Question
The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2016: Debit Credit Sales $2,110,000 Sales returns $145,000 Cost of
The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2016:
| Debit | Credit | ||||||
| Sales | $2,110,000 | ||||||
| Sales returns | $145,000 | ||||||
| Cost of goods sold | 1,006,048 | ||||||
| General expenses | 44,000 | ||||||
| Selling expenses | 82,000 | ||||||
| Depreciation expense | 75,000 | ||||||
| Interest expense | 34,000 | ||||||
| Interest revenue | 45,000 | ||||||
| Income tax expense | 10,500 | ||||||
| Utilities expense | 113,000 | ||||||
| Salaries expense | 146,000 | ||||||
Prepare a single-step statement of income for the year ended June 30,2016
Prepare a multi-step statement of income for the year ended June 30, 2016.
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Operational Review Maximum Results At Efficient Costs
Authors: Rob Reider
3rd Edition
0471228109, 978-0471228103
