Question

CALCULATOR PRINTER VERSION BACK The following selected accounts from the Riverbed Corp's accounting records are presented below for the year ended December 31, 2017: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Freight-out Income tax expense Insurance expense Interest expense $ 56,100 255,000 1,106,700 127,500 153,000 25,500 71,400 15,300 71,400 Interest revenue Inventory Rent revenue Retained earnings Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $ 30,600 68,340 24,480 545,700 688,500 8,670 41,820 2,448,000 Prepare a multiple-sten income statement

Answer 1

2,448,000 8,670 50,490 2,397,510 1,106,700 1,290,810 RIVERBED CORP Income Statement For the Year Ended December 31, 2017 Sales: Sales revenue $ Less: Sales discounts Less: Sales returns and allowances 41,820 $ Net sales $ Cost of goods sold $ Gross profit $ Operating expenses: Advertising expense 56,100 Depreciation expense 127,500 Freight-out 25,500 Insurance exppense 15,300 Salaries and wages expense 688,500 Total operating expenses $ Income from operations $ Other revenues and gains: Rent revenue 24,480 Interest revenue $ 30,600 $ Other expenses and losses: Interest expense Income before income tax $ Income tax expense Net income for the year $ 912,900 377,910 55,080 71,400 361,590 71,400 290,190