Presented below is information for Oakley Company for the month of March 2020.Cost of goods sold $254,000 Rent expense $36,000Freight-out 7,500 Sales discounts 8,800Insurance expense 5,000 Sales returns and allowances 11,000Salaries and wages expense 75,000 Sales revenue 425,000 Prepare a multiple-step income statement.OAKLEY COMPANYIncome Statement For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020 Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings $ LessAdd: $ DrawingsOwner's Capital, March 31Gross Profit / (Loss)Net SalesRevenuesTotal Operating ExpensesOperating ExpensesInvestmentsOwner's Capital, March 1Net Income / (Loss) Operating ExpensesOwner's Capital, March 31Gross Profit / (Loss)Owner's Capital, March 1Total Operating ExpensesNet SalesSales RevenuesNet Income / (Loss)DrawingsInvestments Sales RevenuesNet Income / (Loss)Net SalesInvestmentsOwner's Capital, March 31DrawingsOperating ExpensesTotal Operating ExpensesGross Profit / (Loss)Owner's Capital, March 1 Net SalesOperating ExpensesGross Profit / (Loss)Total Operating ExpensesSales RevenuesOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)InvestmentsDrawings Total Operating ExpensesOperating ExpensesGross Profit / (Loss)Sales RevenuesDrawingsNet SalesInvestmentsOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss) $

Multi-step income statement: The income statement represented in multi-steps with several subtotals,…

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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 Oakley Company for the month of March 2020.

Cost of goods sold	$254,000	Rent expense	$36,000
Freight-out	7,500	Sales discounts	8,800
Insurance expense	5,000	Sales returns and allowances	11,000
Salaries and wages expense	75,000	Sales revenue	425,000

Prepare a multiple-step income statement.

OAKLEY COMPANY Income Statement For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020
Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings
		$
LessAdd:
	$


DrawingsOwner's Capital, March 31Gross Profit / (Loss)Net SalesRevenuesTotal Operating ExpensesOperating ExpensesInvestmentsOwner's Capital, March 1Net Income / (Loss)

Operating ExpensesOwner's Capital, March 31Gross Profit / (Loss)Owner's Capital, March 1Total Operating ExpensesNet SalesSales RevenuesNet Income / (Loss)DrawingsInvestments
Sales RevenuesNet Income / (Loss)Net SalesInvestmentsOwner's Capital, March 31DrawingsOperating ExpensesTotal Operating ExpensesGross Profit / (Loss)Owner's Capital, March 1




Net SalesOperating ExpensesGross Profit / (Loss)Total Operating ExpensesSales RevenuesOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)InvestmentsDrawings
Total Operating ExpensesOperating ExpensesGross Profit / (Loss)Sales RevenuesDrawingsNet SalesInvestmentsOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)		$

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