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 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts
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 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 | 31,100.00 | 31,130.00 |
Sales | 324,360.00 | |
Sales Returns and Allowances | 13,970.00 | |
Sales Discounts | 7,620.00 | |
Purchases | 126,210.00 | |
Purchases Returns and Allowances | 1,020.00 | |
Purchases Discounts | 1,110.00 | |
Freight In | 8,460.00 | |
Selling Expenses | 61,470.00 | |
General Expenses | 51,751.00 | |
300,581.00 | 357,620.00 | |
Net Income | 57,039.00 | |
357,620.00 | 357,620.00 |
From the information given, prepare an income statement for the company.
Ralley CompanyIncome StatementFor Year Ended August 31, 20--
(See images)
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Net Sales
Cost of Goods Sold:
Net Purchases
Operating Expenses:
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%24
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Transcribed Image Text:Revenue from Sales:
Net Sales
Cost of Goods Sold:
Net Purchases
Operating Expenses:
%24
%24
%24
%24
%24
 alt="Operating Expenses:
Total Operating Expenses
Net Income
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Transcribed Image Text:Operating Expenses:
Total Operating Expenses
Net Income
%24
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