1)2)

Write your observations of the above documents 1) 2).

Classified Multiple-Step Income Statement-Perpetual Inventory System EXHIBIT 5.13 Lifetime Equipment Coop Income Statement For Year Ended February 23, 2020 $321.000 Sales Less: Sales discounts. $ 4.300 2,000 6.300 $314.700 230,400 $ 84,300 Sales returns and allowances. Net sales .......... Cost of goods sold. Gross profit from sales. Operating expenses: Selling expenses: Sales salaries expense Advertising expense... Rent expense, selling space..... Depreciation expense, store equipment Store supplies expense. Total selling expenses. General and administrative expenses: $18,500 11,300 8,100 3,000 1,200 $42,100 $25,300 1,800 900 700 600 Office salaries expense Office supplies expense. Rent expense, office space Depreciation expense, office equipment Insurance expense. Total general and administrative expenses........... Total operating expenses. Profit from operations Other revenues and expenses: 29,300 71,400 $ 12.900 --Note: Rent revenue is added Rent revenue $ 2.800 360 --Interest expense is subtracted 2.440-to get total Other revenues $ 15.340 and expenses. Interest expense CS Scanned with CamScanner 337 EXHIBIT 5.15 Single-Step Income Statement-Perpetual Inventory System Lifetime Equipment Co-op Income Statement For Year Ended February 23, 2020 $314.700 2,800 $317,500 Revenues: Net sales.. Rent revenue. Total revenues Expenses: Cost of goods sold Selling expenses. General and administrative expense... Interest expense $230,400 42,100 29,300 360 Total expenses Csotanned with CamScanner 302.160 $ 15.340