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Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for
Multiple-Step Income Statement
Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--.
Sales | $156,876 |
Sales Returns and Allowances | 2,344 |
Sales Discounts | 4,155 |
Interest Revenue | 419 |
Merchandise Inventory, January 1, 20-- | 27,769 |
Purchases | 112,094 |
Purchases Returns and Allowances | 5,517 |
Purchases Discounts | 2,710 |
Freight-In | 870 |
Merchandise Inventory, December 31, 20-- | 33,028 |
Wages Expense | 27,611 |
Supplies Expense | 744 |
Phone Expense | 888 |
Utilities Expense | 7,988 |
Insurance Expense | 1,294 |
Depreciation ExpenseEquipment | 3,809 |
Miscellaneous Expense | 584 |
Interest Expense | 4,692 Sauter Office SuppliesIncome StatementFor Year Ended December 31, 20--Revenue from sales:Sales $Less sales returns and allowances $Less sales discounts Net sales $Cost of goods sold:Merchandise inventory, January 1, 20-- $Purchases $Less purchases returns and allowances $Less purchases discounts Gross profit $Add freight-in $ $Operating expenses: $ Total operating expenses $Other revenues: $Other expenses: $ |
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