Question

Based on the information below, prepare the multi-step Income Statement below for Stratege Consulting LLC, for the month of June: 2. $5,000 Sales Returns & Allowance Cost of Goods Sold Other Revenues and Gains $100,000 $5,500 $300,000 Sales Revenue $50,000 Operating Expenses $1,500 $25,000 Other Expenses and Losses Sales Discount

Answer 1

A. В C E Stratege Consulting LLC 2. Income Statement for the month of June 3 4 Gross Sale Sales return and allowance Sales Discount Net Sales $300,000 5 $5,000 б $25,000 7 $270,000 Cost of goods sold $100,000 10 Gross Proift $200,000 11 12. Operating expenses $50,000 13 14 Total Operating expenses $50,000 15 16 Operating Income $150,000 17 18 Non operating or other Other Revenues and Gains Other Expenses and Losses Total Non Operating 19 $5,500 20 ($1,500) $4,000 21 22 23 $146,000 24 Net Income et

Formulas:-

A. Stratege Consulting LLC 2 Income Statement for the month of June 4 Gross Sale Sales return and allowance Sales Discount Net Sales 5 300000 5000 6 7 25000 -E5-E6-E7 9 Cost of goods sold 100000 10 Gross Proift 11 E5-E10 12 Operating expenses 13 50000 14 Total Operating expenses 15 E13 16 Operating Income 17 -E11-E15 18 Non operating or other 19 Other Revenues and Gains 20 5500 Other Expenses and Losses Total Non Operating 21 -1500 -SUM(E20:E21) 22 23 24 Net Income -E17-E20-E21 ш