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in how much time csn i expect the answer? The following is partial list of account balances from Bagamo Inc. trial balance at June 30,
in how much time csn i expect the answer?
The following is partial list of account balances from Bagamo Inc. trial balance at June 30, 2019. The company's fiscal year end is June 30 Debit (5000's) Deferred service revenue Sales revenue Interest income Income from discontinued operations Sales discount Salaries expense General and administration expenses Bad Debt expense Depreciation expense equipment Selling and advertising expenses Credit $200 5.500 120 160 $50 175 55 105 90 Additional facts are as follow a) Tax rate is 20% b) The company uses FIFO for inventory valuation. During 2019, $32 million purchases were made. Ending inventory June 30, 2016 was $15 million, June 30, c) During the audit for the fiscal year ended June 30, 2019, the auditores identified the 1) The company uses straight line method for recording depreciation expense on equipment. Each fiscal year $90,000 depreciation expense has been recorded During 2019, the management revised the estimates of the useful if increasing the amount of depreciation expense to $108,000 per year 2) The company incurred 550,000 of interest expense on a $75,000 interest payment duo on July 15, 2019 3) 60% of the deferred service revenue has been earned by June 30, 2019 Instructions recording depreciation expense on cach fiscal year $90,000 depreciation expense has been recorded During 2019, the management revised the estimates of the useful life, increasing the amount of depreciation expense to $108,000 per year. 2) The company incurred $50,000 of interest expense on a $75,000 interest payment due on July 15, 2019. 3) 60% of the deferred service revenue has been earned by June 30, 2019. Instructions: Prepare, in good form, a multi-step income statement that include relevant subtotals for the year ended June 30, 2019. Show all calculations for full marks Begamoine multi step income statemen for the year ended june 30 sales revenue (defeered reve Cost of goods sold 57 gross profit 55 Operating expenses general and administratione selling and advertising exper 68 196 DII Prisen F3 F4 FS F6 # % A i $ 4 & 7 3 8 5 6 Step by Step Solution
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