(a) Prepare separate entries for each transaction on the books of Pais Company. dise purchased by Pais on June 10 cost McGiver $5,000, and the goods returned cost Insti McGiver $310. E5-5 The adjusted trial balance of Doqe Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $900,000, Freight-Out $14,000, Sales Returns and Allowances $22,000, and Sales Discounts $13,500. Prepa state (LO 4 Instructions Prepare the sales section of the income statement. E5-6 Presented below is information for Lieu Co. for the month of January 2017. Pr Cost of goods sold Freight-out Insurance expense Salaries and wages expense $212,000 7,000 12,000 60,000 5,000 Rent expense $ 32,000 St 8,000 20,000 370,000 Sales discounts Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) Income tax expense i svta 2,000 252 5 Merchandising Operations and the Multiple-Step Income Statement Instructions Frepare an income statement using the format presented in Illustration 5-11. (b) Prepare a comprehensive income statement. (c) Calculate the profit margin and the gross profit rate. pute missing amounts and late profitability ratios. ), AP E5-7 Financial information is presented here for two companies. Yoste Noone Company Company $90,000 Sales revenue Sales returns and allowances Net sales $ 5,000 100,000 ? 84,000 58,000 Cost of goods sold Gross profit Operating expenses Net income ? 40,000 14,380 17,000
(a) Prepare separate entries for each transaction on the books of Pais Company. dise purchased by Pais on June 10 cost McGiver $5,000, and the goods returned cost Insti McGiver $310. E5-5 The adjusted trial balance of Doqe Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $900,000, Freight-Out $14,000, Sales Returns and Allowances $22,000, and Sales Discounts $13,500. Prepa state (LO 4 Instructions Prepare the sales section of the income statement. E5-6 Presented below is information for Lieu Co. for the month of January 2017. Pr Cost of goods sold Freight-out Insurance expense Salaries and wages expense $212,000 7,000 12,000 60,000 5,000 Rent expense $ 32,000 St 8,000 20,000 370,000 Sales discounts Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) Income tax expense i svta 2,000 252 5 Merchandising Operations and the Multiple-Step Income Statement Instructions Frepare an income statement using the format presented in Illustration 5-11. (b) Prepare a comprehensive income statement. (c) Calculate the profit margin and the gross profit rate. pute missing amounts and late profitability ratios. ), AP E5-7 Financial information is presented here for two companies. Yoste Noone Company Company $90,000 Sales revenue Sales returns and allowances Net sales $ 5,000 100,000 ? 84,000 58,000 Cost of goods sold Gross profit Operating expenses Net income ? 40,000 14,380 17,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
E5-6
two picture. It's on two pages
Transcribed Image Text:(a) Prepare separate entries for each transaction on the books of Pais Company.
dise purchased by Pais on June 10 cost McGiver $5,000, and the goods returned cost
Insti
McGiver $310.
E5-5 The adjusted trial balance of Doqe Company shows these data pertaining to sales at
the end of its fiscal year, October 31, 2017: Sales Revenue $900,000, Freight-Out $14,000,
Sales Returns and Allowances $22,000, and Sales Discounts $13,500.
Prepa
state
(LO 4
Instructions
Prepare the sales section of the income statement.
E5-6 Presented below is information for Lieu Co. for the month of January 2017.
Pr
Cost of goods sold
Freight-out
Insurance expense
Salaries and wages expense
$212,000
7,000
12,000
60,000
5,000
Rent expense
$ 32,000
St
8,000
20,000
370,000
Sales discounts
Sales returns and allowances
Sales revenue
Other comprehensive income
(net of $400 tax)
Income tax expense
i svta
2,000
Transcribed Image Text:252 5 Merchandising Operations and the Multiple-Step Income Statement
Instructions
Frepare an income statement using the format presented in Illustration 5-11.
(b) Prepare a comprehensive income statement.
(c) Calculate the profit margin and the gross profit rate.
pute missing amounts and
late profitability ratios.
), AP
E5-7 Financial information is presented here for two companies.
Yoste
Noone
Company
Company
$90,000
Sales revenue
Sales returns and allowances
Net sales
$ 5,000
100,000
?
84,000
58,000
Cost of goods sold
Gross profit
Operating expenses
Net income
?
40,000
14,380
17,000
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