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The Financial Records of Geneva Inc Were Destroyed by Fire PDF
The Financial Records of Geneva Inc Were Destroyed by Fire PDF
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The financial records of Geneva Inc were destroyed by fire
The financial records of Geneva Inc. were destroyed by fire at the end of 2017. Fortunately, the
controller had kept the following statistical data related to the income statement:
1. The beginning merchandise inventory was $84,000 and it decreased by 20% during the
current year.
3. There were 15,000 common shares outstanding for the entire year.
7. Administrative expenses were 20% of cost of goods sold but only 4% of gross sales.
Instructions
Based on the available data, prepare a single-step income statement for the year ended
December 31, 2017, including calculation of EPS. Expenses should be shown by function.
ANSWER
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