The following income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is incorrect and prepare a corrected multi-step income statement. Demo Sales Income Statement For Month Ended July 31, 2820 Sales Accounts receivable Unearned sales $562,140 37,000 18,000 $617,140 Net sales Operating expenses: Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment Insurance expense Interest expense Interest payable Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent Rent expense Salaries payable Sales discounts $ 30,000 14,000 394, 000 3,00e 2,500 1,780 250 14,000 9,000 14,000 25,000 5,000 175,000 2,80e 690, 250 $ 73,110 Loss DEMO SALES Income Statement For Month Ended July 31, 2020 Operating expenses:

The following income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is incorrect and prepare a corrected multi-step income statement. Demo Sales Income Statement For Month Ended July 31, 2820 Sales Accounts receivable Unearned sales $562,140 37,000 18,000 $617,140 Net sales Operating expenses: Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment Insurance expense Interest expense Interest payable Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent Rent expense Salaries payable Sales discounts $ 30,000 14,000 394, 000 3,00e 2,500 1,780 250 14,000 9,000 14,000 25,000 5,000 175,000 2,80e 690, 250 $ 73,110 Loss DEMO SALES Income Statement For Month Ended July 31, 2020 Operating expenses:

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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