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102,000 20,000 120,000 $525,000 140,000 5,000 2,000 50,000 4,000 Cost of merchandise sold Warehousing expense Accounts Payable 2$ Sales revenue Accumulated Depreciation Sales Return 2$ 2$ Unearned Revenue 2$ Depreciation Rent revenue Employee wages, salaries, and benefits Interest expense 100,000 6,000 3,000 Investment revenue Loss on Disposal Geographic Segment Earnings from Discontinued Geographic Segment Distribution expenses General and administrative expenses 30,000 20,000 106,000 46,000 13,000 20,000 Loss on sale of noncurrent assets Fire Loss Income tax expense ?? Required No. 2: 1/S Nature of Expenses-Multiple Step

102,000 20,000 120,000 $525,000 140,000 5,000 2,000 50,000 4,000 Cost of merchandise sold Warehousing expense Accounts Payable 2$ Sales revenue Accumulated Depreciation Sales Return 2$ 2$ Unearned Revenue 2$ Depreciation Rent revenue Employee wages, salaries, and benefits Interest expense 100,000 6,000 3,000 Investment revenue Loss on Disposal Geographic Segment Earnings from Discontinued Geographic Segment Distribution expenses General and administrative expenses 30,000 20,000 106,000 46,000 13,000 20,000 Loss on sale of noncurrent assets Fire Loss Income tax expense ?? Required No. 2: 1/S Nature of Expenses-Multiple Step

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cost of merchandise sold Warehousing expense Accounts Payable 102,000 20,000 $ 120,000 $525,000 2$ Sales revenue Accumulated Depreciation 140,000 $ Sales Return 5,000 Unearned Revenue $ 2,000 50,000 4,000 100,000 Depreciation Rent revenue Employee wages, salaries, and benefits Interest expense 6,000 Investment revenue 3,000 30,000 Loss on Disposal Geographic Segment Earnings from Discontinued Geographic Segment Distribution expenses General and administrative expenses 20,000 106,000 46,000 Loss on sale of noncurrent assets 13,000 20,000 Fire Loss Income tax expense ?? Required No. 2: 1/S Nature of Expenses-Multiple Step MONTREAL RETAIL CORPORATION Statement of Income ( multiple-step) For Year Ended December 31, 20x6
Transcribed Image Text:Cost of merchandise sold Warehousing expense Accounts Payable 102,000 20,000 $ 120,000 $525,000 2$ Sales revenue Accumulated Depreciation 140,000 $ Sales Return 5,000 Unearned Revenue $ 2,000 50,000 4,000 100,000 Depreciation Rent revenue Employee wages, salaries, and benefits Interest expense 6,000 Investment revenue 3,000 30,000 Loss on Disposal Geographic Segment Earnings from Discontinued Geographic Segment Distribution expenses General and administrative expenses 20,000 106,000 46,000 Loss on sale of noncurrent assets 13,000 20,000 Fire Loss Income tax expense ?? Required No. 2: 1/S Nature of Expenses-Multiple Step MONTREAL RETAIL CORPORATION Statement of Income ( multiple-step) For Year Ended December 31, 20x6
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