Instruction: Prepare a Statement of Comprehensive Income using multi-stepapproachWrite your answers on a separate sheet of paper.Below are the accounts of Chris Merchandising for the year ended December 31,2019.4,50012,00013,500Interest IncomeFreight InPurchase DiscountFreight OutSales Commission5,00025,000Salaries and Wages80,000Sales Revenue950,000200,0008,000Merchandise Inventory, End 12/31/19Interest ExpenseOffice Supplies ExpenseSales Salaries ExpenseRent Expense6,00045,00030,00017Sales Discount12,500Purchase Return and Allowances9,000Merchandise Inventory, Beginning 1/1/19Utilities Expense350,00020,0003,6998,000Communication ExpenseAds and Promo-SalesSales Returns and Allowances6,250Depreciation ExpenseInsurance ExpenseBad Debts Expense7,0005,0002,500Purchases350,000Note: 20% of rent, utilities and depreciation expenses pertain to the salesoffice while the rest pertain to the corporate office. Provision for income tax is30%.

Meaning of Multi Step Income Statement Multi-step income statements are one of the two income…

Instruction: Prepare a Statement of Comprehensive Income using multi-step approach e. Write your answers on a separate sheet of paper. Below are the accounts of Chris Merchandising for the year ended December 31, 2019. Interest Income 4,500 Freight In 12,000 Purchase Discount 13,500 Freight Out Sales Commission 5,000 25,000 Salaries and Wages 80,000 Sales Revenue 950,000 Merchandise Inventory, End 12/31/19 Interest Expense Office Supplies Expense Sales Salaries Expense Rent Expense 200,000 8,000 6,000 45,000 30,000 17 Sales Discount 12,500 Purchase Return and Allowances 9,000 Merchandise Inventory, Beginning 1/1/19 Utilities Expense Communication Expense 350,000 20,000 3,699 Ads and Promo-Sales 8,000 Sales Returns and Allowances 6,250 Depreciation Expense Insurance Expense Bad Debts Expense 7,000 5,000 2,500 Purchases 350,000 Note: 20% of rent, utilities and depreciation expenses pertain to the sales office while the rest pertain to the corporate office. Provision for income tax is 30%.

Instruction: Prepare a Statement of Comprehensive Income using multi-step approach e. Write your answers on a separate sheet of paper. Below are the accounts of Chris Merchandising for the year ended December 31, 2019. Interest Income 4,500 Freight In 12,000 Purchase Discount 13,500 Freight Out Sales Commission 5,000 25,000 Salaries and Wages 80,000 Sales Revenue 950,000 Merchandise Inventory, End 12/31/19 Interest Expense Office Supplies Expense Sales Salaries Expense Rent Expense 200,000 8,000 6,000 45,000 30,000 17 Sales Discount 12,500 Purchase Return and Allowances 9,000 Merchandise Inventory, Beginning 1/1/19 Utilities Expense Communication Expense 350,000 20,000 3,699 Ads and Promo-Sales 8,000 Sales Returns and Allowances 6,250 Depreciation Expense Insurance Expense Bad Debts Expense 7,000 5,000 2,500 Purchases 350,000 Note: 20% of rent, utilities and depreciation expenses pertain to the sales office while the rest pertain to the corporate office. Provision for income tax is 30%.

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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