Question
The following account information, in alphabetical order, was taken from the work sheet of Compu-Soft for the month ended November 30, 2017. Adjusted Trial Balance
The following account information, in alphabetical order, was taken from the work sheet of Compu-Soft for the month ended November 30, 2017.
Adjusted Trial Balance | ||||
Account | Debit | Credit | ||
201 | Accounts payable | $810 | ||
106 | Accounts receivable | $ 1,260 | ||
166 | Accumulated depreciation, store equipment | 5,200 | ||
101 | Cash | 2,400 | ||
502 | Cost of goods sold | 15,400 | ||
612 | Depreciation expense, store equipment | 120 | ||
301 | Peter Delta, capital | 3,495 | ||
302 | Peter Delta, withdrawals | 5,200 | ||
406 | Rent revenue | 3,100 | ||
413 | Sales | 30,000 | ||
415 | Sales discounts | 45 | ||
414 | Sales returns and allowances | 780 | ||
165 | Store equipment | 7,800 | ||
690 | Utilities expense | 2,700 | ||
623 | Wages expense | 6,900 | ||
|
| |||
Totals | $42,605 | $42,605 | ||
|
| |||
Required: Prepare a multiple-step income statement for the month ended November 30, 2017. Analysis component: Assume that for the month ended October 31, 2017, net sales were $35,000, cost of goods sold was $21,000, and income from operations was $8,600. Calculate the companys gross profit ratios for October and November. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
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