Question

Canvas bicia edu/courses/3916/assignments/32184 module temid=3652.00 ssions Send to Gradebook Question 5 PLUS Support at Discover View Policies Current Attempt in Progress Presented below is information for Ayaya Company for the month of March 2020 Cost of goods sold $220,400 Rent expense $31.250 7,060 Freight-out 6.890 Sales discounts Insurance expense 6,000 Sales returns and allowances Sales revenue 13.450 385,700 Salaries and wages expense 58,670 Prepare a multiple step income statement. (Enter negative amounts using the antive in preceding the number (450 -45 or pare AYAYAI COMPANY Income Statement

Answer 1

Multiple-Step Income Statement is as prepared below:

Ayayi Company
Income Statement
For Month Ended March 31, 2020
Particulars	Amount ($)	Amount ($)
Sales Revenue		385,700
Less:
Sales return and allowances	13,450
Sales discounts	7,060
Net Sales		365,190
Less: Cost of goods sold		($220,400)
Gross profit		$144,790
Less: Expenses
Freight Out	6,890
Insurance Expense	6,080
Salaries and Wages Expense	58,670
Rent Expense	31,250
Total expenses		102,890
Income from operations		$41,900