Please see below. Use the accounts listed to create a multistep income statement. Big John's MerchIncome statementFor the month ending February 28, 2022Sales - $50,00OCosts of goods sold- $12,500Operating expensesSalaries- $2,500Rent- $800Advertising- $500Depreciation- $300Utilities- $75Revenues and ExpensesInternet revenues- $2,000Internet expense- $150Insurance expense- $400Other revenues- $3,500

Answered: Please see below. Use the accounts…

Business

Accounting

Please see below. Use the accounts listed to create a multistep income statement.

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

Please see below. Use the accounts listed to create a multistep income statement.

Big John's Merch
Income statement
For the month ending February 28, 2022
Sales - $50,00O
Costs of goods sold- $12,500
Operating expenses
Salaries- $2,500
Rent- $800
Advertising- $500
Depreciation- $300
Utilities- $75
Revenues and Expenses
Internet revenues- $2,000
Internet expense- $150
Insurance expense- $400
Other revenues- $3,500

Expert Solution

Step 1

Multi step income statement is a statement which categories operating and non operating incomes and expense seperately.

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Solved in 2 steps with 1 images

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