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I m missing somthing I'm missing something $ Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space
I m missing somthing
I'm missing something
$ Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,290 770 1,250 219,000 31,200 10,300 22,100 Depreciation expense-Office copier Sales discounts Sales returns and allowances TV advertising expense Interest revenue Cost of goods sold Sales commission expense 550 15,800 4,000 4,000 730 91,000 14,000 Prepare a multiple-step income statement. Answer is not complete. 219,000 15,800 4,000 FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Sales Less: Sales discounts $ Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses Selling expenses Rent expense-Selling space Sales staff wages TV advertising expense Sales commission expense 19,800 199,200 (91,000) 108,200 10,300 22,100 4,000 14,000 50,400 Total selling expenses General and administrative expenses Office supplies expense Insurance expense Office salaries expense Depreciation expense-Office copier 770 1.250 31,200 550 Total general and administrative expenses Total expenses 33,770 84,170 24,030 Other revenues, gains, expenses & losses Gain on sale of equipment Interest revenue 6,290 730 Total other revenues, gains, expenses & losses Net income 7,020 31,050 $Step by Step Solution
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