Cengage ㄨ : CengageNOWv2 ㅣ O × exhibit-6-11.jpg (74 × Q Accounting Midtern × b My Questions | bart × I 0416( × + box- saania ← → С â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&n ☆ Ch 6-3 Exercises & Problems eBook Show Me Hovw Calculator Print Itemm On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing a. Prepare a multiple-step income statement for the year ended March 31, 2019 $757,100 551,400 2,426,500 177,450 3,719,200 10,150 1,512,500 170,000 Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $1,001,650 243,400 20,100 8,050 6,696,700 749,700 89,300 Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 Cash x Cost of merchandise sold Gross profit Expenses: 177,450 X 3,719,200 3,541,750 | X Selling expenses 749,700 V Administrative expenses551,400 Total expenses 1,301,100V Loss from operations x 4,842,850 | X Other expense Interest 10,150 Net loss x 4,853,000 | X Check My Work 1 more Check My Work uses remaining Previous Next Assignment Score: 25.07% All work saved Email InstructorSave and Exit Submit Assignment for Grading

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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Hi, I was hoping you could double check my work on this? I have attached a picture of the answers I put on my first attempt of the question but after looking into it more, I think I see where I went wrong but wanted to know if you could look over it to see if I did it correctly and if my values are correct?

So the first entry should be 'sales' instead of cash with the value of 6,696,700 and the gross profit would then be 2,977,500.
Next, the income from operations would be 1,676,400 and finally the net income would be 1,666,250.

Is this right?

Cengage
ㄨ
: CengageNOWv2 ㅣ O ×
exhibit-6-11.jpg (74
×
Q Accounting Midtern
×
b
My Questions | bart
×
I
0416( × +
box- saania
←
→
С
â
https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&n
☆
Ch 6-3 Exercises & Problems
eBook
Show Me Hovw
Calculator
Print Itemm
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows:
Accumulated Depreciation-Building
Administrative Expenses
Building
Cash
Cost of Merchandise Sold
Interest Expense
Kathy Melman, Capital
Kathy Melman, Drawing
a. Prepare a multiple-step income statement for the year ended March 31, 2019
$757,100
551,400
2,426,500
177,450
3,719,200
10,150
1,512,500
170,000
Merchandise Inventory
Notes Payable
Office Supplies
Salaries Payable
Sales
Selling Expenses
Store Supplies
$1,001,650
243,400
20,100
8,050
6,696,700
749,700
89,300
Racine Furnishings Company
Income Statement
For the Year Ended March 31, 2019
Cash x
Cost of merchandise sold
Gross profit
Expenses:
177,450 X
3,719,200
3,541,750 | X
Selling expenses
749,700 V
Administrative expenses551,400
Total expenses
1,301,100V
Loss from operations x
4,842,850 | X
Other expense
Interest
10,150
Net loss x
4,853,000 | X
Check My Work
1 more Check My Work uses remaining
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Assignment Score: 25.07%
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