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Learning Objectives 5, 6 P5-35A Preparing a single-step income statement, preparing a multi-step income statement, and computing the gross profit percentage The records of Quality Cut Steak Company list the following selected accounts for the quarter ended April 30, 2016: 2. Operating Income $80,700 Interest Revenue 500 Accounts Payable $ 16,900 Merchandise Inventory 45,300 Accounts Receivable 38,000 Notes Payable, long-term 52,000 Accumulated Depreciation-Equipment 36,800 Salaries Payable 2,400 Arnold, Capital 42,200 Sales Discounts 5,500 Arnold, Withdrawals 17,000 Sales Returns and Allowances 8,500 Cash 7,400 Sales Revenue 306,000 Cost of Goods Sold 160,600 Rent Expense (Selling) 21,400 Equipment 130,000 Office Supplies 6,300 Interest Payable 1,000 Unearned Revenue 13,200 Rent Expense (Administrative) 9,600 Interest Expense 1,700 Utilities Expense (Selling) 10,600 Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) 1,300 Delivery Expense (Selling) 3,500 4,300 Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement.

Learning Objectives 5, 6 P5-35A Preparing a single-step income statement, preparing a multi-step income statement, and computing the gross profit percentage The records of Quality Cut Steak Company list the following selected accounts for the quarter ended April 30, 2016: 2. Operating Income $80,700 Interest Revenue 500 Accounts Payable $ 16,900 Merchandise Inventory 45,300 Accounts Receivable 38,000 Notes Payable, long-term 52,000 Accumulated Depreciation-Equipment 36,800 Salaries Payable 2,400 Arnold, Capital 42,200 Sales Discounts 5,500 Arnold, Withdrawals 17,000 Sales Returns and Allowances 8,500 Cash 7,400 Sales Revenue 306,000 Cost of Goods Sold 160,600 Rent Expense (Selling) 21,400 Equipment 130,000 Office Supplies 6,300 Interest Payable 1,000 Unearned Revenue 13,200 Rent Expense (Administrative) 9,600 Interest Expense 1,700 Utilities Expense (Selling) 10,600 Depreciation Expense-Equipment (Administrative) Utilities Expense (Administrative) 1,300 Delivery Expense (Selling) 3,500 4,300 Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement.

FINANCIAL ACCOUNTING
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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P5-35A Preparing a single-step income statement, preparing a multi-step income statement, and computing the gross profit percentage The records of Quality Cut Steak Company list the following selected accounts for the quarter ended April 30, 2016: Learning Objectives 5, 6 2. Operating Income $80,700 Interest Revernue %24 500 Accounts Payable $ 16,900 Merchandise Inventory 45,300 Accounts Receivable 38,000 Notes Payable, long-term Salaries Payable 52,000 Accumulated Depreciation-Equipment 36,800 2,400 Arnold, Capital 42,200 Sales Discounts 5,500 Arnold, Withdrawals 17,000 Sales Returns and Allowances 8,500 Cash 7,400 Sales Revenue 306,000 Cost of Goods Sold 160,600 Rent Expense (Selling) 21,400 Equipment 130,000 Office Supplies 6,300 Interest Payable 1,000 Unearned Revenue 13,200 Rent Expense (Administrative) 9,600 Interest Expense 1,700 Utilities Expense (Selling) 10,600 Depreciation Expense-Equipment (Administrative) 1,300 Delivery Expense (Selling) 3,500 Utilities Expense (Administrative) 4,300 Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement.
Transcribed Image Text:P5-35A Preparing a single-step income statement, preparing a multi-step income statement, and computing the gross profit percentage The records of Quality Cut Steak Company list the following selected accounts for the quarter ended April 30, 2016: Learning Objectives 5, 6 2. Operating Income $80,700 Interest Revernue %24 500 Accounts Payable $ 16,900 Merchandise Inventory 45,300 Accounts Receivable 38,000 Notes Payable, long-term Salaries Payable 52,000 Accumulated Depreciation-Equipment 36,800 2,400 Arnold, Capital 42,200 Sales Discounts 5,500 Arnold, Withdrawals 17,000 Sales Returns and Allowances 8,500 Cash 7,400 Sales Revenue 306,000 Cost of Goods Sold 160,600 Rent Expense (Selling) 21,400 Equipment 130,000 Office Supplies 6,300 Interest Payable 1,000 Unearned Revenue 13,200 Rent Expense (Administrative) 9,600 Interest Expense 1,700 Utilities Expense (Selling) 10,600 Depreciation Expense-Equipment (Administrative) 1,300 Delivery Expense (Selling) 3,500 Utilities Expense (Administrative) 4,300 Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement.
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