Question

US Weygandt, Financial and Managerial, 3e Practice Assignment Gradebook Wiley PLUS: MyWes Mele least . INTRODUCTION TO ACCOUNTING (ACCT 2001/2101) ORION Downloadable eTextbook ssignment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEKT Exercise 5-09 a-b Presented below is information for Sheffield Corp. for the month of March 2020. Cost of goods sold Rent expense Freight-out Sales discounts Insurance expense 5,260 Sales returns and allowances 12,730 Salaries and wages expense 59,760 Sales revenue $214,300 7,460 $31,080 8,190 390,870 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using other areative sin preceding the number e.g.-45 or parentheses e.g. (45).) deo) Sheffield Corp. Income Statement Study PNIO 26 U 1 0 0 A © PAW

Answer 1

Answer Income Stytement Income Statement shows 7 of organ the + the org 99/sation results entity the to financial shows 1955 statement on profit of mwing the period. The result 15 is in 1n form form of It is most important the entity It important statement q5 on this boot's Balance sheet of Carity polepquel. Income is calculgled by revenue less all costs. year ended mav.31, 2030 Tambol Am-C92 390870 |(12730) | (8190) 369950 (214300) 155650 Sheffield Grporation Multi slep Income Statement for the a particulars Syles Revenue - sgles Relying and allowances - Sales Discounts Net Sales - Cost of Gools sold Gross Profit - Operating Expenses Selques ant wages Expense Frieght out Rent Expense Insurance Expense Total Operating Expenses Earning Betove Tix (EBT) -: Intem Ty Expeg 4* Net Income 59760 7460 31080 5260 (103560) 52000 52090