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Schuch Company presents you with the following account balances taken from its December 31 2016 adjusted trial balance Additional data

Schuch Company presents you with the following account balances taken from its December 31, 2016, adjusted trial balance: Additional data: 1. A physical count reveals an ending inventory of $22,500 on December 31, 2016. 2. Twenty-five thousand shares of common stock have been outstanding the entire year. 3. The income tax rate is 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Schuch’s cost of goods sold. 2. Prepare a 2016 multiple-step income statement. 3. Prepare a 2016 single-step income statement

Mar 16 2020 View more View Less

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