Use the following information for the Quick Studies below. [The following Information applies to the questions displayed below.] Vitamix reports the following Information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 100,000 130,000 37,000 15,000 90,000 6,000 64,000 QS 4-19 (Algo) Preparing gross profit section of a multiple-step income statement LO P4 Use the above Information to prepare the gross profit section of a multiple-step Income statement. Sales Less: Sales discounts Add: Sales returns Gross profit Gross profit VITAMIX Income Statement For Year Ended December 31 $ 100,000 $ 6,000 15,000 21,000 79,000 $ 79,000
Use the following information for the Quick Studies below. [The following Information applies to the questions displayed below.] Vitamix reports the following Information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 100,000 130,000 37,000 15,000 90,000 6,000 64,000 QS 4-19 (Algo) Preparing gross profit section of a multiple-step income statement LO P4 Use the above Information to prepare the gross profit section of a multiple-step Income statement. Sales Less: Sales discounts Add: Sales returns Gross profit Gross profit VITAMIX Income Statement For Year Ended December 31 $ 100,000 $ 6,000 15,000 21,000 79,000 $ 79,000
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...
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Hello,
please help. I dont know what I am getting wrong
![Use the following information for the Quick Studies below.
[The following Information applies to the questions displayed below.]
Vitamix reports the following Information for its year ended December 31:
Cash sales
Sales on credit
General and administrative expenses
Sales returns
Cost of goods sold
Sales discounts
Selling expenses
$ 100,000
130,000
37,000
15,000
90,000
6,000
64,000
QS 4-19 (Algo) Preparing gross profit section of a multiple-step income statement LO P4
Use the above Information to prepare the gross profit section of a multiple-step Income statement.
Sales
Less: Sales discounts
Add: Sales returns
Gross profit
Gross profit
VITAMIX
Income Statement
For Year Ended December 31
$
100,000
$
6,000
15,000
21,000
79,000
$
79,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F941eb469-a862-4ae1-815d-a6698b94400a%2F24a6bb0f-0b48-4fc1-99e6-bbfddee9b451%2F97oq9myi_processed.png&w=3840&q=75)
Transcribed Image Text:Use the following information for the Quick Studies below.
[The following Information applies to the questions displayed below.]
Vitamix reports the following Information for its year ended December 31:
Cash sales
Sales on credit
General and administrative expenses
Sales returns
Cost of goods sold
Sales discounts
Selling expenses
$ 100,000
130,000
37,000
15,000
90,000
6,000
64,000
QS 4-19 (Algo) Preparing gross profit section of a multiple-step income statement LO P4
Use the above Information to prepare the gross profit section of a multiple-step Income statement.
Sales
Less: Sales discounts
Add: Sales returns
Gross profit
Gross profit
VITAMIX
Income Statement
For Year Ended December 31
$
100,000
$
6,000
15,000
21,000
79,000
$
79,000
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