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Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $159,500 Sales Returns and Allowances 1,400 Sales Discounts 4,160 Interest Revenue 428 Merchandise Inventory, January 1, 20-- 28,500 Estimated Returns Inventory, January 1, 20-- 500 Purchases 108,000 Purchases Returns and Allowances 4,550 Purchases Discounts 2,700 Freight-In 875 Merchandise Inventory, December 31, 20-- 33,900 Estimated Returns Inventory, December 31, 20-- 1,100 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense Insurance Expense 8,000 1,200 Depreciation Expense-Equipment 3,800 Miscellaneous Expense Interest Expense 580 4,600 Revenue from sales: Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold: Merchandise inventory, January 1, 20-- Estimated returns inventory, January 1, 20-- Purchases Less: Purchases returns and allowances Less: Purchases discounts Add: Freight-in Sauter Office Supplies Income Statement For Year Ended December 31, 20-- 4,550 2,700 1,400 4,160 V 28,500 500 875 159,500 ✓ 153,940

Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $159,500 Sales Returns and Allowances 1,400 Sales Discounts 4,160 Interest Revenue 428 Merchandise Inventory, January 1, 20-- 28,500 Estimated Returns Inventory, January 1, 20-- 500 Purchases 108,000 Purchases Returns and Allowances 4,550 Purchases Discounts 2,700 Freight-In 875 Merchandise Inventory, December 31, 20-- 33,900 Estimated Returns Inventory, December 31, 20-- 1,100 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense Insurance Expense 8,000 1,200 Depreciation Expense-Equipment 3,800 Miscellaneous Expense Interest Expense 580 4,600 Revenue from sales: Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold: Merchandise inventory, January 1, 20-- Estimated returns inventory, January 1, 20-- Purchases Less: Purchases returns and allowances Less: Purchases discounts Add: Freight-in Sauter Office Supplies Income Statement For Year Ended December 31, 20-- 4,550 2,700 1,400 4,160 V 28,500 500 875 159,500 ✓ 153,940

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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Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $159,500 Sales Returns and Allowances 1,400 Sales Discounts 4,160 Interest Revenue 428 Merchandise Inventory, January 1, 20-- 28,500 Estimated Returns Inventory, January 1, 20-- 500 Purchases 108,000 Purchases Returns and Allowances 4,550 Purchases Discounts 2,700 Freight-In 875 Merchandise Inventory, December 31, 20-- 33,900 Estimated Returns Inventory, December 31, 20-- 1,100 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense Insurance Expense 8,000 1,200 Depreciation Expense-Equipment 3,800 Miscellaneous Expense Interest Expense 580 4,600 Revenue from sales: Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold: Merchandise inventory, January 1, 20-- Estimated returns inventory, January 1, 20-- Purchases Less: Purchases returns and allowances Less: Purchases discounts Add: Freight-in Sauter Office Supplies Income Statement For Year Ended December 31, 20-- 4,550 2,700 1,400 4,160 V 28,500 500 875 159,500 ✓ 153,940
Transcribed Image Text:Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $159,500 Sales Returns and Allowances 1,400 Sales Discounts 4,160 Interest Revenue 428 Merchandise Inventory, January 1, 20-- 28,500 Estimated Returns Inventory, January 1, 20-- 500 Purchases 108,000 Purchases Returns and Allowances 4,550 Purchases Discounts 2,700 Freight-In 875 Merchandise Inventory, December 31, 20-- 33,900 Estimated Returns Inventory, December 31, 20-- 1,100 Wages Expense 27,400 Supplies Expense 800 Phone Expense 800 Utilities Expense Insurance Expense 8,000 1,200 Depreciation Expense-Equipment 3,800 Miscellaneous Expense Interest Expense 580 4,600 Revenue from sales: Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold: Merchandise inventory, January 1, 20-- Estimated returns inventory, January 1, 20-- Purchases Less: Purchases returns and allowances Less: Purchases discounts Add: Freight-in Sauter Office Supplies Income Statement For Year Ended December 31, 20-- 4,550 2,700 1,400 4,160 V 28,500 500 875 159,500 ✓ 153,940
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