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Preparing a single-step income statement, preparing a multi-step;income statement, and computing the gross profit percentage;The records of Grade A Steak...

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Preparing a single-step income statement, preparing a multi-step;income statement, and computing the gross profit percentage;The records of Grade A Steak Company list the following selected accounts for the;quarter ended April 30, 2015;Learning Objectives 5, 6;2. Operating Income $71,900;Interest Revenue $ 800 Accounts Payable $ 17,000;Merchandise Inventory 45,100 Accounts Receivable 33,500;Notes Payable, long-term 47,000 Accumulated Depreciation?Equipment 37,600;Salaries Payable 2,400 Angus, Capital, Jan. 31 53,300;Sales Discounts 2,000 Angus, Withdrawals 20,000;Sales Returns and Allowances 7,500 Cash 7,600;Sales Revenue 296,100 Cost of Goods Sold 162,100;Rent Expense (Selling) 21,780 Equipment 130,600;Office Supplies 5,700 Interest Payable 1,200;Unearned Revenue 13,300 Rent Expense (Administrative) 9,780;Interest Expense 2,000 Utilities Expense (Selling) 10,890;Depreciation Expense?Equipment (Administrative) 1,630 Delivery Expense (Selling) 3,630;Utilities Expense (Administrative) 4,890;Requirements;Prepare a single-step income statement;Prepare a multi-step income statement;3. M. Davidson, manager of the company, strives to earn a gross profit percentage;of at least 50%. Did Grade A achieve this goal? Show your calculations.

 

Paper#80387 | Written in 18-Jul-2015

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