Question

Q3. From the following information of NaNo Company prepare a multi-step income statement For the Year Ended December 31, 2019

Sales                               $137,460    

Sales Returns       $2,060      

Sales Discounts           $5,190           

Cost of Goods Sold     $62,990        

Freight-Out                   $6,150         

Advertising Expense   $5,790

Sales Commissions Expense   $3,470

Office Salaries Expense          $18,510          

Office Rent Expense $14,000          

Office Supplies Expense         $5,330           

Gains on Sale Equipment        $2,430

Loss on Sales of Investments $1,640

Interest Expense         $930

Please I do not want answer from internet

Answer 1

Income statement for the year ended december 31, 2019:

Particulars	Amount $	Amount $
Sales	$ 137,460
less: Sales returns	$ (2,060)
less: Sales discount	$ (5,190)	$ 130,210
Cost of goods sold		$ ( 62,990)
Gross profit		$ 67,220
Opertaing expenses:
Freight-Out	$ (6,150)
Advertising Expense	$ (5,790)
Sales Commissions Expense	$ (3,470)
Office Salaries Expense	$ (18,510)
Office Rent Expense	$ (14,000)
Office Supplies Expense	$ (5,330)	$ (53,250)
Operating Income		$ 13,970
Non operating expenses/ incomes:
Gains on Sale Equipment	$ 2,430
Loss on Sales of Investments	$ (1,640)
Interest Expense	$ (930)	$ 140
Net Income		$ 14,110