11 Mar Use the following information to prepare an income
Use the following information to prepare an income statement for Fairchild Corporation for the year ended December 31, 2012. You should show separate classifications for revenues, cost of goods sold, gross margin, selling expenses, general and administrative expenses, operating income, other revenues and expenses, income before income taxes, income taxes, and net income.Sales Returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,280Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000Interest Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400Office Supplies Expense (general and administrative) . . . . . . . . . . . . . . . . . . 400Utilities Expense (general and administrative). . . . . . . . . . . . . . . . . . . . . . . . . 3,980Office Salaries Expense (general and administrative) . . . . . . . . . . . . . . . . . . . 12,064Miscellaneous Selling Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460Insurance Expense (selling) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,160Advertising Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,922Sales Salaries Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,088Sales Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,644Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,170Miscellaneous General and Administrative Expenses . . . . . . . . . . . . . . . . . . . 620Insurance Expense (general and administrative) . . . . . . . . . . . . . . . . . . . . . . . 600Payroll Tax Expense (general and administrative) . . . . . . . . . . . . . . . . . . . . . . 3,600Store Supplies Expense (selling) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800Delivery Expense (selling). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,198Inventory, January 1, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,400Sales Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,472Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262,610Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230,560Purchases Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,050Inventory, December 31, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,300Average number of shares of stock outstanding . . . . . . . . . . . . . . . . . . . . . . . 10,000
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.