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DDD 14-11 (Condensed Income Statement-Periodic Inventory Method) Presented below are selected ledger Daccounts of Woods Corporation at December 31, 2015. Cash Inventory (beginning) Sales revenue Uneamed sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense $ 185,000 535,000 4,175,000 117,000 2,780.000 34,000 27,000 69,000 33,000 24,000 54,000 93,000 168 Chapter 4 Income Statement and Related Information Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Instructions Prepare a 2015 income statement for Woods Corporation. Sales returns and allowance Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses $284,000 346,000 15.000 79,000 72,000 Rent revenue Loss on sale of division Interest expense Depreciation expense (office equipment) 48,000 Depreciation expense (sales equipment) 36,000 Share capital-ordinary ($10 par Woods's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000 142.500 83,000 17,000 32,000 8,000 240,000 60,000 176,000 900,000

DDD 14-11 (Condensed Income Statement-Periodic Inventory Method) Presented below are selected ledger Daccounts of Woods Corporation at December 31, 2015. Cash Inventory (beginning) Sales revenue Uneamed sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense $ 185,000 535,000 4,175,000 117,000 2,780.000 34,000 27,000 69,000 33,000 24,000 54,000 93,000 168 Chapter 4 Income Statement and Related Information Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Instructions Prepare a 2015 income statement for Woods Corporation. Sales returns and allowance Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses $284,000 346,000 15.000 79,000 72,000 Rent revenue Loss on sale of division Interest expense Depreciation expense (office equipment) 48,000 Depreciation expense (sales equipment) 36,000 Share capital-ordinary ($10 par Woods's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000 142.500 83,000 17,000 32,000 8,000 240,000 60,000 176,000 900,000

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter13: Financial Statement Analysis
Section: Chapter Questions
Problem 13.5E
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DDD E4-11 (Condensed Income Statement-Periodic Inventory Method) Presented below are selected ledger accounts of Woods Corporation at December 31, 2015. Cash Inventory (beginning) Sales revenue Uneamed sales revenue Purchases $185,000 535.000 4,175,000 117,000 2,786.000 34,000 27,000 69,000 168 Chapter 4 Income Statement and Related Information Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowance Instructions Prepare a 2015 income statement for Woods Corporation. Freight-in Accounts receivable Sales discounts Purchase discounts Selling expenses Accounting and legal services 33,000 24,000 Insurance expense (office) Advertising expense Delivery expense 54,000 93,000 Depreciation expense (office equipment) 48,000 Depreciation expense (sales equipment) 36,000 Woods's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000. Sales commissions Telephone and Internet expense (sales) Uslities expense (office) $284,000 346,000 15,000 79,000 Miscellaneous office expenses Rent revenue Loss on sale of division Interest expense Share capital-ordinary ($10 par) 72,000 142,500 83,000 17,000 32,000 8.000 240,000 60,000 176,000 900,000
Transcribed Image Text:DDD E4-11 (Condensed Income Statement-Periodic Inventory Method) Presented below are selected ledger accounts of Woods Corporation at December 31, 2015. Cash Inventory (beginning) Sales revenue Uneamed sales revenue Purchases $185,000 535.000 4,175,000 117,000 2,786.000 34,000 27,000 69,000 168 Chapter 4 Income Statement and Related Information Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowance Instructions Prepare a 2015 income statement for Woods Corporation. Freight-in Accounts receivable Sales discounts Purchase discounts Selling expenses Accounting and legal services 33,000 24,000 Insurance expense (office) Advertising expense Delivery expense 54,000 93,000 Depreciation expense (office equipment) 48,000 Depreciation expense (sales equipment) 36,000 Woods's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000. Sales commissions Telephone and Internet expense (sales) Uslities expense (office) $284,000 346,000 15,000 79,000 Miscellaneous office expenses Rent revenue Loss on sale of division Interest expense Share capital-ordinary ($10 par) 72,000 142,500 83,000 17,000 32,000 8.000 240,000 60,000 176,000 900,000
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