The following select account data is taken from the records of Carnival Express for 2019. A. Use
Question:
The following select account data is taken from the records of Carnival Express for 2019.
A. Use the data provided to compute net sales for 2019.
B. Prepare a simple income statement for the year ended December 31, 2019.
C. Compute the gross margin for 2019.
D. Prepare a multi-step income statement for the year ended December 31, 2019.
Transcribed Image Text:
Sales Merchandise inventory Accounts receivable Office supplies expense Rent revenue Sales salaries expense Accounts payable Common stock Marketing expense Sales discounts Interest expense Sales returns and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense $790,866 465,000 115,509 2,312 42,900 65,300 158,234 80,963 25,450 62,750 5,444 100,043 12,321 295,840 12,678 4,210 2,000 14,650
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A Net Sales for 2019 Net Sales Sales Sales returns and allowances Sales discounts Net Sales 790866 1...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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