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Help Save & Exit Submit ek my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Gain on sale of equipment office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,320 650 1.230 219,000 31,800 11,000 23,200 Depreciation expense-office copier $ Sales discounts Sales returns and allowances TV advertising expense Interest revenue Cost of goods sold Sales commission expense 580 15,400 4.000 3,200 760 91,900 13,700 Prepare a multiple-step income statement. * Answer is not complete. $ 219,000 FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Sales Less: Sales discounts $ Less: Sales returns and allowances Net sales Cost of goods sold ooooo 15,400 4,000 19,400 199,600 91,900 107,700 Expenses Selling expenses Rent expense Selling space Sales staff wages TV advertising expense Sales commission expense OOO 11,000 23,200 3,200 13,700 51.100 Total selling expenses General and administrative expenses Office supplies expense Insurance expense 650 1,230 0 8 Y A aded Saved Help Save & Exit S work mode : This shows what is correct or incorrect for the work you have completed so far. It does indicate completion. Return to questi Is Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold 15,400 4,000 19,400 199,600 91,900 107.700 Expenses Selling expenses Rent expense Selling space Sales staff wages TV advertising expense Sales commission expense OOOO 11,000 23.200 3,200 13,700 OOOO + 51,100 Total selling expenses General and administrative expenses Office supplies expense Insurance expense Office salaries expense Depreciation expense-Office copier OOOO 650 1,230 31,800 580 Total general and administrative expenses Total expenses Income from operations Other revenues, gains, expenses & losses Gain on sale of equipment Interest revenue 34 260 85,360 22.340 > 6,320 760 Total other revenues, gains, expenses & losses Not income 7,080 29,420 $ a 4 Bed Saved Help Save & Exit Submit work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Exercise 5-15 Preparing a multi-step income statement LO P4 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31 Gain on sale of equipment office supplies expense Insurance expense Sales office salaries expense Rent expense-Selling space Sales stattwages $ 6,320 650 1,230 219,000 31,800 11,000 23, 200 Depreciation expense-office copier $ 580 Sales discounts 15,400 Sales returns and allowances 4,000 TV advertising expense 3,200 Interest revenue 760 Cost of goods sold 91,900 Sales commission expense 13,700 Prepare a multiple-step income statement. Answer is not complete. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Sales $ Less: Sales discounts $ 15,400 Less: Sales retums and allowances 4,000 Net sales Cost of goods sold 219,000 19,400 199,000 91,900 107,700 Expenses Selling expenses Rent expense-Selling space Sales staff wages TV advertising expense Sales commission expense 11,000 23.200 3.200 13.700
