Reference no: EM132545412
The following information is taken from the ABC Department Store:
Available information (dollar amounts in thousands);
Net sales....................................................................................................................................$10,000
Net income................................................................................................................................. ?
Current liabilities..........................................................................................................................2,000
Selling expenses...........................................................................................................................1,000
Long term Liabilities....................................................................................................................1,600
Total assets ...................................................................................................................................6800
Capital ........................................................................................................................................ ?
Gross profit ................................................................................................................................. ?
Cost of goods sold ...................................................................................................................... 7000
Current assets ........................................................................................................................... 4000
Income tax expense .................................................................................................................... 220
Operating income ..................................................................................................................... ?
General and administrative expenses ................................................................................... 980
Plant & Equipment .................................................................................................................. 2600
Other assets ................................................................................................................................ ?
Required:
Question 1: Using the captions given above, prepare for Westport department store a condensed;
i) Multiple step income statement for the year ended Dec.31, 2014
ii) Balance sheet at Dec. 31, 2014
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Prepare for westport department store a condensed
: Prepare for Westport department store a condensed Multiple step income statement for the year ended Dec.31, 2014 and Balance sheet at Dec. 31, 2014
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