LUTUIN SUIVING Assignment - Ch... Saved Help Save & Exit tik my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com Return to que Exercise 5-15 Preparing a multi-step income statement LO P4 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 $ 6,350 Depreciation expense-office copiers 600 770 Sales discounts 15,700 1,240 Sales returns and allowances 4,000 215,000 TV advertising expense 2,100 31,500 Interest revenue 600 11,000 Cost of goods sold 88.100 23,000 Sales commission expense 13,000 Prepare a multiple-step income statement. Answer is not complete. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Sales $ Less: Sales discounts $ 15,700 Less: Sales returns and allowances 4,000 Net sales 215,000 OOO 19,700 195,300 Prey 5 of 6 Next > d Problem Solving Assignment - Chapter 5 Saved Check my work mode : This shows what is correct or incorrect for the work For Year Ended December 31 $ 215,000 $ 15,700 4,000 19,700 195,300 88.100 107,200 Sales Less: Sales discounts Less: Sales retums 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 11,000 23,000 2,100 13,000 O 49.100 Total selling expenses General and administrative expenses Income from operations Interest revenue Gain on sale of equipment 58,100 % 600 6,350 X X Me