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Please answer R1 to R4 in the excel spreadsheet. Thank you Two accountants for the firm of Elwes and Wright are arguing about the merits
Please answer R1 to R4 in the excel spreadsheet. Thank you
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2017 information related to P. Bride Company ($000 omitted). Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold Rent revenue Selling expense Delivery expense Sales commissions Depreciation of sales equipment Sales revenue Income tax Interest expense $ 4,900 3,960 60,570 17,230 2,690 7,980 6,480 96,500 9,070 1,860 Instructions (a) Prepare an income statement for the year 2017 using the multiple-step form. Common shares outstanding for 2017 total 40,550 (000 omitted). P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2017 (In thousands, except earnings per share) Operating Expenses Other Revenues and Gains Other Expenses and Losses (b) Prepare an income statement for the year 2017 using the single-step form. P. BRIDE COMPANY Income Statement For the Year Ended December 31, 2017 (In thousands, except earnings per share) Revenues Expenses Income from operations Other Revenues and Gains Interest revenue Other Expenses and Losses Loss due to volcano eruption Impairment loss - building Income before income tax Income tax (income before income tax X .30) Net income Per share of common stock: Net income (net income 5,000,000) insert numbers in yellow cells E4-17 (a) ROLAND CARLSON INC. Income Statement For the Year Ended December 31, 2017 Revenues Sales revenue Rent revenue Total revenues Expenses Cost of goods sold Selling expenses Administrative expenses Total expenses Income from operations Other revenues and gains Gain on sale of equipment Other expenses and losses Inventory loss Income from continuing operations before income tax Income tax Income from continuing operations Discontinued operations Loss on discontinued operations Less: Applicable income tax reduction Net income Per share of common stock: Income from continuing operations (income from continuing operations 100,000) Loss on discontinued operations, net of tax Net income (Net income 100,000) (C) CANTU INC. Retained Earnings Statement For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 2017 Net income Dividends declared Retained earnings, December 31, 2017 nuing operations 100,000) ement insert numbers in yellow cells er 31, 2017 ow cells Complete journal entries for the following transactions (from the mini-project). Note that the project requires using the Gros When preparing the journal entries, please make sure that your answers need to be consistent with your answer to R5 in "b * you can add rows or journal entries if necessary 2. On January 12, purchase merchandise on account from Zapfel $3,000 and Liotta $2,400. Terms 1/10, n/30. Freight $120 for e Account name $Amount Dr: Cr: 4. On January 15, send checks to Joosten for 9,000 less 2% cash discount, and to Maida for $11,000 less 1% cash discount. Account name $Amount Dr: Cr: 7. On January 21, pay off the balances to Zapfel and Liotta for the purchases on January 12. Account name $Amount Dr: Cr: 14. On July 5, purchase merchandise from Maida $33,000, terms 3/10, n/30. Account name $Amount Dr: Cr: 19. On August 10, receive half of the payment from Lachey. Account name Dr: Cr: $Amount oject requires using the Gross method (not the net method). with your answer to R5 in "bonus assignment". 1/10, n/30. Freight $120 for each sale, F.O.B. destination. 0 less 1% cash discountStep by Step Solution
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