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.ssignment il Saved Help Saved Credit Debit $ 43,5ee 174,000 $ 50,243 142,038 8,000 297,540 Merchandise inventory (ending) Ot
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Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expense
Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses < Rege 2
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Answer #1
1
Sales 297540
Less: Sales discounts (4552)
Sales returns and allowances (19638)
Net sales 273350
2
Cost of Merchandise Purchased
Invoice cost of merchandise purchased 127890
Purchase discounts received (2686)
Purchase returns and allowances (6139)
Costs of transportation-in 3900
Total cost of merchandise purchased 122965
3
VALLEY COMPANY
Income Statement
For Year Ended August 31
Sales 297,540
Less: Sales discounts 4,552
Less: Sales returns and allowances 19,638 24190
Net sales 273,350
Cost of goods sold 114,570
Gross profit 158,780
Expense
Selling expenses
Sales salaries expense 40,763
Rent expense - Selling space 13,984
Store supplies expense 3,570
Advertising expense 25,291
Total selling expenses 83,608
General and administrative expenses
Office salaries expense 37,193
Rent expense - Office space 3,570
Office supplies expense 1190
Total general and administrative expenses 41,953
Total expenses 125,561
Net income 33,219
4
VALLEY COMPANY
Income Statement
For Year Ended August 31
Net sales 273,350
Expenses
Cost of goods sold 114,570
Selling expenses 83,608
General and administrative expenses 41,953
Total expenses 240,131
Net income 33,219
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