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The following information for ZHOU Co. is for the Month Ended January 31, 2018. Sales revenue, $370,000, Sales returns and allowances, $20,000, Sales discounts, 8,000,
The following information for ZHOU Co. is for the Month Ended January 31, 2018. Sales revenue, $370,000, Sales returns and allowances, $20,000, Sales discounts, 8,000, Cost of goods sold, 212,000, Salaries and wages expense, 60,000, Rent expense, 32,000, Insurance expense, 12,000, Freight-out, 7,000, interest expense, 500, investment dividend income, 1500, Income taxes are 40%. 1. Prepare a multiple income statement in good GAAP form ZHOU Co. Income Statement For the Month Ended January 31, 2018 Sales Net sales Cost of Goods Sold Gross profit Operating Ex Income from operations Other income and Expenses Income before income taxes "Tax Expense Net income Problem 2 (20 Points) Carp Corporation is authorized to issue 2,000,000 shares of Si par value common stock. During 2018, the company has the stock transactions listed below. Journalize the transactions for Carn Corporation in spaces provided below
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