Practice Test: Multi-step Income StatementPrepare a multi-step income statement for Prestige Traders and General Merchandise for the year endedDecember 31,2020 using the information listed below:Cost of Sales – P 348,000Sales - P 600,000Sales Discount -P 11,000Depreciation Expense - P7,350Taxes – P 1,120Sales Returns and Allowances - P 20,000Supplies Expense - P 8,750Rent Expense - P 37,500Salaries Expense - P 150,000|Use the space provided for your answer.

Multi-step income statement is a format of income statement in which each item is classified into…

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multi-step income statement 21. 2020 using the informati

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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Question

Practice Test: Multi-step Income Statement
Prepare a multi-step income statement for Prestige Traders and General Merchandise for the year ended
December 31,2020 using the information listed below:
Cost of Sales – P 348,000
Sales - P 600,000
Sales Discount -P 11,000
Depreciation Expense - P7,350
Taxes – P 1,120
Sales Returns and Allowances - P 20,000
Supplies Expense - P 8,750
Rent Expense - P 37,500
Salaries Expense - P 150,000|
Use the space provided for your answer.

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