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Problem : The following account balances were included in the trial balance of Castle Corporation at June 30 2017.
Sales revenue
$7,100,500
Depreciation expense (office
Salesdot:00111s
12,680
and equipment)
$ 8,680
Cost of goods sold
1,490,300
Property tax expense
12,9430
Salaries and wages expense (sales)
54,600
Bad debt expense (selling)
8,630
Sales commosions
135,800
Maintenance and repays
Dave/expense(salespersons)
41,600
expense (administration)
4,860
Freight-out
31,800
Office expense
7,500
Entertainment expense
71,930
Sales returns and allowance
36,870
Telephoneand Internet expense (sales)
11,300
Dendendsrecerved
21,000
Depreciation expense (salesequipment)
3,500
Interest expense
37,500
Maintenance and repairs expense (sales)
2,900
Income tax expense
68,000
Mncellaneous expenses (sales)
6,570
Depreciation overstatement
Office supplies used
due to error-2015 (net of tax)
31,000
Telephone and Internet expense
Dividends declared on
(admtnrstration)
4.900
preferred stock
15,000
Dividends d ecla red On C/S
45,000
The Retained Earnings account had a balance of $468,000 at July 1, 2016. There are 150,000 shares of common stock outstanding. Instructions
(a) Using the multiple-step form, prepare an income statement and aretained earnings statement for the year ended June 30, 2017.
(b) Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2017.
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