Question
Please help me provide a corrected multi step income statement I've been trying to keep track of revenues and expenses, however, I'm not sure I've
Please help me provide a corrected multi step income statement
I've been trying to keep track of revenues and expenses, however, I'm not sure I've really had time do it right. Profit is certainly not what I was expecting. Given the attempt below can you help!
Hoskins Company
Income Statement
For Year ended Mar 31, 2020
Revenues:
Sales $200,400
Merchandise Inventory95,000
Sales Discounts3,000
Total revenues $298,400
Expenses:
Salaries expense (55% sales, remaining $72,000 office)
Interest Expense 2,400
Supplies expense, selling 2,700
Travel expense, Salespersons 12,500
Insurance expense 6,200
Entertainment expense 800
Miscellaneous general expenses 2,500
Office Equipment 8,500
Advertising expense22,100
Nicole, Withdrawals18,000
InterestReveune2,000
Cost of Goods Sold 165,500
Amortization expense-office building 8,500
Heat & Light expense 4,500
Total expenses 328,200
Net income (loss) $ (29,800)
I need a corrected classified multi-step income statement in good form for Hoskins Co.help would be greatly appreciated.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started