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  • Taylor Company Uses A Periodic Inventory System and Presents The

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    Taylor Company uses a periodic inventory system and provided financial information from its 2016 adjusted trial balance. This includes the common stock outstanding, cash dividends paid, income tax rate, ending merchandise inventory, loss on sale of a division, damaged inventory write-off, and loss from an earthquake. Financial statements are required to be prepared including a cost of goods sold schedule, income statement, and retained earnings statement, as well as the calculation of net profit margin.

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    Taylor Company uses a periodic inventory system and provided financial information from its 2016 adjusted trial balance. This includes the common stock outstanding, cash dividends paid, income tax rate, ending merchandise inventory, loss on sale of a division, damaged inventory write-off, and loss from an earthquake. Financial statements are required to be prepared including a cost of goods sold schedule, income statement, and retained earnings statement, as well as the calculation of net profit margin.

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    21 views1 page

    Taylor Company Uses A Periodic Inventory System and Presents The

    Uploaded by

    Taimur Technologist
    Taylor Company uses a periodic inventory system and provided financial information from its 2016 adjusted trial balance. This includes the common stock outstanding, cash dividends paid, income tax rate, ending merchandise inventory, loss on sale of a division, damaged inventory write-off, and loss from an earthquake. Financial statements are required to be prepared including a cost of goods sold schedule, income statement, and retained earnings statement, as well as the calculation of net profit margin.

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    © All Rights Reserved
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    Taylor Company uses a periodic inventory system and

    presents the #2435


    Taylor Company uses a periodic inventory system and presents the following items derived from
    its December 31, 2016, adjusted trial balance:The following information is also available for
    2016 and is not reflected in the preceding accounts:1. The common stock has been outstanding
    for the entire year. A cash dividend of $0.84 per share was declared and paid.2. The income tax
    rate on all items of income is 30%.3. The ending merchandise inventory is $27,300.4. A pretax
    $4,000 loss was recognized on the sale of Division X (a component of the company). This
    division had earned a pretax operating income of $1,900 during 2016.5. Damaged inventory
    was written off at a pretax loss of $6,600.6. An earthquake, which is unusual in the area, caused
    a $3,700 pretax loss.Required:1. Prepare a cost of goods sold schedule for Taylor.2. Prepare a
    2016 single-step income statement.3. Prepare a 2016 retained earnings statement.4. Compute
    the 2016 net profit margin (Net Income / Net Sales).View Solution:
    Taylor Company uses a periodic inventory system and presents the

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