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:
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Sales
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$139,000
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Interest revenue
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$3,300
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Purchases returns
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5,200
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Purchases discounts taken
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2,700
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Gain on sale of equipment (pretax)
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3,800
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Inventory, January 1, 2019
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12,100
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Freight-in
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3,400
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Purchases
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89,700
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Selling expenses
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15,600
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Administrative expenses
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24,200
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Unrealized increase in fair value of available-for-sale securities
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2,400
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Loss from truck accident (pretax)
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6,500
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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.
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