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QUESTION 4 . The following PARTIAL trial balance for the Garcia Gomez Corporation is provided below: Selected Trial Balance Amounts at December 3 1 ,
QUESTION The following PARTIAL trial balance for the Garcia Gomez Corporation is provided below: Selected Trial Balance Amounts at December Accounts Debit Credit Net sales, excluding Restaurant Division $ Net sales, Restaurant Division Cost of sales, excluding Restaurant Division $ Cost of sales, Restaurant Division SG&A Expenses, excluding Restaurant Division SG&A expenses, Restaurant Division Interest revenue Gain on litigation settlement Gain on disposal of Restaurant Division Other data for the year ended December : Tax rate on types of income, and has been since The gain from litigation settlement is taxable and is considered to be unusual and infrequent. The Restaurant Division was sold on October for $ when the carrying value of the division was $ Remaining divisions are in consumerpackaged goods and pet food. Garcia Gomez neglected to take depreciation of $ in Retained earnings reported on the balance sheet was $ The weightedaverage shares of common stock outstanding for with a $ par: shares. Prepare the income statement and statement of retained earnings IN GOOD FORM for the year ending December Show your work when you need to compute a number to enter onto a statement. Excel would make this easier to amend if you forget something...
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