Ising Excel to Prepare a Partial Income Statement PROBLEM Barto Company provides the following information for the month ended October 31, 2022. Sales on credit Cash sales Sales discounts 300,000 150,000 5,000 19,000 Sales returns and allowances
Ising Excel to Prepare a Partial Income Statement PROBLEM Barto Company provides the following information for the month ended October 31, 2022. Sales on credit Cash sales Sales discounts 300,000 150,000 5,000 19,000 Sales returns and allowances
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
See the picture below. I need help with the items in the red boxes as those came back as incorrect.
Transcribed Image Text:Function: SUM; Formula: Add, Subtract; Cell Referencing
Using Excel to Prepare a Partial Income Statement
PROBLEM
Student Work Area
Barto Company provides the following information for the month ended
6 October 31, 2022.
Required: Provide input into cells shaded in yellow in this template. Use cell
references to the Problem area along with mathematical formulas for
amounts not given.
Sales on credit
Cash sales
2$
300,000
9
150,000
Prepare the sales section of a multiple-step income statement based on this
information.
10
Sales discounts
5,000
11
Sales returns and allowances
19,000
12
Barto Company
Income Statement (Partial)
For the Month Ended October 31, 2022
13
14
15
Sales
16
Cash
Less: Sales discounts
450,000
17
5,000
18
Sales returns and allowances
19,000
19
Net sales
426,000
20
Expert Solution
Step 1
solution
concept
net sales is calculate as the gross sales reduced by sales discounts , returns and allowances
gross sales is the sum of cash sales and credit sales
gross sales =cash sales + credit sales
=150000 + 300000
=400000
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