Prepare their multiple-step Income Statement. Include basic EPS; you don’t need

Question

Prepare their multiple-step Income Statement. Include basic EPS; you don’t need to
complete the Comprehensive Income section.
2. Prepare their Statement of Retained Earnings.

it View Window Help e Tools Group Project Assi... X You are the accountant at CPA, LLP. Your client, Coastal Corp, is a retailer of water sports equipment. They have provided their financial data and you are responsible for creating their 2018 fiscal year financial statements. Below is their end of year data, in millions, alphabetized. Account Accounts payable Accounts receivable Accumulated depreciation: office equipment Additional paid-in capital (common stock) Bonds payable (due November 30, 2021) Cash Common stock (1,800 shares, $10 par value) Cost of goods sold Deferred income taxes Depreciation expense: office equipment Insurance expense Land Merchandise inventory Notes payable (due September 30, 2018) Office equipment Office supplies Office supplies expense Balance $12.750 2,600 12,000 13,000 22,500 19,200 18,000 100,575 5,750 2,750 520 39,500 17?500 2.500 41,000 900 900 F10 F11 4 5 ASD F GHK

Explanation / Answer

Multi step Income statement Account Titles Amount Sales $226,000 Less: Sales returns and allowances ($2,500) Net Sales $223,500 Cost of goods sold $100,575 Gross Profit $122,925 Operating Expenses: Depreciation expense-office equipment $2,750 Insurance expense $520 Office supplies expense $900 Rent expense $4,520 Salaries expense $88,095 Utilities expense $5,700 Total Operating expenses $102,485 Operating Profit $20,440 Income Tax Expense $8,190 Net Profit $12,250 2. Statement of Retained Earnings Retained Earnings, Jan 1, 2018 $21,050 Add: Net income $12,250 Less: Dividend $0 Retained Earnings, Dec 31, 2018 $33,300

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---