How many errors can you find in the following incomestatement? The Plautus Company Income Statement For the
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The Plautus Company Income Statement For the Year Ended October 31, 2006 Revenue from sales: $4,200,000 Sales Add: Sales returns and allowances Sales discounts $81,200 20,300 101,500 Gross sales $4,301,500 2,093,000 $2,208,500 Cost of merchandise sold Income from operations Operating expenses: Selling expenses Transportation out Administrative expenses $ 203,000 7,500 122,000 Total operating expenses 332,500 $1,876,000 Other expense Interest revenue 66,500 $1,809.500 Gross profit
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1 Sales returns and allowances and sales discounts should be deducted from not added to sales 2 Sale...View the full answer
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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