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The following is accounting information listed in alphabetical order for Compu-Soft for the month ended November 30, 2023. Required: Prepare a multi-step income statement for
The following is accounting information listed in alphabetical order for Compu-Soft for the month ended November 30, 2023. Required: Prepare a multi-step income statement for the month ended November 30, 2023. Analysis component: Assume that for the month ended October 31, 2023, net sales were $32,000, cost of goods sold was $19,200, and income from operations was $8,000. Calculate and compare the company's gross profit ratios for October and November.
Adjusted Trial Balance \# Account \begin{tabular}{|r|r|} \hline \multicolumn{1}{|c}{ Debit } & \multicolumn{1}{c}{ Credit } \\ \hline & 750 \\ 1,200 & \\ & 4,600 \\ 2,100 & \\ 14,800 & \\ 120 & \\ & 1,935 \\ 4,600 & \\ & 2,500 \\ & 29,400 \\ 45 & \\ 720 & \\ 7,200 & \\ 2,100 & \\ 6,300 & \\ \hline 39,185 & 39,185 \\ \hline \end{tabular} 201 Accounts payable 106 Accounts receivable 166 Accumulated depreciation, store equipment 101 Cash 502 Cost of goods sold 612 Depreciation expense, store equipment 301 Peter Delta, capital 302 Peter Delta, withdrawals 406 Rent revenue 413 Sales 415 Sales discounts 414 Sales returns and allowances 165 Store equipment 690 Utilities expense 623 Wages expense |Totals Cover GivenData Part 1 Analysis + Part 2 Compu-Soft Income Statement For Year Ended November 30, 2023 \begin{tabular}{|c|c|c|c|c|} \hline Net sales & & & $ & -0 \\ \hline Cost of goods sold & & & & -0 \\ \hline Gross profit from sales & & & $ & 0 \\ \hline \multicolumn{5}{|l|}{ Operating expenses: } \\ \hline Wages expense & $ & -0 & & \\ \hline Utilities expense & & -0 & & \\ \hline Depreciation expense, store equipment & & 0 & & \\ \hline Total operating expenses & & & & 0 \\ \hline Profit from operations & & & $ & 0 \\ \hline \multicolumn{5}{|l|}{ Other revenues and expenses: } \\ \hline Rent revenue & & & & 0 \\ \hline Profit from operations & & & $ & -0 - \\ \hline \end{tabular} Assume that for the month ended October 31,2023 , net sales were $32,000, cost of goods sold was $19,200 and income rom operations was $8,000. Calculate and compare the company's gross profit ratios for October and November. (Place your answer on the sheet below. If you click near the middle of the sheet, a blinking cursor will appear in the upper left corner of the sheet. If you click on the curled portion of the sheet in the lower right corner, the sheet will be selected so that you can increase or decrease its size.)Step by Step Solution
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