Question

Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2016:
The following additional information is also available. The December 31, 2016, ending inventory is $14,700. During 2016, 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 2016 single-step income statement.
3. Prepare a 2016 multiple-step income statement.
4. Prepare a 2016 statement of comprehensive income


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  • CreatedOctober 05, 2015
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