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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, 2020 Sales $562,140 37,eee 18, eee $617,140 Accounts receivable Unearned sales Net sales Operating expenses: Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment Insurance expense $ 30, eee 14,eee 394, e00 3,eee 2, see 1,7e0 Interest expense Interest payable Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent 250 14, 00e 9,eee 14,000 25,0ee 5,e00 175, eee 2, 8ee Rent expense Salaries payable Sales discounts 690, 25e $ 73,110 Loss

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, 2020 Sales $562,140 37,eee 18, eee $617,140 Accounts receivable Unearned sales Net sales Operating expenses: Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment Insurance expense $ 30, eee 14,eee 394, e00 3,eee 2, see 1,7e0 Interest expense Interest payable Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent 250 14, 00e 9,eee 14,000 25,0ee 5,e00 175, eee 2, 8ee Rent expense Salaries payable Sales discounts 690, 25e $ 73,110 Loss

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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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, 2020 $562,140 37, e00 18, eee Sales Accounts receivable Unearned sales Net sales $617,140 Operating expenses: Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment $ 30,000 14, 000 394, 000 3,000 Insurance expense 2, 5ee Interest expense 1,700 Interest payable 250 Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent Rent expense Salaries payable 14,000 9,000 14, 000 25,e00 5,000 175,eee Sales discounts 2,800 690, 250 $ 73,110 Loss DEMO SALES Income Statement For Month Ended July 31, 2020 Net sales
Transcribed Image Text: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, 2020 $562,140 37, e00 18, eee Sales Accounts receivable Unearned sales Net sales $617,140 Operating expenses: Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment $ 30,000 14, 000 394, 000 3,000 Insurance expense 2, 5ee Interest expense 1,700 Interest payable 250 Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent Rent expense Salaries payable 14,000 9,000 14, 000 25,e00 5,000 175,eee Sales discounts 2,800 690, 250 $ 73,110 Loss DEMO SALES Income Statement For Month Ended July 31, 2020 Net sales
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