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Presented below is information for Blossom Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense $202,200 Rent expense 6,400 Sales discounts 12,500 Sales returns and allowances 64,000 Sales revenue 4,200 Other comprehensive income (net of $400 tax) $33,600 8,100 17,600 395,500 2,000 Salaries and wages expense Income tax expense (a) ZYour answer is partially correct. Try again. Prepare an income statement using the multi-step format. BLOSSOM COMPANY Income Statement For the Month Ended January 31, 2017 Total Revenues Sales Revenue 395,5 Less (G,10 |(17,6 Sales Discounts (8,10( Sales Returns and Allc (25,7 Net Sales 369,8 Cost of Goods Sold (202,: Gross Profit 167,6 Operating Expenses |(6,400 Freight-Out Insurance Expense |(12,50 Salaries and Wages E> (64,00 Rent Expense |(33,60 Total Operating Expenses (116,! Income Before Income Taxes 51,10 Income Tax Expense |(4,200 Net Income / (Loss) 46,90 Prepare a comprehensive income statement. BLOSSOM COMPANY Comprehensive Income Statement $

Presented below is information for Blossom Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense $202,200 Rent expense 6,400 Sales discounts 12,500 Sales returns and allowances 64,000 Sales revenue 4,200 Other comprehensive income (net of $400 tax) $33,600 8,100 17,600 395,500 2,000 Salaries and wages expense Income tax expense (a) ZYour answer is partially correct. Try again. Prepare an income statement using the multi-step format. BLOSSOM COMPANY Income Statement For the Month Ended January 31, 2017 Total Revenues Sales Revenue 395,5 Less (G,10 |(17,6 Sales Discounts (8,10( Sales Returns and Allc (25,7 Net Sales 369,8 Cost of Goods Sold (202,: Gross Profit 167,6 Operating Expenses |(6,400 Freight-Out Insurance Expense |(12,50 Salaries and Wages E> (64,00 Rent Expense |(33,60 Total Operating Expenses (116,! Income Before Income Taxes 51,10 Income Tax Expense |(4,200 Net Income / (Loss) 46,90 Prepare a comprehensive income statement. BLOSSOM COMPANY Comprehensive Income Statement $

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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Presented below is information for Blossom Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense $202,200 Rent expense 6,400 Sales discounts 12,500 Sales returns and allowances 64,000 Sales revenue 4,200 Other comprehensive income (net of $400 tax) $33,600 8,100 17,600 395,500 2,000 Salaries and wages expense Income tax expense (a) ZYour answer is partially correct. Try again. Prepare an income statement using the multi-step format. BLOSSOM COMPANY Income Statement For the Month Ended January 31, 2017 Total Revenues Sales Revenue 395,5 Less (G,10 |(17,6 Sales Discounts (8,10( Sales Returns and Allc (25,7 Net Sales 369,8 Cost of Goods Sold (202,: Gross Profit 167,6 Operating Expenses |(6,400 Freight-Out Insurance Expense |(12,50 Salaries and Wages E> (64,00 Rent Expense |(33,60 Total Operating Expenses (116,! Income Before Income Taxes 51,10 Income Tax Expense |(4,200 Net Income / (Loss) 46,90
Transcribed Image Text:Presented below is information for Blossom Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense $202,200 Rent expense 6,400 Sales discounts 12,500 Sales returns and allowances 64,000 Sales revenue 4,200 Other comprehensive income (net of $400 tax) $33,600 8,100 17,600 395,500 2,000 Salaries and wages expense Income tax expense (a) ZYour answer is partially correct. Try again. Prepare an income statement using the multi-step format. BLOSSOM COMPANY Income Statement For the Month Ended January 31, 2017 Total Revenues Sales Revenue 395,5 Less (G,10 |(17,6 Sales Discounts (8,10( Sales Returns and Allc (25,7 Net Sales 369,8 Cost of Goods Sold (202,: Gross Profit 167,6 Operating Expenses |(6,400 Freight-Out Insurance Expense |(12,50 Salaries and Wages E> (64,00 Rent Expense |(33,60 Total Operating Expenses (116,! Income Before Income Taxes 51,10 Income Tax Expense |(4,200 Net Income / (Loss) 46,90
Prepare a comprehensive income statement. BLOSSOM COMPANY Comprehensive Income Statement $
Transcribed Image Text:Prepare a comprehensive income statement. BLOSSOM COMPANY Comprehensive Income Statement $
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