Question

The list of accounts of Guardian Company contained the following information:

Accounts Amount $
Sales 750,000
Sales Returns and Allowances 20,000
Rent Expense 5,000
Purchases 600,000
Sales Discounts 7,000
Purchase Returns and Allowances 25,000
Cost of Goods Sold ?
Interest Revenue 15,000
Sales commission 15,000
Purchase Discounts 11,000
Interest Expense 10,000
Freight-out 2,000
Store Salaries Expense 50,000
Freight-in 19,000
Utilities Expense 28,000
Depreciation Expense 7,000
Dividend revenue 5,000
Beginning inventory 45,000
Rent Revenue 10,000
Ending inventory 55,000
Lawsuit defrayal expense 8000
Accumulated depreciation 15000

Instruction:
Use the above information to prepare a multiple-step income statement for the year ended
December 31, 2019. (Show the calculation of COGS)

Answer 1

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