Exercise 4-18 (Algo) Preparing a multiple-step income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,320 Depreciation expense-office copier 650 Sales discounts office supplies expense Insurance expense Sales 1,230 Sales returns and allowances Office salaries expense Rent expense-Selling space Sales salaries expense . Prepare a multiple-step income statement. 219,000 TV advertising expense 31,800 Interest revenue 11,000 Cost of goods sold 23,200 Sales commission expense FIT-FOR-LIFE FOODS Income Statement $ 580 15,400 4,000 3,200 760 91,900 13,700 D
Exercise 4-18 (Algo) Preparing a multiple-step income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,320 Depreciation expense-office copier 650 Sales discounts office supplies expense Insurance expense Sales 1,230 Sales returns and allowances Office salaries expense Rent expense-Selling space Sales salaries expense . Prepare a multiple-step income statement. 219,000 TV advertising expense 31,800 Interest revenue 11,000 Cost of goods sold 23,200 Sales commission expense FIT-FOR-LIFE FOODS Income Statement $ 580 15,400 4,000 3,200 760 91,900 13,700 D
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 4-18 (Algo) Preparing a multiple-step income statement LO P4
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31.
Gain on sale of equipment
office supplies expense
Insurance expense
Sales
office salaries expense
Rent expense-Selling space
Sales salaries expense
Prepare a multiple-step income statement.
$ 6,320 Depreciation expense-Office copier
650 Sales discounts
1,230 Sales returns and allowances
219,000 TV advertising expense
31,800 Interest revenue
11,000 Cost of goods sold
23,200 Sales commission expense
FIT-FOR-LIFE FOODS
Income Statement
$ 580
15,400
4,000
3,200
760
91,900
13,700
k
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