Longfellow Corp Trial Balance June 30, 2014 Accounts Balance Interest expense 16

Question

Longfellow Corp   Trial Balance   June 30, 2014   Accounts Balance   Interest expense         16,000 Depreciation expense, admin.           7,380 Sales telephone expense         13,850 Cost of Goods Sold       886,270 Sales returns and allowances         62,300 Sales commissions expense         92,600 Salespersons' salaries         46,260 Sales Revenue    1,543,000 Salespersons' travel         28,800 Delivery expense         21,400 Depreciation - sales         11,180 Sales Discounts         31,150 Miscellaneous selling expenses         11,765 Maintenance and repairs           9,130 Property tax expense, admin           7,320 Supplies expense, admin.           8,450 Administration telephone           4,820 Office expenses, admin.           6,000 Dividends received         38,000 Income tax expense         97,000 Depreciation understatement due to error - 2011 (net of tax)         13,300 Dividends declared on preferred stock         12,000 Dividends declared on common stock         34,500 The balance in Retained Earnings at July 1, 2013 was       337,000 The number of shares of common stock outstanding is         80,000 In the space below, prepare the following statements for the year ended June 30, 2014: multiple-step income statement, single-step income statement, and statement of retained earnings Longfellow Corp   Trial Balance   June 30, 2014   Accounts Balance   Interest expense         16,000 Depreciation expense, admin.           7,380 Sales telephone expense         13,850 Cost of Goods Sold       886,270 Sales returns and allowances         62,300 Sales commissions expense         92,600 Salespersons' salaries         46,260 Sales Revenue    1,543,000 Salespersons' travel         28,800 Delivery expense         21,400 Depreciation - sales         11,180 Sales Discounts         31,150 Miscellaneous selling expenses         11,765 Maintenance and repairs           9,130 Property tax expense, admin           7,320 Supplies expense, admin.           8,450 Administration telephone           4,820 Office expenses, admin.           6,000 Dividends received         38,000 Income tax expense         97,000 Depreciation understatement due to error - 2011 (net of tax)         13,300 Dividends declared on preferred stock         12,000 Dividends declared on common stock         34,500 The balance in Retained Earnings at July 1, 2013 was       337,000 The number of shares of common stock outstanding is         80,000 In the space below, prepare the following statements for the year ended June 30, 2014: multiple-step income statement, single-step income statement, and statement of retained earnings

Explanation / Answer

Multiple Step Income statement would be as follows

Single Step Income Statement would be as follows

Statement of Retained Earnings would be as follows

Account Amout Sales Revenue          1,543,000 + Sales returns and allowances                62,300 - Sales Discounts                31,150 - Net Sales          1,449,550 Cost of Goods Sold              886,270 - Sales telephone expense                13,850 - Sales commissions expense                92,600 - Salespersons' salaries                46,260 - Salespersons' travel                28,800 - Depreciation - sales                11,180 - Miscellaneous selling expenses                11,765 - Gross Profit              358,825 Maintenance and repairs                  9,130 - Property tax expense, admin                  7,320 - Supplies expense, admin.                  8,450 - Administration telephone                  4,820 - Office expenses, admin.                  6,000 - Delivery expense                21,400 - Depreciation expense, admin.                  7,380 - EBIT              294,325 Interest expense                16,000 - Income tax expense                97,000 - Net Income              181,325

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