Please help me to solve this problem 3 Using the below balances from an adjusted trial balance, prepare the multi-step income statement inproper form.ACCOUNTBalanceINCOME STATEMENTGross sales$ 44,207Multi-step VersionSales allowance and returns1,632Sales discount1,077Cost of salesS 18,337Telephone internet expenses185Transit insurance for sales deliverie: S134* Depreciation of buildingsAdvertising expensesSales commissionWarehous rent expensesOffice Rent expenses** Heat and light expenses4,1252357401,8001,500SS2* Wages'salaries expenses** Vehicle maintenance expenses7,529721Freight outWarehouse security expense** Inventory shrinkage** Cleaning expenses1543001441,500Flood disaster fund contribution to ( SDividend received from investment: S 10,000** Supplies expenses4,500856The highlighted cost are joint, and should beapportioned as follows.SellingAdministratio* Distribution50%50%字字70%30%

Multistep Income Statement - Multi-Step Income Statement bifurcates and shows a detailed description…

3 Using the below balances from an adjusted trial balance, prepare the multi-step income statement in proper form. ACCOUNT Balance INCOME STATEMENT Gross sales $ 44,207 Multi-step Version Sales allowance and returns Sales discount Cost of sales 1,632 1,077 S I8,337 * Telephone internet expenses 185 Transit insurance for sales deliverie S 134 • Depreciation of buildings Advertising expenses 4,125 235 Sales commission 740 1,S00 Warehous rent expenses Office Rent expenses * Heat and light expenses * Wages'salaries expenses * Vehicle maintenance expenses Freight out Warehouse security expense ** Inventory shrinkage ** Cleaning expenses 1,500 SS2 7,529 721 154 300 144 S 1.500 Flood disaster fund contribution to ( S 4,500 Dividend received from investmenti S 10,000 ** Supplies expenses 856 The highlighted cost are joint, and should be apportioned as followz. Selling 50%% Administratio 50% • Distribution 70% 30% SSS SS

3 Using the below balances from an adjusted trial balance, prepare the multi-step income statement in proper form. ACCOUNT Balance INCOME STATEMENT Gross sales $ 44,207 Multi-step Version Sales allowance and returns Sales discount Cost of sales 1,632 1,077 S I8,337 * Telephone internet expenses 185 Transit insurance for sales deliverie S 134 • Depreciation of buildings Advertising expenses 4,125 235 Sales commission 740 1,S00 Warehous rent expenses Office Rent expenses * Heat and light expenses * Wages'salaries expenses * Vehicle maintenance expenses Freight out Warehouse security expense Inventory shrinkage Cleaning expenses 1,500 SS2 7,529 721 154 300 144 S 1.500 Flood disaster fund contribution to ( S 4,500 Dividend received from investmenti S 10,000 ** Supplies expenses 856 The highlighted cost are joint, and should be apportioned as followz. Selling 50%% Administratio 50% • Distribution 70% 30% SSS SS

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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