Question

Account Debit Credit Cash $1,300 Merchandise inventory 46,000 Store supplies 18,900 Store equipment 147,600 Accumulated depreciation,...

Account Debit Credit
Cash $1,300
Merchandise inventory 46,000
Store supplies 18,900
Store equipment 147,600
Accumulated depreciation, store equipment 29,000
Accounts payable 12,000
Nymeth Sarda, capital 158,800
Nymeth Sarda, withdrawals 2,000
Sales 342,200
Sales discounts 3,000
Sales returns and allowances 9,000
Cost of goods sold 111,600
Sales salaries expense 94,000
Rent expense, selling space 12,000
Office supplies expenses    1,000
Rent expense, office space 56,000
Advertising expense 39,600
Totals $542,000 $542,000

Required
Prepare a classified multi-step income statement.

Business   Accounting   
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Homework Answers

Answer #1

net sales = sales-discout-sales return allowence = 342200-3000-9000 = 330200

cost of goods sold = 111600

sales 330200
cost of goods sold 111600
operating expences
Sales salaries expense 94,000
Rent expense, selling space 12,000
depriciation 29,000
Office supplies expenses     1,000
Rent expense, office space 56,000
Advertising expense 39,600
total operating expences 231,600
operating profit -13,000
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