Question

On December 31, 2019, the balances of selected accounts appearing in the ledger of Supreme Interiors...

On December 31, 2019, the balances of selected accounts appearing in the

ledger of Supreme Interiors Company, a furniture wholesaler, are as follows:

Administrative Expenses

$ 105,000

Building

512,500

Cash

48,500

Cost of Goods Sold

750,000

Gain on disposal of Capital Asset

5,000

Interest Expense

7,500

Paul Pear, Capital

568,580

Paul Pear, Withdrawals

25,000

Inventory

130,000

Notes Payable

25,000

Office Supplies

10,600

Salaries Payable

3,220

Sales

1,300,000

Sales Discounts

25,000

Sales Returns and Allowances

60,000

Selling Expenses

195,000

Store Supplies

7,700

prepare the multi-step income statement for the end f the year

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Multi-Step Income Statement

At The Year Ended December 31, 2019

Sales 1,300,000
sales diacount -25,000
Sales return and allowance -60,000
Net sales 1,215,000
Cost of goods sold -750,000
Gross profit 465,000
Operating expenses :
Administrative Expenses 105,000
Selling Expenses 195,000
Total operating expenses -300,000
Operating profit 165,000
Other revenues :
Gain on disposal of Capital Asset 5,000
Other expenses
Interest expense -7,500 -2,500
Net income $162,500
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors...
On July 31, 20Y7, the balances of the accounts appearing in the ledger of Yang Interiors Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $443,000 Administrative Expenses 534,000 Building 984,000 Cash 95,000 Cost of Merchandise Sold 941,000 Interest Expense 7,000 Merchandise Inventory 140,000 Notes Payable 121,000 Peter Bronsky, Capital 644,000 Peter Bronsky, Drawing 18,000 Sales 1,745,000 Sales Tax Payable 4,500 Selling Expenses 194,000 Store Supplies 19,000 Store Supplies Expense 25,500 Required: Prepare the July 31, 20Y7, closing entries for...
ructions On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian...
ructions On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $365,000 Administrative Expenses 440,000 Building 810,000 Cash 78,000 Cost of Merchandise Sold 775,000 Interest Expense 6,000 Merchandise Inventory 115,000 Notes Payable 100,000 Peter Bronsky, Capital 530,000 Peter Bronsky, Drawing 15,000 Sales 1,437,000 Sales Tax Payable 4,500 Selling Expenses 160,000 Store Supplies 16,000 Store Supplies Expense 21,500 Required: Prepare the July 31, 2019, closing entries...
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings...
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation—Building $712,600 Merchandise Inventory $932,550 Administrative Expenses 526,600 Notes Payable 245,550 Building 2,522,650 Office Supplies 19,050 Cash 178,750 Salaries Payable 8,100 Cost of Merchandise Sold 3,804,300 Sales 6,714,750 Interest Expense 10,300 Selling Expenses 681,650 Kathy Melman, Capital 1,502,450 Store Supplies 89,900 Kathy Melman, Drawing 168,050 a. Prepare a multiple-step income statement for the year ended March...
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings...
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation—Building $ 300,000 Administrative Expenses 216,000 Building 1,000,000 Cash 70,000 Cost of Merchandise Sold 1,520,000 Interest Expense 4,000 Kathy Melman, Capital 634,800 Kathy Melman, Drawing 70,000 Merchandise Inventory 392,000 Notes Payable 100,000 Office Supplies 8,000 Salaries Payable 3,200 Sales 2,564,000 Selling Expenses 286,000 Store Supplies 36,000 Journalize the closing entries. Refer to the Chart of Accounts...
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger...
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation—Building $774,700 Merchandise Inventory $1,001,550 Administrative Expenses 556,300 Notes Payable 238,700 Building 2,594,150 Office Supplies 19,650 Cash 173,200 Salaries Payable 7,850 Cost of Merchandise Sold 3,684,350 Sales 6,710,650 Interest Expense 10,150 Selling Expenses 742,000 Kathy Melman, Capital 1,638,200 Store Supplies 86,600 Kathy Melman, Drawing 178,150 a. Prepare a multiple-step income statement for the...
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings...
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $419,000 Administrative Expenses 302,000 Building 1,397,000 Cash 98,000 Cost of Merchandise Sold 2,123,000 Interest Expense 6,000 Kathy Melman, Capital 887,000 Kathy Melman, Drawing 98,000 Merchandise Inventory 547,000 Notes Payable 140,000 Office Supplies 11,000 Salaries Payable 4,000 Sales 3,582,000 Selling Expenses 400,000 Store Supplies 50,000 Journalize the closing entries. Refer to the chart of accounts for...
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings...
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $740,950 Administrative Expenses 544,400 Building 2,512,350 Cash 180,950 Cost of Merchandise Sold 3,957,700 Interest Expense 9,950 Kathy Melman, Capital 1,629,600 Kathy Melman, Drawing 175,450 Merchandise Inventory 938,750 Notes Payable 245,000 Office Supplies 20,500 Salaries Payable 7,750 Sales 6,634,950 Selling Expenses 733,400 Store Supplies 87,150 Required: a. Prepare a multiple-step income statement for the year ended...
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings...
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation—Building $742,600 Administrative Expenses 515,600 Building 2,552,350 Cash 170,400 Cost of Merchandise Sold 3,698,650 Interest Expense 10,400 Kathy Melman, Capital 1,505,050 Kathy Melman, Drawing 175,450 Merchandise Inventory 992,800 Notes Payable 244,350 Office Supplies 20,000 Salaries Payable 8,100 Sales 6,501,450 Selling Expenses 715,850 Store Supplies 86,300 Journalize the closing entries. Refer to the chart of accounts for...
Multiple-Step Income Statement On March 31, 2018, the balances of the accounts appearing in the ledger...
Multiple-Step Income Statement On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows: Accounts Receivable $170,000 Inventory 995,500 Accumulated Depreciation—Building 725,050 Notes Payable 310,050 Administrative Expenses 546,850 Office Supplies 19,550 Building 2,400,800 Retained Earnings 1,265,900 Cash 178,900 Salaries Payable 7,900 Common Stock 312,900 Sales 6,449,000 Cost of Goods Sold 3,796,900 Selling Expenses 728,800 Dividends 169,800 Store Supplies 93,400 Interest Expense 10,500 a. Prepare a multiple-step income statement...
On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings...
On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $155,250 Accumulated Depreciation—Building 758,050 Administrative Expenses 522,950 Building 2,558,950 Cash 184,200 Common Stock 308,650 Cost of Goods Sold 3,884,500 Dividends 184,250 Interest Expense 9,500 Inventory 1,008,800 Notes Payable 250,600 Office Supplies 20,200 Retained Earnings 1,349,550 Salaries Payable 7,750 Sales 6,243,700 Selling Expenses 733,950 Store Supplies 94,450 Journalize the closing entries. Refer to the Chart of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT