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At January 1, 2024, Sipacore Inc. reported the following information on its statement of financial position: During 2024, the company had the following summary transactions for receivables: Sales on account, $1,670,000; cost of goods sold, $935,200 ; return rate of 7% Selling price of goods returned, $83, 000; cost of goods returned to inventory, $46, 480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $ 29,000 Q: Show the statement of income presentation of the revenue and expense accounts for the year ended December 31. (Can you please provide the answer in the same format at the picture... thank you!)

At January 1, 2024, Sipacore Inc. reported the following information on its statement of financial position: During 2024, the company had the following summary transactions for receivables: Sales on account, $1,670,000; cost of goods sold, $935,200 ; return rate of 7% Selling price of goods returned, $83, 000; cost of goods returned to inventory, $46, 480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $ 29,000 Q: Show the statement of income presentation of the revenue and expense accounts for the year ended December 31. (Can you please provide the answer in the same format at the picture... thank you!)

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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At January 1, 2024, Sipacore Inc. reported the following information on its statement of financial position: During 2024, the company had the following summary transactions for receivables: Sales on account, $1, 670,000; cost of goods sold, $935, 200; return rate of 7% Selling price of goods returned, $83, 000; cost of goods returned to inventory, $46, 480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47, 000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $ 29,000 Q: Show the statement of income presentation of the revenue and expense accounts for the year ended December 31. (Can you please provide the answer in the same format at the picture... thank you!) Show the statement of income presentation of the revenue and expense accounts for the year ended December 31. Sales Less ✓ Gross Profit Cost of Goods Sold Operating Expenses SIPACORE INC. Statement of Income (partial) For the Year Ended December 31, 2024 LA 1664190 888720 775470 741470
Transcribed Image Text:At January 1, 2024, Sipacore Inc. reported the following information on its statement of financial position: During 2024, the company had the following summary transactions for receivables: Sales on account, $1, 670,000; cost of goods sold, $935, 200; return rate of 7% Selling price of goods returned, $83, 000; cost of goods returned to inventory, $46, 480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47, 000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $ 29,000 Q: Show the statement of income presentation of the revenue and expense accounts for the year ended December 31. (Can you please provide the answer in the same format at the picture... thank you!) Show the statement of income presentation of the revenue and expense accounts for the year ended December 31. Sales Less ✓ Gross Profit Cost of Goods Sold Operating Expenses SIPACORE INC. Statement of Income (partial) For the Year Ended December 31, 2024 LA 1664190 888720 775470 741470
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