Question
Cost of goods sold 166,104 Rent expense 30,440 Freight-out 10,960 Sales discounts 8,350 Insurance expense 5,450 Sales returns and allowances 13,190 Salaries and wages expense
Cost of goods sold
166,104
Rent expense
30,440
Freight-out
10,960
Sales discounts
8,350
Insurance expense
5,450
Sales returns and allowances
13,190
Salaries and wages expense
58,650
Sales revenue
390,660
Other comprehensive income
1,750
a) Prepare an income statement.
b)Prepare a comprehensive income statement.
c) Compute the gross profit rate.
Cost of goods sold | 166,104 | Rent expense | 30,440 |
Freight-out | 10,960 | Sales discounts | 8,350 |
Insurance expense | 5,450 | Sales returns and allowances | 13,190 |
Salaries and wages expense | 58,650 | Sales revenue | 390,660 |
|
| Other comprehensive income | 1,750 |
a) Prepare an income statement.
b)Prepare a comprehensive income statement.
c) Compute the gross profit rate.
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Financial Accounting An Introduction to Concepts, Methods and Uses
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
14th edition
978-1111823450, 1-133-36617-1 , 1111823456, 978-1-133-3661, 978-1133591023
