taylor company uses a periodic inventory system and presents the following items der 4374747

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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