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Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,280 Depreciation expense-Office copier 780 Sales discounts 1,370 Sales returns and allowances 224,000 TV advertising expense 31,300 Interest revenue 10,200 Cost of goods sold 22,000 Sales commission expense $ 410 16,700 3,900 2,700 610 88,200 12,700 Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Other revenues, gains, expenses & losses Total other revenues, gains, expenses & losses
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