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(a) Prepare separate entries for each transaction on the books of Pais Company. dise purchased by Pais on June 10 cost McGiver $5,000, and the goods returned cost Insti McGiver $310. E5-5 The adjusted trial balance of Doqe Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $900,000, Freight-Out $14,000, Sales Returns and Allowances $22,000, and Sales Discounts $13,500. Prepa state (LO 4 Instructions Prepare the sales section of the income statement. E5-6 Presented below is information for Lieu Co. for the month of January 2017. Pr Cost of goods sold Freight-out Insurance expense Salaries and wages expense $212,000 7,000 12,000 60,000 5,000 Rent expense $ 32,000 St 8,000 20,000 370,000 Sales discounts Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) Income tax expense i svta 2,000 252 5 Merchandising Operations and the Multiple-Step Income Statement Instructions Frepare an income statement using the format presented in Illustration 5-11. (b) Prepare a comprehensive income statement. (c) Calculate the profit margin and the gross profit rate. pute missing amounts and late profitability ratios. ), AP E5-7 Financial information is presented here for two companies. Yoste Noone Company Company $90,000 Sales revenue Sales returns and allowances Net sales $ 5,000 100,000 ? 84,000 58,000 Cost of goods sold Gross profit Operating expenses Net income ? 40,000 14,380 17,000

(a) Prepare separate entries for each transaction on the books of Pais Company. dise purchased by Pais on June 10 cost McGiver $5,000, and the goods returned cost Insti McGiver $310. E5-5 The adjusted trial balance of Doqe Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $900,000, Freight-Out $14,000, Sales Returns and Allowances $22,000, and Sales Discounts $13,500. Prepa state (LO 4 Instructions Prepare the sales section of the income statement. E5-6 Presented below is information for Lieu Co. for the month of January 2017. Pr Cost of goods sold Freight-out Insurance expense Salaries and wages expense $212,000 7,000 12,000 60,000 5,000 Rent expense $ 32,000 St 8,000 20,000 370,000 Sales discounts Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) Income tax expense i svta 2,000 252 5 Merchandising Operations and the Multiple-Step Income Statement Instructions Frepare an income statement using the format presented in Illustration 5-11. (b) Prepare a comprehensive income statement. (c) Calculate the profit margin and the gross profit rate. pute missing amounts and late profitability ratios. ), AP E5-7 Financial information is presented here for two companies. Yoste Noone Company Company $90,000 Sales revenue Sales returns and allowances Net sales $ 5,000 100,000 ? 84,000 58,000 Cost of goods sold Gross profit Operating expenses Net income ? 40,000 14,380 17,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2E: Cost of Goods Sold and Income Statement Schuch Company presents you with the following account...
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(a) Prepare separate entries for each transaction on the books of Pais Company. dise purchased by Pais on June 10 cost McGiver $5,000, and the goods returned cost Insti McGiver $310. E5-5 The adjusted trial balance of Doqe Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $900,000, Freight-Out $14,000, Sales Returns and Allowances $22,000, and Sales Discounts $13,500. Prepa state (LO 4 Instructions Prepare the sales section of the income statement. E5-6 Presented below is information for Lieu Co. for the month of January 2017. Pr Cost of goods sold Freight-out Insurance expense Salaries and wages expense $212,000 7,000 12,000 60,000 5,000 Rent expense $ 32,000 St 8,000 20,000 370,000 Sales discounts Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) Income tax expense i svta 2,000
Transcribed Image Text:(a) Prepare separate entries for each transaction on the books of Pais Company. dise purchased by Pais on June 10 cost McGiver $5,000, and the goods returned cost Insti McGiver $310. E5-5 The adjusted trial balance of Doqe Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $900,000, Freight-Out $14,000, Sales Returns and Allowances $22,000, and Sales Discounts $13,500. Prepa state (LO 4 Instructions Prepare the sales section of the income statement. E5-6 Presented below is information for Lieu Co. for the month of January 2017. Pr Cost of goods sold Freight-out Insurance expense Salaries and wages expense $212,000 7,000 12,000 60,000 5,000 Rent expense $ 32,000 St 8,000 20,000 370,000 Sales discounts Sales returns and allowances Sales revenue Other comprehensive income (net of $400 tax) Income tax expense i svta 2,000
252 5 Merchandising Operations and the Multiple-Step Income Statement Instructions Frepare an income statement using the format presented in Illustration 5-11. (b) Prepare a comprehensive income statement. (c) Calculate the profit margin and the gross profit rate. pute missing amounts and late profitability ratios. ), AP E5-7 Financial information is presented here for two companies. Yoste Noone Company Company $90,000 Sales revenue Sales returns and allowances Net sales $ 5,000 100,000 ? 84,000 58,000 Cost of goods sold Gross profit Operating expenses Net income ? 40,000 14,380 17,000
Transcribed Image Text:252 5 Merchandising Operations and the Multiple-Step Income Statement Instructions Frepare an income statement using the format presented in Illustration 5-11. (b) Prepare a comprehensive income statement. (c) Calculate the profit margin and the gross profit rate. pute missing amounts and late profitability ratios. ), AP E5-7 Financial information is presented here for two companies. Yoste Noone Company Company $90,000 Sales revenue Sales returns and allowances Net sales $ 5,000 100,000 ? 84,000 58,000 Cost of goods sold Gross profit Operating expenses Net income ? 40,000 14,380 17,000
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