Question
Multiple-Step Income Statement Instructions Amount Descriptions Income Statement Instructions Use the following information: Sales $166,000 Sales Returns and Allowances 1,620 Sales Discounts 3,320 Interest Revenue
Multiple-Step Income Statement
Instructions
Amount Descriptions
Income Statement
Instructions
Use the following information:
Sales | $166,000 |
Sales Returns and Allowances | 1,620 |
Sales Discounts | 3,320 |
Interest Revenue | 3,184 |
Merchandise Inventory, January 1, 20-- | 32,600 |
Estimated Returns Inventory, January 1, 20-- | 600 |
Purchases | 111,300 |
Purchases Returns and Allowances | 3,600 |
Purchases Discounts | 2,226 |
Freight-In | 640 |
Merchandise Inventory, December 31, 20-- | 29,200 |
Estimated Returns Inventory, December 31, 20-- | 400 |
Wages Expense | 22,000 |
Supplies Expense | 650 |
Phone Expense | 1,100 |
Utilities Expense | 9,000 |
Insurance Expense | 1,000 |
Depreciation ExpenseBuilding | 4,600 |
Depreciation ExpenseEquipment | 2,800 |
Miscellaneous Expense | 214 |
Interest Expense | 1,126 |
Required:
Prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Aeitos Plumbing Supplies for the year ended December 31, 20--. |
Amount Descriptions
Amount Descriptions | |
Cost of goods purchased | |
Cost of goods sold | |
Goods available for sale | |
Gross profit | |
Income from operations | |
Net income | |
Net loss | |
Net purchases | |
Net sales | |
Total operating expenses |
Income Statement
Prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Aeitos Plumbing Supplies for the year ended December 31, 20--.
Income Statement Instructions
Aeitos Plumbing Supplies |
Income Statement |
For Year Ended December 31, 20-- |
1 | Revenue from sales: |
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6 | Cost of goods sold: |
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20 | Operating expenses: |
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31 | Other Revenues: |
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32 |
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33 | Other Expenses: |
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35 |
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