Using the following information for Campbell Enterprises, prepare an annual: Mul
ID: 2415011 • Letter: U
Question
Using the following information for Campbell Enterprises, prepare an annual:
Multiple-step income statement
Campbell Enterprises, Inc.
Adjusted Trial Balance
December 31, 2015
Debit Credit
Cash 4,000
Accounts Receivable 15,000
Inventory 30,000
Prepaid Insurance 4,000
Supplies 3,000
Long-term Investment in Stock 6,000
Land 20,000
Buildings 120,000
Accumulated Depreciation—
Buildings 20,000
Patents 10,000
Accounts Payable 10,000
Unearned Revenue 2,000
Bonds Payable (due in 2023) 20,000
Common Stock 80,000
Retained Earnings 44,000
Dividends 30,000
Sales Revenue 305,000
Interest Revenue 5,000
Sales Discounts 6,000
Sales Returns & Allowances 8,000
Cost of Goods Sold 188,000
Salaries and Wages Expense 21,000
Depreciation Expense 10,000
Utilities Expense 5,000
Insurance Expense 3,000
Supplies Expense 2,000
Interest Expense 1,000
486,000 486,000
Campbell Enterprises, Inc.
Income Statement
Campbell Enterprises, Inc.
Income Statement
Explanation / Answer
Solution:
Campbell Enterprises Multiple-step income statement Sales 305000 Sales discounts 6000 Sales return & allowances 8000 net sales 291000 Cost of goods sold 188000 gross profit on sales 103000 Salaries and wages expenses 21000 utilities expenses 5000 Depreciation expenses 10000 insurance expenses 3000 supplies expenses 2000 interest expenses 1000 Total operating expenses 42000 dividend 30000 Interest revenue 5000 Unearned revenue 2000 other revenues and gains 37000 income before tax 98000 Tax 0 Net income for the year 98000 common stock 80000 Earning per common share 1.225Related Questions
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