Summary operating data for Pens Plus Company during the year ended December 31, 2015, are as follows: cost of goods sold, $3,000,000; administrative expenses, $500,000; interest expense, $30,000; rent revenue, $100,000; net sales, $5,200,000; and selling expenses, $675,000. Prepare a single-step income statement.
Answer to relevant QuestionsIdentify the errors in the following multiple-step income statement: The following selected transactions were completed by Cold Company during February of the current year. Cold Company uses the periodic inventory system. Feb. 2. Purchased $17,500 of merchandise on account, FOB shipping ...The following selected transactions were completed by Suzy Co. during October of the current year, using the perpetual inventory system. Oct. 1. Purchased merchandise from Wood Co., $15,500, terms FOB shipping point, 2/10, ...The following selected transactions were completed by Vancouver Island Irrigation Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: Aug. 1. Sold merchandise on account to ...The following selected transactions were completed by Gutters Co. during May and June of the current year. The company sells irrigation supplies to both wholesalers and retail customers. The PST rate is 6%. May 2. Sold ...
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