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Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of Depreciation expense-

Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of Depreciation expense-

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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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 staff wages $ 6,280 780 Expenses Selling expenses 1,370 224,000 31,300 Prepare a multiple-step income statement. Total general and administrative expenses Total expenses FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Total selling expenses General and administrative expenses 10,200 Cost of goods sold 22,000 Sales commission expense Other revenues, gains, expenses & losses Depreciation expense- Office copier Sales discounts Sales returns and allowances TV advertising expense Interest revenue Total other revenues, gains, expenses & losses 0 0 0 0 0 0 0 0 $ 410 16,700 3,900 2,700 610 88,200 12,700
Transcribed Image Text: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 staff wages $ 6,280 780 Expenses Selling expenses 1,370 224,000 31,300 Prepare a multiple-step income statement. Total general and administrative expenses Total expenses FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Total selling expenses General and administrative expenses 10,200 Cost of goods sold 22,000 Sales commission expense Other revenues, gains, expenses & losses Depreciation expense- Office copier Sales discounts Sales returns and allowances TV advertising expense Interest revenue Total other revenues, gains, expenses & losses 0 0 0 0 0 0 0 0 $ 410 16,700 3,900 2,700 610 88,200 12,700
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