The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales: $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 7 Net Sales $fill in the blank 8 Cost of Goods Sold: $fill in the blank 10 $fill in the blank 12 $fill in the blank 14 fill in the blank 16 fill in the blank 17 Net Purchases $fill in the blank 18 fill in the blank 20 fill in the blank 22 $fill in the blank 24 fill in the blank 26 fill in the blank 28 $fill in the blank 30 Operating Expenses: $fill in the blank 32 fill in the blank 34 Total Operating Expenses fill in the blank 35 Net Income $fill in the blank 36

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 Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories.

	INCOME STATEMENT
ACCOUNT NAME	DEBIT	CREDIT

Income Summary	32,000.00	31,000.00
Sales		324,000.00
Sales Returns and Allowances	13,310.00
Sales Discounts	7,700.00
Purchases	126,360.00
Purchases Returns and Allowances		1,200.00
Purchases Discounts		1,300.00
Freight In	7,500.00
Selling Expenses	61,560.00
General Expenses	50,884.00
	299,314.00	357,500.00
Net Income	58,186.00
	357,500.00	357,500.00

From the information given, prepare an income statement for the company.

Ralley Company
Income Statement
For Year Ended August 31, 20--
Revenue from Sales:
			$fill in the blank 2
		$fill in the blank 4
		fill in the blank 6	fill in the blank 7
Net Sales				$fill in the blank 8
Cost of Goods Sold:
			$fill in the blank 10
		$fill in the blank 12
	$fill in the blank 14
	fill in the blank 16	fill in the blank 17
Net Purchases		$fill in the blank 18
		fill in the blank 20
			fill in the blank 22
			$fill in the blank 24
			fill in the blank 26
				fill in the blank 28
				$fill in the blank 30
Operating Expenses:
			$fill in the blank 32
			fill in the blank 34
Total Operating Expenses				fill in the blank 35
Net Income				$fill in the blank 36

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