Ennio Morricone Company had the following normal account balances on selected accounts: Sales Revenue $2,400,000 Advertising Expense 55,000 Sales Returns and Allowances 41,000 Cost of Goods Sold 1,085,000 Common stock 250,000 Dividends 150,000 Freight-Out 25,000 Income tax expense 20,000 Interest Expense 70,000 Salaries and Wages Expense 675,000 Utilities Expense 17,000 Depreciation Expense 125,000 Interest Revenue 30,000 Inventory 67,000 Retained earnings 535,000 Insurance Expense 15,000 Sales Discounts 8,500 Instructions 1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022.
Ennio Morricone Company had the following normal account balances on selected accounts:
Sales Revenue $2,400,000
Advertising Expense 55,000
Sales Returns and Allowances 41,000
Cost of Goods Sold 1,085,000
Common stock 250,000
Dividends 150,000
Freight-Out 25,000
Income tax expense 20,000
Interest Expense 70,000
Salaries and Wages Expense 675,000
Utilities Expense 17,000
Interest Revenue 30,000
Inventory 67,000
Insurance Expense 15,000
Sales Discounts 8,500
Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022.
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