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Chapter 4 Intermediate Accounting

Chapter 4 Intermediate Accounting - Weatherspoon Shoe Co...

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Weatherspoon Shoe Co. Multi-Step Income Statement For the Year Ended December 31, 2012 (In thousands, except earnings per share) Sales Revenue Net Sales Revenue 980,000 Cost of Goods Sold 516,000 Gross Profit 464,000 Operating Expenses Selling Expenses Salaries and wages expense (sales) 114,800 Supplies (sales) 17,600 132,400 Administrative Expenses Salaries and wages expense (admin) 135,900 Other administrative expenses 51,700 Depreciation Expense- Plant Assets 65,000 252,600 385,000 Income from operations 79,000 Other Revenues and Gains Rent revenue 29,000 108,000 Other Expenses and Losses Interest Expense 18,000 Income before taxes 90,000 Income Tax 30,600 Net income 59,400 Earnings per common share $2.97 Weatherspoon Shoe Co. Income Statement For the Year Ended December 31, 2012 Revenues Net sales $980,000 Title 29,000 Total revenues $1,009,000 Expenses Cost of goods sold 516,000 Selling expenses 132,400 Administrative expenses 251,700 Interest expenses 18,000 Total expenses 918,100 Income before income taxes 90,900 Income tax 30,600 Net Income $60,300 Earnings per share $3.02
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THOMPSON CORPORATION Trial Balance December 31, 2012 Debits Credits Purchase Discounts $10,000 Cash $189,700 0
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