Excel_Student_04-47kh

Excel_Student_04-47kh - 190,000 Property taxes expense...

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04-47 Name: Enter the appropriate numbers/formulas in the blue-shaded cells. The word "Wrong" will appear to the left of incorrect entries. CONNELL COMPANY Multiple-Step Income Statement For the Year Ended December 31, 2013 Revenue: Sales $8,125,000 Less: Sales discounts $55,000 Sales returns and allowances 95,000 150,000 Cost of goods sold: Inventory, January 1 $775,000 Net purchases: Purchases $4,633,200 Less: Purchase discounts 47,700 4,585,500 Freight-in 145,000 Cost of goods available for sale $5,505,500 Less: Inventory, December 31 (net of write-down) 750,000 Gross profit Operating expenses: Selling expenses: Sales salaries $521,000 Delivery expense 425,000 Depreciation expense - delivery trucks 29,000 Depreciation expense - store equipment 25,000 Miscellaneous selling expenses 50,000 $1,050,000 General and administrative expenses: Officers' and office salaries $550,000 Employee pension expense
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Unformatted text preview: 190,000 Property taxes expense 100,000 Bad debt expense 32,000 Depreciation expense - office building 25,000 Depreciation expense - office equipment 10,000 Miscellaneous general expenses 45,000 952,000 Operating income Other revenues and gains: Dividend revenue $35,000 Interest revenue 10,000 Gain on sale of office equipment 8,000 Other expenses and losses Loss on sale of investment securities Income from continuing operations before income taxes Income taxes Net income Earnings per share CONNELL COMPANY Retained Earnings Statement For the Year Ended December 31, 2013 Retained earnings, January 1, 2013 Add: Net income Deduct: Dividends Retained earnings, December 31, 2013 $7,975,000 4,755,500 $3,219,500 2,002,000 $1,217,500 53,000 (20,000) $1,250,500 427,425 $823,075 $13.72 $550,000 823,075 $1,373,075 165,000 $1,208,075...
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This note was uploaded on 08/12/2011 for the course ACCT 2201 taught by Professor Alvarez during the Spring '11 term at FIT.

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Excel_Student_04-47kh - 190,000 Property taxes expense...

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