Context:
Barto Company provides this information for the month ended October 31, 2017: sales on credit $300,000, cash sales $150,000, sales discounts $5,000, and sales returns and allowances $19,000. Prepare the sales section of the income statement based on this information.
Only this part:
Explain where each of these items would appear on a multiple-step income statement: gain on disposal of plant assets, cost of goods sold, depreciation expense, and sales returns and allowances.
BARTO COMPANY | ||
Income Statement (partial) | ||
For the Month Ended December 31, 2017 | ||
Revenues: | ||
Sales revenue [Sales on credit + Cash sales = $300,000 + $150,000] | $450,000 | |
Less: | ||
Sales discount | $5,000 | |
Sales returns and allowances | $19,000 | |
$24,000 | ||
Net sales [$450,000 - $24,000] | $426,000 |
.
.
Gain on disposal of plant assets | Other Revenues and Gains |
Cost of goods sold | Cost of Goods Sold |
Depreciation expense | Operating Expenses |
Sales returns and allowances | Revenue or Sales revenue |
Context: Barto Company provides this information for the month ended October 31, 2017: sales on credit...
Wildhorse Co, provides this information for the month ended October 31, 2017: sales on credit $305,400, cash sales $154,300, sales discounts $5,130, and sales returns and allowances $23,660. Prepare the sales section of the income statement based on this information. WILDHORSE CO. Income Statement (Partial) For the Month Ended October 31, 2017 Sales Sales Returns and Allowances 23600 Sales Discounts 23600 Net Sales
Sheridan Company provides this information for the month ended October 31, 2017: sales on credit $301,200; cash sales $159,500; sales discounts $5,170; and sales returns and allowances $24,920. Prepare the sales section of the income statement based on this information.
Question 3 Sheridan Company provides this information for the month ended October 31, 2017: sales on credit $302,700; cash sales $159,500; sales discounts $5,190; and sales returns and allowances $24,950. Prepare the sales section of the income statement based on this information. SHERIDAN COMPANY Income Statement (Partial) Click If you would like to Show Work for this question: Open Show Work
Brief Exercise 5-5 Sunland Company provides this information for the month ended October 31, 2017: sales on credit $310,000; cash sales $159,900; sales discounts $5,870; and sales returns and allowances $22,700. Prepare the sales section of the income statement based on this information SUNLAND COMPANY Income Statement (Partial) $ $ Open Show Work Click if you would like to Show Work for this question:
Brief Exercise 5-06 Pharoah Company provides this information for the month ended October 31, 2022: sales on credit $305,800; cash sales $156,000; sales discounts $5,160; and sales returns and allowances $23,490. Prepare the sales section of the multiple-step income statement based on this information. Pharoah Company Income Statement (Partial) Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 5-08 Splish Brothers Inc. provides the following information for the month ended October 31, 2020; sales on credit $294,000, cash sales $103,500, sales discounts $6,600, and sales returns and allowances $10,300. Prepare the sales section of the income statement based on this information. Splish Brothers Inc. Income Statement (Partial) For the Month Ended October 31, 2020For the Year Ended October 31, 2020October 31, 2020 ExpensesRetained Earnings, October 1SalesNet Income / (Loss)Total ExpensesTotal RevenuesRetained Earnings, October 31Net SalesDividends $...
Hoyt Company provides this information for the month of November, 2020: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. HOYT COMPANY Income Statement (Partial) For the Month Ended November 30, 2014 Sales Returns and Allowances $ $ $
Question 4 View Policies Current Attempt in Progress Whispering Winds Corp. provides this information for the month ended October 31, 2022: sales on credit $307,200: cash sales $154,800: sales discounts $5.990; and sales returns and allowances $22,030 Prepard the sales section of the multiple-step income statement based on this information Whispering Winds Corp. Income Statement (Partial)
Presented below is information for Zales Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $35,000 8,000 12,000 Sales returns and allowances 13,000 421,000 $280,000 Rent expense 7,000 Sales discounts 42,000 Sales revenue Prepare a multiple-step income statement. ZALES COMPANY Income Statement For the Month Ended January 31, 2017
Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 84,000 $114,000 $ 29,000 $ 13,400 $ 86,000 $ 4,400 $ 48,000 Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX Income Statement For Year Ended December 31 0 0 0