eBook Show Me How Determining Amounts for Items Omitted from Income Statement An item has been omitted in each of the following four lists of income statement data. Determine the missing amount. Chase Company Jessup Inc. Osterman Company Snyder Co. Sales $735,000 $8,220,000 $157,850 Cost of goods sold $44,500 $15,500 Gross profit $110,000 $42,150 $2,300,000 DOOR Income Statement for Merchandiser The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported (a) selling expense, (b) administrative expense, or (c) other expense? 1. Advertising expense 2. Depreciation expense on store equipment 3. Insurance expense on office equipment 4. Interest expense on notes payable 5. Rent expense on office building 6. Salaries of office personnel 7. Salary of sales manager 8. Sales supplies used Multiple-step income statement Instructions Labels and Amount Descriptions Income Statement Final Question Instructions On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows $ 170,000 Accounts Receivable Accumulated Depreciation Bulding Administrative Expenses 750.000 Building 435,000 3,500,000 Cash 80,000 Common Stock 300,000 Cost of Goods Sold Dividends Interest Expense Inventory 5,500,000 175,000 15,000 980,000 250,000 Nolos Payable Office Supplies Retained Eamings Salaries Payable 20,000 1,987.000 8.000 8,245,000 575,000 Sales Selling Expenses Store Supplies 90,000 A Prepare a multiple-stop income statement for the year ended March 31, 2018 Be sure to complete the statement heading Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required in the other income and expenses section only enter amounts that represent other exponses as negative numbers using a minus sign Labels For the Year Ended March 31, 2018 March 31, 2018 Operating expenses Other revenue and expense Amount Descriptions Gross profit Income from operations Net income Net loss Total assets Total liabilities Total operating expenses Total stockholders' equity A Propare a multiple-step income statement for the year ended March 31, 2018 Be sure to complete the statement heading Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries A colon () will automatically appear it is reguwed. In the other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign Royal Furnishings Company Income Statement (Label) + tabel) -5 Income Statement Income Statement (Label) 1 2 3 4 (Label) 5 6 7 9 (Label) 10 11 come Statement Final Question B What is a major advantage of the multiple-step income statement over the single-step income statement? The multiple-step income statement clearly presents the value of total expenses. The multiple-step income statement is less complex to prepare The multiple-step income statement clearly presents the value of total revenues The multiple-step income statement shows the relationship of gross profit to sales 10 ck My Work
