Prepare statement of Cost of Goods Sold,Muliple Step Income Statement,Statement of retained Earnings and prepare a report on financial performance of Business. Target Corporation is an American retail corporation. It is a general merchandise retailer with stores in all50 U.S. states and the District of Columbia. 75% of the U.S. population lives within 10 miles of a Targetstore. The tagline of the company is "Expect More. Pay Less." The Corporation provides an adjusted TrialBalance as of December 31, 2019 which is given below:DetailsDebitDebitOMROMRCash34,40032,000Merchandise inventoryInventory returns estimatedStore equipmentAccumulated depreciation-store equipmentOffice equipmentAccumulated depreciation office equipmentAccounts payableSales refund payableNotes payableCommon stock4,00075,90022,00060,00015,00035,0007,0002,20031,000Retained eamingsDividends109,70048,000Sales335,000Sales discounts8,000Sales returns and allowances15,500Selling expensesGeneral and administrative expenses33,50019,800Interest expense800Merchandise Inventory - opening20,000Purchases240,000Purchase discounts25,000Purchase returns and allowances15,000Transportation in5,000Total596,900 596,900Closing Merchandising Inventory of the Corporation is OMR 29,000. You are required to prepare thefollowing financial statements from the above information as on 31 December 2019:

Name: Prepare statement of Cost of Goods Sold,Muliple Step Income Statement,
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Description: Prepare statement of Cost of Goods Sold,Muliple Step Income Statement,Statement of retained Earnings and prepare a report on financial performance of Business. Target Corporation is an American retail corporation. It is a general merchandise retailer

Revenue = Sales - Sales return and allowance - Sale Discount. Cost of good Sold = Opening Inventory…

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Target Corporation is an American retail corporation. It is a general merchandise retailer with stores in all 50 U.S. states and the District of Columbia. 75% of the U.S. population lives within 10 miles of a Target store. The tagline of the company is "Expect More. Pay Less." The Corporation provides an adjusted Trial Balance as of December 31, 2019 which is given below: Details Debit Debit OMR OMR Cash 34,400 Merchandise inventory Inventory returns estimated Store equipment Accumulated depreciation-store equipment Office equipment 32,000 4,000 75,900 22,000 60,000 Accumulated depreciation office equipment 15,000

Target Corporation is an American retail corporation. It is a general merchandise retailer with stores in all 50 U.S. states and the District of Columbia. 75% of the U.S. population lives within 10 miles of a Target store. The tagline of the company is "Expect More. Pay Less." The Corporation provides an adjusted Trial Balance as of December 31, 2019 which is given below: Details Debit Debit OMR OMR Cash 34,400 Merchandise inventory Inventory returns estimated Store equipment Accumulated depreciation-store equipment Office equipment 32,000 4,000 75,900 22,000 60,000 Accumulated depreciation office equipment 15,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 2EA: Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019,...

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