Question

Problem SIA (Part Level Submission) The Deluxe Store is located in midtown Madison. During the several years, net income has been dedining because of suburban shopping centers. At the end of the company' s cal year on November 10, 2010, protowing accounts pared in two at its trial *at) Inventory Notes cavable Lindjusted 329.00 37000 18.500 Adjusted $20,000 37.000 1.500 Your answer is partially comet. Try again Prepare a multi-stap income statement other raw or other expens Accounts Payable Accounts Receivable Accumulated Deor-Esimet Cash Common Stock Cost of Goods Sold Property Tax Expence Property Taxes Cavable Die Son Income Statement 0.2016 Unadjusted Adjusted 325,200 $25,200 30,300 30,300 14.000 45.000 26.000 26.000 40.000 40.000 02.000 507.000 10.000 10.000 S SOO 900 145,000 140,000 11.000 7,000 G, 400 G 400 ,000 ,000 15.000 61.00 95.000 5.300 Rated Fari Salates and was Expense Sales Comissions bons Sales Com arabe Sales Returns and Allowances Sales Revenue Vilties Export Freight Out Event Depreciation Expense Insurance P R Interest Expense Interest Revenue 15.000 61,700 95.000 11.000 4.500 .000 200.000 ,300 Sales Revenue Tag als uns and was : : : 3.000 703.000 3.300 Cost of Goods Sold 1,500 Gross Prom Operating Expenses Depreciation Expense Freight-Out Tinsurance Expense Property Tax Expense TRent Expense 1Salaries and Wapes Expense Sales Commissions Expense Juriitos Expense Total Operating Expenses jincome from Operations other Revenues and Gains Interest Rever other Expenses and Lesses Interest Expense et Income (LSS

Answer 1

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Deluxe Store Income Statement for the Year Ended November 30, 2010, Sales Sales revenue $700,000 Less Saks Returns and allowances 8,000 Net Sales 699,000 Cost of Goods 507,000 sold Gross profit 185,000 Opereting Expenses Depreciation Expenses $11,000 freight out 6500 Insurance Expense 7000 Paoferty Tax Expense 2500 Reut Expense 15000 Salaries and usages Expense 96000 Sales Commissions Expense 11,000 Utilities Expense Total operating Expenses $157500 Income from operations $27,500 Other Revences and Coins Interest Revenue $ 8000 Other Expenses and losses Tuterest Expenses $6400 $1600 Net Income (loss) P9100