Prepare the sales section of the income statemen. E5-6 Presented below is information for Lieu Co. for the month of January 2017. Pi Cost of goods sold VFreight-out Insurance expense Salaries and wages expense CC $ 32,000 st 8,000 pr 20,000 (L $212,000 Rent expense Sales discounts 7,000 12,000 60,000 5,000 Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) 370,000 Income tax expense 2,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare the sales section of the income statemen.
E5-6 Presented below is information for Lieu Co. for the month of January 2017.
Pi
Cost of goods sold
VFreight-out
Insurance expense
Salaries and wages expense
CC
$ 32,000
st
8,000
pr
20,000
(L
$212,000
Rent expense
Sales discounts
7,000
12,000
60,000
5,000
Sales returns and allowances
Sales revenue
Other comprehensive income
(net of $400 tax)
370,000
Income tax expense
2,000
Transcribed Image Text:Prepare the sales section of the income statemen. E5-6 Presented below is information for Lieu Co. for the month of January 2017. Pi Cost of goods sold VFreight-out Insurance expense Salaries and wages expense CC $ 32,000 st 8,000 pr 20,000 (L $212,000 Rent expense Sales discounts 7,000 12,000 60,000 5,000 Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) 370,000 Income tax expense 2,000
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