Question

Name Liban Ahmed Your score The trial balance of the Liban Ahmed Company as of December 31, 2019 is presented below. Prepare a multiple step income statement for the year ended (date of) December 31, 2019. Every yellow cell requires either an account title or a dollar amount. Use the dropdown list to select the proper account titles. Enter a formula for all dollar amounts Credit Liban Ahmed Company Trial Balance December 31, 2019 Debit Cash $12,500 Accounts receivable 24,000 Merchandise inventory 65,500 Store supplies 2,600 Store Equipment 68,000 Accumulated depreciation Accounts payable Salamies payable Common Stock Dividends 32.000 Sales Sales discounts 6,000 Sales returns and allowances 19 200 Cost of goods sold 134.000 Depreciation expense Store equip. 10.000 Sales salaris expense 26 800 to see 16 Instructions Multi-Step $20,000 19.000 8.000 83.400 383.000 Type here to search oo D F G

need help with this finding the answer and I have to plug in a formula with excel to get the answer thanks to anyone who helps I posted this but the other user didnt give me a good formula that works to get the answer thanks

Answer 1

Liban Ahmed Company
Income Statement
For the year ended December 31, 2019
Sale		$383,000.00
Sales Discount	$6,000.00
Sales Return and allowance	$19,200.00
Net Sales		$357,800.00
Cost of goods Sold		$134,000.00
Gross profit		$249,000.00
Operating Expenses
Selling Expenses
Sales salaries Expenses	$26,800.00
Advertising Expenses	$32,500.00
Total Selling Expenses		$59,300.00
General and administrative expeses
Depriciation Expenses -Store Equipemnt	$10,000.00
Office salaries expenses	$35,100.00
Insurance Expenses	$12,100.00
Rent Expenses Store	$18,100.00
Rent Expenses Office	$8,100.00
Store Supplies Expenses	$6,900.00
Total General and administrative expeses		$90,300.00
Total operating Expenses		$149,600.00
Net Income		$99,400.00