Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income The Engle Company lists the following accounts on its adjusted trial balance as of December 31, 2007.
|
Sales |
$147,100 |
|
Purchases returns |
5,200 |
|
Gain on sale of equipment (pretax) |
3,800 |
|
Freight in |
3,400 |
|
Selling expenses |
15,600 |
|
Unrealized increase in value of available for sale securities |
2,400 |
|
Interest revenue |
$3,300 |
|
Purchases discounts taken |
2,700 |
|
Inventory, January 1, 2007 |
12,100 |
|
Sales returns |
8,100 |
|
Purchases |
89,700 |
|
Administrative expenses |
24,200 |
|
Extraordinary loss (pretax) |
6,500 |
The following additional information is also available. The December 31, 2007, ending inventory is $14,700. During 2007, 4,200 shares of common stock were outstanding the entire year. The income tax rate is 30% on all items of income.
Required
1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Engle Company’s cost of goods sold.
2. Prepare a 2007 single step income statement.
3. Prepare a 2007 multiple step income statement.
4. Prepare a 2007 statement of comprehensive income.