Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,250 Depreciation expense—Office copier $ 420 Office supplies expense 790 Sales discounts 15,200 Insurance expense 1,240 Sales returns and allowances 3,900 Sales 225,000 TV advertising expense 3,000 Office salaries expense 32,100 Interest revenue 660 Rent expense—Selling space 10,500 Cost of goods sold 88,800 Sales salaries expense 22,400 Sales commission expense 13,600 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 $ 6,250 Depreciation expense—Office copier $ 420 Office supplies expense 790 Sales discounts 15,200 Insurance expense 1,240 Sales returns and allowances 3,900 Sales 225,000 TV advertising expense 3,000 Office salaries expense 32,100 Interest revenue 660 Rent expense—Selling space 10,500 Cost of goods sold 88,800 Sales salaries expense 22,400 Sales commission expense 13,600 Prepare a multiple-step income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 4-17 (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 | $ 6,250 | $ 420 | |
| Office supplies expense | 790 | Sales discounts | 15,200 |
| Insurance expense | 1,240 | Sales returns and allowances | 3,900 |
| Sales | 225,000 | TV advertising expense | 3,000 |
| Office salaries expense | 32,100 | Interest revenue | 660 |
| Rent expense—Selling space | 10,500 | Cost of goods sold | 88,800 |
| Sales salaries expense | 22,400 | Sales commission expense | 13,600 |
Prepare a multiple-step income statement.
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