Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 28 Feb 2018 My Price 8.00

Fanta Company

Cost of Goods Sold and Income Statement The Fanta Company presents you with the following account balances taken from its December 31, 2010 adjusted trial balance:

Additional data:

1. A physical count reveals an ending inventory of $22,500 on December 31, 2010.

2. Twenty-five thousand shares of common stock have been outstanding the entire year.

3. 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 Fanta  Company’s cost of goods sold.

2. Prepare a 2010 multiple-step income statement.

3. Prepare a 2010 single-step income statement.

Answers

Maurice Tutor
(5)
Status NEW Posted 28 Feb 2018 07:02 PM My Price 8.00

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