For the Year Ended December 31, 2020 Sales Revenue 125,466 Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses: Salaries Expense Rent Expense Advertising Expense Total Selling Expenses Administrative Expenses: Salaries Expense Insurance Expense Rent Expense Deprecaition Expense Total Administrative Expenses Total Operating Expenses Operating Income Other Income and Expenses Sales Discounts Forfeited Interest Expenses Total Other Income and Expenses 45, 167 80,299 2,615 725 3,340 12,543 2,563 1,562 1,253 17,921 21,261 59,038 1,575 (265) 1.310 57,728 Net Income ype of financial statement is this? %24

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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**Financial Statement for the Year Ended December 31, 2020**

- **Sales Revenue:** $125,466
- **Cost of Goods Sold:** $45,167

**Gross Profit:** $80,299

**Operating Expenses:**

- **Selling Expenses:**
  - Salaries Expense: $2,615
  - Rent Expense: $725
  - Advertising Expense: $3,340
  - **Total Selling Expenses:** $6,680

- **Administrative Expenses:**
  - Salaries Expense: $12,543
  - Insurance Expense: $2,563
  - Rent Expense: $1,362
  - Depreciation Expense: $1,253
  - **Total Administrative Expenses:** $17,921

- **Total Operating Expenses:** $21,261

**Operating Income:** $59,038

**Other Income and Expenses:**

- Sales Discounts Forfeited: $1,575
- Interest Expense: $(265)
- **Total Other Income and Expenses:** $1,310

**Net Income:** $57,728

---

**Question: What type of financial statement is this?**

- [ ] Statement of Owner's Equity
- [ ] Multiple-step Income Statement
- [ ] Balance Sheet
- [ ] Single-step Income Statement
Transcribed Image Text:**Financial Statement for the Year Ended December 31, 2020** - **Sales Revenue:** $125,466 - **Cost of Goods Sold:** $45,167 **Gross Profit:** $80,299 **Operating Expenses:** - **Selling Expenses:** - Salaries Expense: $2,615 - Rent Expense: $725 - Advertising Expense: $3,340 - **Total Selling Expenses:** $6,680 - **Administrative Expenses:** - Salaries Expense: $12,543 - Insurance Expense: $2,563 - Rent Expense: $1,362 - Depreciation Expense: $1,253 - **Total Administrative Expenses:** $17,921 - **Total Operating Expenses:** $21,261 **Operating Income:** $59,038 **Other Income and Expenses:** - Sales Discounts Forfeited: $1,575 - Interest Expense: $(265) - **Total Other Income and Expenses:** $1,310 **Net Income:** $57,728 --- **Question: What type of financial statement is this?** - [ ] Statement of Owner's Equity - [ ] Multiple-step Income Statement - [ ] Balance Sheet - [ ] Single-step Income Statement
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This is "Multiple-step Income Statement" financial statement.

 

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