Prepare a separate schedule for Gaskin cost of goods sold

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Reference no: EM132880378

Problem - 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:

Sales

$139,000

Interest revenue

$3,300

Purchases returns

5,200

Purchases discounts taken

2,700

Gain on sale of equipment (pretax)

3,800

Inventory, January 1, 2019

12,100

Freight-in

3,400

Purchases

89,700

Selling expenses

15,600

Administrative expenses

24,200

Unrealized increase in fair value of available-for-sale securities

2,400

Loss from truck accident (pretax)

6,500

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 is 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.

Reference no: EM132880378

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