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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 11.00

Cobler Company

E5-10      Income Statement and Retained Earnings The Cobler Company uses a periodic inventory system and presents the following partial list of account balances taken from its December 31, 2007 adjusted trial balance:

 

Operating expenses

$ 35,800

Common stock, $15 par

$45,000

Dividend revenue

1,000

Merchandise inventory, January 1, 2007

24,000

Retained earnings, January 1, 2007

68,700

Purchases (net)

79,200

Sales (net)

139,600

 

 

The following information is also available for 2007 and is not reflected in the preceding accounts:

1.      The common stock has been outstanding for the entire year. A cash dividend of $0.84 per share was declared and paid.

2.      The income tax rate on all items of income is 30%.

3.      The ending merchandise inventory is $27,300.

4.      A pretax $4,000 loss was recognized on the sale of Division X (a component of the company). This division had  earned a pretax operating income of $1,900 during 2007.

5.      Damaged inventory was written off at a pretax loss of $6,600.

6.      An earthquake, which is an unusual and infrequent event in the area, caused a $3,700 pretax loss.

equired

1.      Prepare a cost of goods sold schedule for Cobler Company.

2.      Prepare a 2007 single-step income statement.

3.      Prepare a 2007 retained earnings statement.

4.      Compute the 2007 profit margin (net income --- net sales).

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 12:07 PM My Price 11.00

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