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. $6,350 Depreciation expense-Office copier 770 Sales discounts 1,240 Sales returns and allowances 215,000 TV advertising expense 31,500 Interest revenue 11,000 Cost of goods sold 23,000 Sales commission expense FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses Total selling expenses General and administrative expenses $ 600 15,700 4,000 2,100 600 88,100 13,000
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. $6,350 Depreciation expense-Office copier 770 Sales discounts 1,240 Sales returns and allowances 215,000 TV advertising expense 31,500 Interest revenue 11,000 Cost of goods sold 23,000 Sales commission expense FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses Total selling expenses General and administrative expenses $ 600 15,700 4,000 2,100 600 88,100 13,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Provide full journal entry
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 salaries expense
Prepare a multiple-step income statement.
$6,350 Depreciation expense-Office copier
770 Sales discounts
1,240 Sales returns and allowances
215,000 TV advertising expense
31,500 Interest revenue
11,000 Cost of goods sold
23,000 Sales commission expense
FIT-FOR-LIFE FOODS
Income Statement
For Year Ended December 31
Expenses
Selling expenses
Total selling expenses
General and administrative expenses
$ 600
15,700
4,000
2,100
600
88,100
13,000
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