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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 $ 6,320 Depreciation expense- Office copier $ 480 Office supplies expense 760 Sales discounts 15,700 Insurance expense 1,370 Sales returns and allowances 3,900 Sales 217,000 TV advertising expense 2,200 Office salaries expense 31,300 Interest revenue 600 Rent expense-Selling space 10,300 Cost of goods sold 89,000 Sales salaries expense 23,100 Sales commission expense 13,000 Prepare a multiple-step income statement.

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 $ 480 Office supplies expense 760 Sales discounts 15,700 Insurance expense 1,370 Sales returns and allowances 3,900 Sales 217,000 TV advertising expense 2,200 Office salaries expense 31,300 Interest revenue 600 Rent expense-Selling space 10,300 Cost of goods sold 89,000 Sales salaries expense 23,100 Sales commission expense 13,000 Prepare a multiple-step income statement.

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 $ 6,320 Depreciation expense- Office copier $ 480 Office supplies expense 760 Sales discounts 15,700 Insurance expense 1,370 Sales returns and allowances 3,900 Sales 217,000 TV advertising expense 2,200 Office salaries expense 31,300 Interest revenue 600 Rent expense-Selling space 10,300 Cost of goods sold 89,000 Sales salaries expense 23,100 Sales commission expense 13,000 Prepare a multiple-step income statement.
Transcribed Image Text: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 $ 480 Office supplies expense 760 Sales discounts 15,700 Insurance expense 1,370 Sales returns and allowances 3,900 Sales 217,000 TV advertising expense 2,200 Office salaries expense 31,300 Interest revenue 600 Rent expense-Selling space 10,300 Cost of goods sold 89,000 Sales salaries expense 23,100 Sales commission expense 13,000 Prepare a multiple-step income statement.
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