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Step Income Statement O Points) The following information relates to transactions that occurred by the company. A. Inventory that cost $128,000 was purchased on account
Step Income Statement O Points) The following information relates to transactions that occurred by the company. A. Inventory that cost $128,000 was purchased on account in February. B. The company provided $125,000 of goods to customers that cost the company $78,000 in February. C. Administrative employees worked in February and the company incurred $14,000 and paid $18,000 salary costs D. The company received $16,000 for goods to be shipped to the customer in April. E. Travel and entertainment cost incurred by the company in February and paid in March totaled $8,000. F. Equipment that was used by the company in February originally cost the company $480,000. The equipment is expected to be used for a total of 10 years. G. Income taxes were incurred at a rate of 30% in February. Prepare a multi-step income statement in the proper format for the month of February. No credit will be earned if the income statement is not in proper format. You must show each account separately. I suggest writing out your Journal Entries, to make sure you get each transaction correct. All transactions may not be included on the income statement
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