Willow Company is preparing financial statements for the calendar year 2000. The following totals for each account
Question:
Willow Company is preparing financial statements for the calendar year 2000. The following totals for each account have been verified as correct:
Office Supplies on Hand ..... $\$ 300$
Insurance Expense ..... 120 Gross Sales Revenue ..... 6,000 Cost of Goods Sold ..... 3,220 Sales Returns ..... 200 Interest Expense ..... 100 Accounts Payable. ..... 120 Accounts Receivable ..... 260 Extraordinary Loss ..... 1,080 Selling Expenses ..... 360 Office Supplies Used ..... 80 Cash ..... 300 Revenue from Investments. ..... 280 Number of Shares of Capital Stock ..... 90 Prepare an income statement. Assume a 20 percent income tax rate on both income from operations and extraordinary items. Include EPS numbers.
Step by Step Answer:
Survey Of Accounting
ISBN: 9780538846172
1st Edition
Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen