3 Using the below balances from an adjusted trial balance, prepare the multi-step income statement in proper form. ACCOUNT Balance INCOME STATEMENT Gross sales $ 44,207 Multi-step Version Sales allowance and returns Sales discount Cost of sales 1,632 1,077 S I8,337 * Telephone internet expenses 185 Transit insurance for sales deliverie S 134 • Depreciation of buildings Advertising expenses 4,125 235 Sales commission 740 1,S00 Warehous rent expenses Office Rent expenses * Heat and light expenses * Wages'salaries expenses * Vehicle maintenance expenses Freight out Warehouse security expense ** Inventory shrinkage ** Cleaning expenses 1,500 SS2 7,529 721 154 300 144 S 1.500 Flood disaster fund contribution to ( S 4,500 Dividend received from investmenti S 10,000 ** Supplies expenses 856 The highlighted cost are joint, and should be apportioned as followz. Selling 50%% Administratio 50% • Distribution 70% 30% SSS SS
3 Using the below balances from an adjusted trial balance, prepare the multi-step income statement in proper form. ACCOUNT Balance INCOME STATEMENT Gross sales $ 44,207 Multi-step Version Sales allowance and returns Sales discount Cost of sales 1,632 1,077 S I8,337 * Telephone internet expenses 185 Transit insurance for sales deliverie S 134 • Depreciation of buildings Advertising expenses 4,125 235 Sales commission 740 1,S00 Warehous rent expenses Office Rent expenses * Heat and light expenses * Wages'salaries expenses * Vehicle maintenance expenses Freight out Warehouse security expense ** Inventory shrinkage ** Cleaning expenses 1,500 SS2 7,529 721 154 300 144 S 1.500 Flood disaster fund contribution to ( S 4,500 Dividend received from investmenti S 10,000 ** Supplies expenses 856 The highlighted cost are joint, and should be apportioned as followz. Selling 50%% Administratio 50% • Distribution 70% 30% SSS SS
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:3 Using the below balances from an adjusted trial balance, prepare the multi-step income statement in
proper form.
ACCOUNT
Balance
INCOME STATEMENT
Gross sales
$ 44,207
Multi-step Version
Sales allowance and returns
1,632
Sales discount
1,077
Cost of sales
S 18,337
Telephone internet expenses
185
Transit insurance for sales deliverie: S
134
* Depreciation of buildings
Advertising expenses
Sales commission
Warehous rent expenses
Office Rent expenses
** Heat and light expenses
4,125
235
740
1,800
1,500
SS2
* Wages'salaries expenses
** Vehicle maintenance expenses
7,529
721
Freight out
Warehouse security expense
** Inventory shrinkage
** Cleaning expenses
154
300
144
1,500
Flood disaster fund contribution to ( S
Dividend received from investment: S 10,000
** Supplies expenses
4,500
856
The highlighted cost are joint, and should be
apportioned as follows.
Selling
Administratio
* Distribution
50%
50%
字字
70%
30%
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