Question
Listed below are selected account balances for Shadow Company, as of December 31, 2021. Cash $120,194 Accounts Payable $34,298 Rent Expense $34,100 Inventory $41,707 Cost
| Listed below are selected account balances for Shadow Company, as of December 31, 2021. | |||||||||
| Cash | $120,194 | ||||||||
| Accounts Payable | $34,298 | ||||||||
| Rent Expense | $34,100 | ||||||||
| Inventory | $41,707 | ||||||||
| Cost of Goods Sold | $209,062 | ||||||||
| Notes Payable | $16,000 | ||||||||
| Sales Revenue | $427,000 | ||||||||
| Accounts Receivable | $47,000 | ||||||||
| Bonds Payable | $100,000 | ||||||||
| Contributed Capital | $250,000 | ||||||||
| Wages Expense | $48,927 | ||||||||
| Equipment | $325,000 | ||||||||
| Interest Expense | $2,000 | ||||||||
| Land | $350,000 | ||||||||
| Advertising Expense | $12,000 | ||||||||
| Retained Earnings | ??? | ||||||||
| Gain on sale of land | $15,000 | ||||||||
| Required: Prepare a multi-step income statement for Shadow Company for the year ended 2021. | |||||||||
| Assume the tax rate is 25%. |
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Management Accounting
Authors: Will Seal, Carsten Rohde, Ray Garrison, Eric Noreen
6th Edition
9780077185534
