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Select information below is taken from the December 31, 2020 adjusted trial balance of Rummer Company:
Freight-in $7,500
General and administrative expenses 50,000
Interest expense 15,000
Inventory 165,000
Loss on sale of a major component of the business (pretax) 15,000
Purchases 330,000
Purchases returns 5,000
Sales 700,000
Sales discounts 10,000
Selling expenses 25,000
The inventory on January 1 was $140,000. The income tax rate is 30%. There were 25,000 shares of common stock outstanding throughout the year.
Required:
Question a. Create a schedule of the cost of goods sold.
Question b. Create a 2020 income statement for Rummer Company, using a multiple-step format (disregard earnings per share).
Question c. Create a 2020 income statement for Rummer Company, using a single-step format (disregard earnings per share).
State how much each class of stock should receive under each of the preferred stock is noncumulative and nonparticipating conditions.
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