(Single-Step Income Statement) The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2017. Fortunately, the controller had kept certain statistical data related to the income statement as follows. 1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year. 2. Sales discounts amount to $17,000. 3. 20,000 shares of common stock were outstanding for the entire year. 4. Interest expense was $20,000. 5. The income tax rate is 30%. 6. Cost of goods sold amounts to $500,000. 7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. 8. Four-fifths of the operating expenses relate to sales activities. Instructions From the foregoing information prepare an income statement for the year 2017 in single-step form
Good evening sir Sir Joint stock companies ki liability limited kyo hai books mai , sir 2013 companies act ke according toh unlimited bhi ho sakti hai , why books write limited only, sir please tell why such contradictions arise ? Correct answer?
(Single-Step Income Statement) The financial records of LeRoi Jones Inc. were destroyed by fire at the end of
2017. Fortunately, the controller had kept certain statistical data related to the income statement as follows.
1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year.
2. Sales discounts amount to $17,000.
3. 20,000 shares of common stock were outstanding for the entire year.
4. Interest expense was $20,000.
5. The income tax rate is 30%.
6. Cost of goods sold amounts to $500,000.
7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8. Four-fifths of the operating expenses relate to sales activities.
Instructions
From the foregoing information prepare an income statement for the year 2017 in single-step form
Good evening sir
Sir Joint stock companies ki liability limited kyo hai books mai , sir 2013 companies act ke according toh unlimited bhi ho sakti hai , why books write limited only, sir please tell why such contradictions arise ? Correct answer?