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Intermediate accounting 2nd edition, Exercise E-5-12- Cost of goods sold, Income statement, and statement of...

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Accounting

Intermediate accounting 2nd edition, Exercise E-5-12- Cost of goods sold, Income statement, and statement of comprehensive Income: Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2016, Required prepare a 2016 single step income statement, prepare a 2016 multiple step income statement prepare a 2016 statement of comprehensive income: sales-139,000, purchses returns-5200, gain on sale of equipment (pretax) 3800, freight in-3400, selling expenses-15,600, unrealized increase in fair value of available for sale securities-2400, Interest revenue 3300, Purchases discounts taken 2700, inventory, January 1, 2016 12,100, Purchases 89,700, administrative expenses 24,200, loss from truck accident (pretax)-The following additional information is also available. The dec 31, 2016 ending inventory is $14,700. During 2016, 4200 shares of common stock were outstanding the entire year. The income tax rate is 30% on all items of income

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