The financial records of leon paul inc were destroyed by

Assignment Help Accounting Basics

Reference no: EM13392906

The financial records of Leon Paul Inc. were destroyed by fire at the end of 2014. Fortunately the controller had kept certain statistical data related to the income statement as presented below.

1. The beginning merchandise inventory was $184,000 and decreased 20% during the current year.

2. Sales discounts amount to $34,000.

3. 20,000 shares of common stock were outstanding for the entire year.

4. Interest expense was $40,000.

5. The income tax rate is 30%.

6. Cost of goods sold amounts to $1,000,000.

7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.

8. Four-fifths of the operating expenses relate to sales activities. Operating expenses consist of selling and administrative expenses.

Instructions

From the foregoing information, prepare an income statement for the year 2014 in single-step form.

Reference no: EM13392906

Questions Cloud

Firm a has 10000 in assets entirely financed with equity : 1. firm a has 10000 in assets entirely financed with equity. firm b also has 10000 in assets but these assets are

Evaluate your approach to managing an organizational : the purpose of this simulation is to give you experience in the process of developing a strategic plan and meeting the

Far north telecom ltd of ontario has organized a new : far north telecom ltd. of ontario has organized a new division to manufacture and sell specialty cellular telephones.

Give one set of clear and concise written instructions for : prepare a package of forms and instructions to disseminate to each division head. the purpose of this package is to

The financial records of leon paul inc were destroyed by : the financial records of leon paul inc. were destroyed by fire at the end of 2014. fortunately the controller had kept

Which functions did they need to work on and why which of : describe what functions polc your supervisor or manager performed well and why.1.which functions did they need to work

Determine the price elasticity from the characteristics and : each individual determinant analyzed for your situation with examples applicable to your situation and research 3

Discuss specific challenges that you may have experienced : journal entry 7 prepare a one to two 1-2 paragraph journal entry that examines your learning experiences with orion in

Why would the drug maker want to stymie generic competition : why would the drug maker want to stymie generic competition? explain.what types of legal barriers to market entry

User Account

All Pages