|
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
|