax) 22,000 Freight-in 5,000 Inventory, January 1 Selling expenses Purchases Sales General and administrative expenses Additional data: 1. 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

Cost of Goods sold and Income statement schuch Combaty presents you with the following accoum balances tatien from its December 31 adjusted triba belsncet Aacroonan data: 1. A physical count reveals an ending-inventory of $22,500 en December 31 . 2. Twenty-twe thousand shares of common stock hwve been outstanding the entre year. 3. The income tax rate is 30% en ali items of income, Required: 1. Prepare a separate schedule for Schuch's cost of goods sold. 3. Prepare a single-step income statement. Round earnings per share computations to two decimal places. SCHUCH COMPANY Income Statement (Single-Step) For Year Ended December 31, Current Year Revenues: Expenses: Components of Income EPS 2. Prepare a multiple-step income statement. Round earnings per share computations to two decimal places