Income statement information for Bridgeport Tire Repair Corporation for the year 2017 follows: General and administrative expenses:
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Income statement information for Bridgeport Tire Repair Corporation for the year 2017 follows:
General and administrative expenses: | Freight-in | $14,000 | ||||||
Salaries and wages expense | $39,000 | Purchase discounts | 10,000 | |||||
Depreciation expense—building | 28,500 | Dividend revenue | 20,000 | |||||
Office supplies expense | 9,500 | Inventory (beginning) | 120,000 | |||||
Inventory (ending) | 137,000 | Sales returns and allowances | 15,000 | |||||
Loss—other (due to flood damage) | 50,000 | Service expenses: | ||||||
Gain on the sale of equipment | 5,500 | Salaries and wages | 71,000 | |||||
Purchases | 600,000 | Depreciation expense—garage equipment | 18,000 | |||||
Sales revenue | 930,000 | Garage supplies expense | 9,000 | |||||
Interest expense | 9,000 |
The effective tax rate on all income is 25%, and Bridgeport applies ASPE.
Prepare a multi step income state. (Multiple-Step and Single-Step-Periodic Inventory Method)
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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