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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%

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

Transcribed Image Text:Prepare a comprehensive income statement.
BLOSSOM COMPANY
Comprehensive Income Statement
$
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