Question

The following account titles and balances were taken from the adjusted trial balance of Brisco Farm Co. for 2012. The company uses the periodic inventory system.
Account Title Balance
Sales returns and allowances ........... $ 3,250
Miscellaneous expense ............ 400
Transportation-out ................ 700
Sales ................... 69,750
Advertising expense ............. 2,750
Salaries expense ................ 8,500
Transportation-in .............. 1,725
Purchases ................. 42,000
Interest expense ............... 360
Merchandise inventory, January 1 ........ 6,200
Rent expense ................. 5,000
Merchandise inventory, December 31 ...... 4,050
Purchase returns and allowances ........ 1,250
Loss on sale of land ............. 3,400
Utilities expense ................ 710
Required
a. Prepare a schedule to determine the amount of cost of goods sold.
b. Prepare a multistep income statement.
c. Prepare a single-step income statement.



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  • CreatedMay 19, 2012
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