The accounting records of Slattery Corporation, a small manufacturing company, show the following balances for the fiscal year ending December 31, 2019: Sales revenue Research and development Interest income Restructuring costs Interest expense $3,425,000 96,400 18,400 112,000 32,000 Selling expense Gain on sale of bonds Cost of goods sold $782,000 20,300 The restructuring costs were incurred as a result of one-time changes in raw materials management. Slattery prepares multiple-step income statements. Use 25% as the tax rate. Operating expenses for Slattery Corporation totaled in 2019. General and administrative 585,700 expense 1,611,000

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…