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.
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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