The financial records of Richard Co. were destroyed by fire at the end of 1999 fortunately the controller had keep certain statistical data related to the income statement as presidented below. 1-The beginning inventory was 92,000 and decreased 20% during the current year. 2- Sales discounts 16,400 3-Interest expenses was 19,500 4-The income tax rate is 30% 5-Cost of goods sold 450,000 6-Administrative expenses are 20% of cost of goods sold. 7-Gross profit was 30% of cost of goods sold. 8-Four-fifths of operating expenses relate to sales activities. Ins From the foreging information prepare income statement with ( Multiple- step form ) for the year ended in 31/12/1999.
The financial records of Richard Co. were destroyed by fire at the end of 1999 fortunately the controller had keep certain statistical data related to the income statement as presidented below. 1-The beginning inventory was 92,000 and decreased 20% during the current year. 2- Sales discounts 16,400 3-Interest expenses was 19,500 4-The income tax rate is 30% 5-Cost of goods sold 450,000 6-Administrative expenses are 20% of cost of goods sold. 7-Gross profit was 30% of cost of goods sold. 8-Four-fifths of operating expenses relate to sales activities. Ins From the foreging information prepare income statement with ( Multiple- step form ) for the year ended in 31/12/1999.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The financial records of Richard Co.
were destroyed by fire at the end of 1999 fortunately the controller had
keep certain statistical data related to the income statement as
presidented below.
1-The beginning inventory was 92,000 and decreased 20% during the
current year.
2- Sales discounts 16,400
3-Interest expenses was 19,500
4-The income tax rate is 30%
5-Cost of goods sold 450,000
6-Administrative expenses are 20% of cost of goods sold.
7-Gross profit was 30% of cost of goods sold.
8-Four-fifths of operating expenses relate to sales activities.
Ins
From the foreging information prepare income statement with ( Multiple-
step form ) for the year ended in 31/12/1999.
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