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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019:
The following; additional information is also available. The December 31, 2019, ending inventory is $14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate а 30% on all items of income.
Required:
- 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskin’s cost of goods sold.
- 2. Prepare a 2019 single-step income statement.
- 3. Prepare a 2019 multiple-step income statement.
- 4. Prepare a 2019 statement of comprehensive income.
1.
Prepare a schedule for Company G’ cost of goods sold.
Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to sell the goods during the given period.
Schedule of cost of goods sold is a report which reports cost of goods sold in a detailed manner.
Prepare a schedule for Company G’ cost of goods sold.
| Company G | ||
| Schedule 1: Cost of goods sold | ||
| For the year ended December 31, 2019 | ||
| Particulars | Amount ($) | Amount ($) |
| Beginning inventory | Â | $12,100 |
2.
Prepare a single step income statement for Company G for the year ended December 31, 2019.
3.
Prepare a multi-step income statement for Company G for the year ended December 31, 2019.
4.
Prepare a statement of comprehensive income for the year ended December 31, 2019.
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