Question
Prepare multiple step income statement and retained earnings statement for Twain corporation at june 30,2012 p4-4... Please help, i just cant get the right answer
Prepare multiple step income statement and retained earnings statement for Twain corporation at june 30,2012 p4-4... Please help, i just cant get the right answer for income from operations and net income
sales revenue -1,578,500 depreciation expense (office furniture and equipment) -7,250
sales discounts -31,150 property tax expense - 7,320
Cost of good sold- 896,770 bad debt expense (selling) -4,850
salaries and wage expense (sales)- 56,260 maintenance and repairs expense (admin)- 9,130
sales commission -97,600 office expense- 6,000
travel expense (salesperson)- 28,930 sales and return allowances -62,300
freight out -21,400 dividends received -38,000
entertainment expense (sales) -14,820 interest expense -18,000
tele and internet expense (sale)- 9,030 income tax expense -102,000
depreciation expense (sales equipment)- 4,980 depreciation understatement due to error 2009 -17,700
maintence and repairs expense (sales)- 6,200 dividends declared on preferred stock -9,000
misc selling expense- 4,715 dividends declared on common stock -37,000
office supplies used -3,450
tele and internet expense ( admin)- 2,820
retained earnings account had a balance of 337,000 at july 1,2011. There are 80,000 shares of common stock outstanding
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