Identify the errors in the following multiple-step income statement: Armortec Company Income Statement For the Year Ended
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Armortec Company Income Statement For the Year Ended December 31, 2015 Revenue from sales Sales Add: Sales returns and allowances $5.345,800 $120,000 60,000 Sales discounts 180,000 Gross sales $5,525,800 3,100,800 2,425,000 Cost of goods sold Income from operations Expenses Selling expenses Administrative expenses Delivery expense 800,000 600,000 50,000 Total expenses 1,450,000 975.000 Other expense Interest revenue. Gross profit 40,000 S 935,000
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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
Accounting
ISBN: 978-0176509743
Volume 1, 2nd canadian Edition
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
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