Exercise 5-18 (Algo) Preparing a multiple-step income statement LO P4Fit-for-Life Foods reports the following incomestatement accounts for the year endedDecember 31.Gain on sale of equipmentoffice supplies expenseInsurance expenseSalesoffice salaries expenseRent expense-Selling spaceSales salaries expense10,300 Cost of goods sold23,100 Sales commission expensePrepare a multiple-step income statement.ExpensesSelling expensesTotal selling expensesGeneral and administrative expenses$ 6,320 Depreciation expense-Office copier760 Sales discounts1,370 Sales returns and allowances.FIT-FOR-LIFE FOODSIncome StatementFor Year Ended December 31Total general and administrative expensesTotal expensesOther revenues, gains, expenses and losses217,000 TV advertising expense31,300 Interest revenueTotal other revenues, gains, expenses and losses00000000$ 48015,7003,9002,20060089,00013,000

Income statement For the year ended dec. 31 Sales $ 217,000 less:- sales discounts…

Exercise 5-18 (Algo) Preparing a multiple- step income statement LO P4 Fit-for-Life Foods reports the following incom 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 Expenses Selling expenses $ 6,320 Depreciation expense-Office copier 760 Sales discounts 1,370 Sales returns and allowances 217,000 TV advertising expense 31,300 Interest revenue 10,300 Cost of goods sold 23,100 Sales commission expense Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Total selling expenses General and administrative expenses 0 0 0 $480 15,700 3,900 2,200 600 89,000 13,000 0

Exercise 5-18 (Algo) Preparing a multiple- step income statement LO P4 Fit-for-Life Foods reports the following incom 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 Expenses Selling expenses $ 6,320 Depreciation expense-Office copier 760 Sales discounts 1,370 Sales returns and allowances 217,000 TV advertising expense 31,300 Interest revenue 10,300 Cost of goods sold 23,100 Sales commission expense Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Total selling expenses General and administrative expenses 0 0 0 $480 15,700 3,900 2,200 600 89,000 13,000 0

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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Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $160,000 Sales Returns and Allowances 2,300 Sales Discounts 4,175 Interest Revenue 425 Merchandise Inventory, January 1, 20-- 28,400 Estimated Returns Inventory, January 1, 20-- 600 Purchases 109,000 Purchases Returns and Allowances 4,560 Purchases Discounts 2,670 Freight-In 895 Merchandise Inventory, December 31, 20-- 30,100 Estimated Returns Inventory, December 31, 20-- 900 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense 8,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,700 Sauter Office Supplies Income Statement For Year Ended December 31, 20-- Revenue from sales: $ $…
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