Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 3.14S
LO 4
(Learning Objective 4: Construct the financial statements) Suppose Robin Sporting Goods Company reported the following data at July 31, 2018, with amounts in thousands:
Retained earnings | |||
July 31, 2017………….. | $ 31,500 | Cost of goods sold................ | $136,800 |
Accounts receivable……. | 34,000 | Cash…………………….. | 50,000 |
Net revenues…………… | 191,000 | Property and equipment, net… | 19,400 |
Total current liabilities… | 80,000 | Common stock....... | 26,800 |
All other expenses…… | 29,000 | Inventories.......... | 36,000 |
Other current assets..... | 5,000 | Long-term liabilities............ | 11,700 |
Other assets………….. | 30,000 | Dividends...................... | 0 |
use these data to prepare Robin Sporting Goods Company’s single-step income statement for the year ended July 31, 2018: statement of retained earnings for the year ended July 31, 2018: and classified
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Chapter 3 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
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