Question

Presented below is information for Annie Company for the month of March 2018. Cost of goods...

Presented below is information for Annie Company for the month of March 2018. Cost of goods sold $245,000 Rent expense $36,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 63,000 Sales revenue 410,000 Prepare a multiple -step income statement.

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Answer #1

Prepare a multiple -step income statement.

Revenue
Sales revenue 410000
Less: Sales discount 8000
Less: Sales return and allowance 11000 -19000
Net Sales 391000
Less: Cost of goods sold -245000
Gross profit 146000
Less: Operating expense
Freight out 7000
Rent expense 36000
Insurance expense 5000
Salaries and wages expense 63000
Total operating expense -111000
Operating income 35000
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