1nbsptexas communications corp reported the following, Ask an Expert

Accounting

1. Texas Communications, Corp., reported the following figures in its financial

statements (amounts in thousands):

cash $3,600 cost of goods sold $21,000

total operating expenses 3,300 equipment, net 3,900

accounts payable 4,000 accrued liabilities 1,800

total stockholder equity 4,100 net sales revenue 29,000

long term notes payable 600 accounts receivable 2,600

inventory 400

Requirement

R1. Prepare the business's multi step income statement for the year ended May 31, 2011.

2. Review the data in problem #10.

requirement

R1 prepare texas communications classified balance sheet at may 31, 2011. use the report format.

12. refer to the Texas communications data in problems #10 and #11

requirement

R1 calculate the gross profit percentage and rate of inventory turnover for 2011. one year earlier, at May 31, 2010, Texas' inventory balance was $325.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91857173

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