Preparing schedule of cost of goods sold and multistep and single-step income statements: Periodic system (Appendix)
The following account titles and balances were taken from the adjusted trial balance of Brisco Farm Co. for 2012. The company uses the periodic inventory system.
Account Title | Balance |
Sales returns and allowances | $ 3,250 |
Miscellaneous expense | 400 |
Transportation-out | 700 |
Sales | 69,750 |
Advertising expense | 2,750 |
Salaries expense | 8,500 |
Transportation-in | 1,725 |
Purchases | 42,000 |
Interest expense | 36C |
Merchandise inventory, January 1 | 6,200 |
Rent expense | 5,000 |
Merchandise inventory, December 31 | 4,050 |
Purchase returns and allowances | 1,250 |
Loss on sale of land | 3,400 |
Utilities expense | 710 |
Required
a. Prepare a schedule to determine the amount of cost of goods sold.
b. Prepare a multistep income statement.
c. Prepare a single-step income statement.
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