i need the income statement and the impact on income
Show less Mitchell's Company Trial Balance July 31, 2019 Account Title Credit $ Debit 24.501 11,000 9,817 Cash Accounts receivable - Lane Merchandise inventory Common stock Sales Sales returns and allowances Sales discounts Cost of goods sold Total 37.000 24,800 1.000 142 15.340 61 800 $ $ 61.800 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Prepare a multiple-step income statement through the calculation of gross profit. W Mitchell's Company Partial Income Statement For the Month Ended July 31, 2019 $ 0 $ 0 0 0 0 0 0 $ Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement. Increase (decrease) to income Impact on income July 1) Purchased merchandise from Taylor Company for $10,000 under credit terms of 1/15, n/30, FOB shipping No impact on income point, invoice dated July 1 July 2) Sold merchandise to Lane Co. for $2,900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. Increases net income July 2) The cost of the merchandise sold to Lane Co. was $1.740 Decreases net income July 3) Paid 5925 cash for freight charges on the purchase of July 1 No impact on income July 8) Sold merchandise for 55,700 cash Increases net income July 8) The cost of the merchandise sold was $3,400 Decreases net income July 9) Purchased merchandise from Cabela Co, for $4.200 under credit terms of 2/15 1/60 FOB destination invoice INo impact on income July 9) Purchased merchandise from Cabela Co. for $4,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. No impact on income July 11) Received a $800 credit memorandum from Cabela Co. for the return of part of the merchandise purchased on No impact on income July 9. July 12) Received the balance due from Lane Co. for the invoice dated July 2, net of the discount. Decreases net income July 16) Paid the balance due to Taylor Company within the discount period No impact on income July 19) Sold merchandise to Walker Co. for $5,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated Increases net income July 19 July 19) The cost of the merchandise sold to Walker Co. was $3,600 Decreases net income July 21) Issued a $1,000 credit memorandum to Walker Co. for an allowance on goods sold on July 19 Decreases net income July 24) Paid Cabela Co. the balance due, net of discount No impact on income July 30) Received the balance due from Walker Co. for the Decreases net income invoice dated July 19. net of discount July 31) Sold merchandise to Lane Co. for $11,000 under credit terms of 2/10,n/60, FOB shipping point, invoice dated Increases net income July 31. July 31) The cost of the merchandise sold to Lane Co. was Decreases net income $6,600 Total gross profit 0
