Use the following adjusted trial balance and additional information to complete the requirements: Page 340 Pade...

 

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Use the following adjusted trial balance and additional information to complete the requirements: Page 340 Pade n. Adt Ta Sace Docanber 21, 207 Cash. $ 14300 Marchandise ivetory Store supplos Equpment. Accumutated depreciation, eqpment Accounts payable Salaries payable Dee Ruo, capital 50.000 1.000 44.600 S 16.500 8.000 1000 64.000 Dee Rino, withdrawals. Interest income .000 300 325.000 Sales Sales dscounts. 6.000 5.000 148.000 Salos retums and allowances Cost of goods sold Depreciation apansa, ore equpment. Depreciation npensa, office equment Sales salaries asponse Office salaries oxpense Insurance peme Rent axpense (7OK is store. 30% is office Store upples epense Advertising epense. 4.000 1,500 28.000 32.000 12.000 24.000 6.000 30.400 Totals Paddle Boards Inc. showed the following additional information regarding merchandising activities for 2017: Involce cost of merchandise purchases. $140,000 Purchase discounts. 3,500 2,600 4,000 Purchase returns and allowances Transportationin Required 1. Use the additional information to calculate the total cost of merchandise purchases. 2. Prepare a 2017 classified, multiple-step income statement for internal use similar to Exhibit 5.13. 3. Present a single-step income statement for 2017 similar to the one in Exhibit 5.15. Use the following adjusted trial balance and additional information to complete the requirements: Page 340 Pade n. Adt Ta Sace Docanber 21, 207 Cash. $ 14300 Marchandise ivetory Store supplos Equpment. Accumutated depreciation, eqpment Accounts payable Salaries payable Dee Ruo, capital 50.000 1.000 44.600 S 16.500 8.000 1000 64.000 Dee Rino, withdrawals. Interest income .000 300 325.000 Sales Sales dscounts. 6.000 5.000 148.000 Salos retums and allowances Cost of goods sold Depreciation apansa, ore equpment. Depreciation npensa, office equment Sales salaries asponse Office salaries oxpense Insurance peme Rent axpense (7OK is store. 30% is office Store upples epense Advertising epense. 4.000 1,500 28.000 32.000 12.000 24.000 6.000 30.400 Totals Paddle Boards Inc. showed the following additional information regarding merchandising activities for 2017: Involce cost of merchandise purchases. $140,000 Purchase discounts. 3,500 2,600 4,000 Purchase returns and allowances Transportationin Required 1. Use the additional information to calculate the total cost of merchandise purchases. 2. Prepare a 2017 classified, multiple-step income statement for internal use similar to Exhibit 5.13. 3. Present a single-step income statement for 2017 similar to the one in Exhibit 5.15.

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1 total cost of merchandise invoice cost of merchandise purchases 140000 purchases discounts 3500 purchases returns 2600 transportation in 4000 cost o... View the full answer