Preparing the Income Statement Accounts selected from the Dec. 31, 2021 trial balance of Bartolome Pozon Traders are listed below: Sales 9,630,000 Purchases 4,720,000 Merchandise Inventory, 1/1/2021 2,170,000 Merchandise Inventory, 12/31/2021 1,430,000 Salaries Exp- Selling 1,140,000 Salaries Exp- General 920,000 Office Supplies Exp 460,000 Depreciation Exp- Office Equipment 320,000 Sales Returns and Allowances 280,000 Insurance Exp 55,000 Sales Discounts 210,000 Transportation Expense 170,000 Depreciation Exp- Store Equipment 160,000 Purchases Returns and Allowances 110,000 Selling Supplies Exp 80,000 Purchases Discounts 70,000 Freight In 50,000 Miscellaneous Exp 30,000 Required: Prepare the income statement using the function of expense method (multi step)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Preparing the Income Statement Accounts selected from the Dec. 31, 2021 trial balance of Bartolome Pozon Traders are listed below: Sales 9,630,000 Purchases 4,720,000 Merchandise Inventory, 1/1/2021 2,170,000 Merchandise Inventory, 12/31/2021 1,430,000 Salaries Exp- Selling 1,140,000 Salaries Exp- General 920,000 Office Supplies Exp 460,000 Depreciation Exp- Office Equipment 320,000 Sales Returns and Allowances 280,000 Insurance Exp 55,000 Sales Discounts 210,000 Transportation Expense 170,000 Depreciation Exp- Store Equipment 160,000 Purchases Returns and Allowances 110,000 Selling Supplies Exp 80,000 Purchases Discounts 70,000 Freight In 50,000 Miscellaneous Exp 30,000 Required: Prepare the income statement using the function of expense method (multi step)
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