E5.11

1O (LO S) Financial Statement In its income statement for the year ended December 31, 2020 Prepare income statements and a comprehensive income statement Company reported the following condensed data. s 725,000 1,289,000 70,000 Operating expenses Cost of goods sold Interest expense Interest revenue Loss on disposal of plant assets Net sales Other comprehensive loss S 28,000 17,000 2,200,000 8,300 Excel Instructions a. Prepare a multiple-step income statement b. Prepare a single-step income statement. c. Prepare a comprehensive income statement ESLO2,3) An inexperienced accountant for Stahr Company made the following errors in recording merchandising transactions. 1. A S210 refund to a customer for faulty merchandise was debited to Sales Revenue $210 and cred Prepare correcting e ries or and purchases ited to Cash $210. 2. A $S180 credit purchase of supplies was debited to Inventory $180 and credited to Cash $180. 3. A $215 sales discount was debited to Sales Revenue. 4. A cash payment of $20 for freight on merchandise purchases was debited to Freight-Out $200 and credited to Cash $200. Instructions Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Omit explanations.)