Question: Total Net Non Operating Amount Total Net Profit Total Operating Income Gross Profit percentage for the period (round to hundreth place) Total Assets at year
Below is information on XYZ Company for December 31, 2018. Prepare a multi-step income statement for the period. Cash 382,000 Accounts Receivable. 207,000 Marketable Securities 54,600 Prepaid rent. 16,000 Office supplies 11,000 Equipment. 200,000 Accumulated depreciation: equipment 155,000 Land 190.000 Accounts payable. 34,000 Dividends payable. 30,000 Interest payable. -8,000 Income tax payable.. 15,000 Unearned client service revenue. 51,000 Notes payable 227,000 Common stock 250,000 Retained earnings (beginning Balance 1/1/2018).224,000 Dividends Declared. 45,000 Sales. $220,000 Cost of goods sold $52,800 Interest revenue. $1,500 Interest expense $5,200 Income tax expense.. S 300 Selling expenses Sales salaries and commissions $18,000 Insurance expense.. $5,600 Advertising expense. $8,500 Depreciation expense: equipment. $600 Delivery expense. $700 General and administrative expenses Executive and administrative salaries. $12,700 Utilities expense. $4,200 Rental expense. $800 Utilities expense $500
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
