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Cengage ㄨ : CengageNOWv2 ㅣ O × exhibit-6-11.jpg (74 × Q Accounting Midtern × b My Questions | bart × I 0416( × + box- saania ← → С â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&n ☆ Ch 6-3 Exercises & Problems eBook Show Me Hovw Calculator Print Itemm On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing a. Prepare a multiple-step income statement for the year ended March 31, 2019 $757,100 551,400 2,426,500 177,450 3,719,200 10,150 1,512,500 170,000 Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $1,001,650 243,400 20,100 8,050 6,696,700 749,700 89,300 Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 Cash x Cost of merchandise sold Gross profit Expenses: 177,450 X 3,719,200 3,541,750 | X Selling expenses 749,700 V Administrative expenses551,400 Total expenses 1,301,100V Loss from operations x 4,842,850 | X Other expense Interest 10,150 Net loss x 4,853,000 | X Check My Work 1 more Check My Work uses remaining Previous Next Assignment Score: 25.07% All work saved Email InstructorSave and Exit Submit Assignment for Grading

Cengage ㄨ : CengageNOWv2 ㅣ O × exhibit-6-11.jpg (74 × Q Accounting Midtern × b My Questions | bart × I 0416( × + box- saania ← → С â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&n ☆ Ch 6-3 Exercises & Problems eBook Show Me Hovw Calculator Print Itemm On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing a. Prepare a multiple-step income statement for the year ended March 31, 2019 $757,100 551,400 2,426,500 177,450 3,719,200 10,150 1,512,500 170,000 Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $1,001,650 243,400 20,100 8,050 6,696,700 749,700 89,300 Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 Cash x Cost of merchandise sold Gross profit Expenses: 177,450 X 3,719,200 3,541,750 | X Selling expenses 749,700 V Administrative expenses551,400 Total expenses 1,301,100V Loss from operations x 4,842,850 | X Other expense Interest 10,150 Net loss x 4,853,000 | X Check My Work 1 more Check My Work uses remaining Previous Next Assignment Score: 25.07% All work saved Email InstructorSave and Exit Submit Assignment for Grading

Quickbooks Online Accounting
Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.1C
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Hi, I was hoping you could double check my work on this? I have attached a picture of the answers I put on my first attempt of the question but after looking into it more, I think I see where I went wrong but wanted to know if you could look over it to see if I did it correctly and if my values are correct?

So the first entry should be 'sales' instead of cash with the value of 6,696,700 and the gross profit would then be 2,977,500.
Next, the income from operations would be 1,676,400 and finally the net income would be 1,666,250.

Is this right?

Cengage ㄨ : CengageNOWv2 ㅣ O × exhibit-6-11.jpg (74 × Q Accounting Midtern × b My Questions | bart × I 0416( × + box- saania ← → С â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&n ☆ Ch 6-3 Exercises & Problems eBook Show Me Hovw Calculator Print Itemm On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing a. Prepare a multiple-step income statement for the year ended March 31, 2019 $757,100 551,400 2,426,500 177,450 3,719,200 10,150 1,512,500 170,000 Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $1,001,650 243,400 20,100 8,050 6,696,700 749,700 89,300 Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 Cash x Cost of merchandise sold Gross profit Expenses: 177,450 X 3,719,200 3,541,750 | X Selling expenses 749,700 V Administrative expenses551,400 Total expenses 1,301,100V Loss from operations x 4,842,850 | X Other expense Interest 10,150 Net loss x 4,853,000 | X Check My Work 1 more Check My Work uses remaining Previous Next Assignment Score: 25.07% All work saved Email InstructorSave and Exit Submit Assignment for Grading
Transcribed Image Text:Cengage ㄨ : CengageNOWv2 ㅣ O × exhibit-6-11.jpg (74 × Q Accounting Midtern × b My Questions | bart × I 0416( × + box- saania ← → С â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&n ☆ Ch 6-3 Exercises & Problems eBook Show Me Hovw Calculator Print Itemm On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Kathy Melman, Capital Kathy Melman, Drawing a. Prepare a multiple-step income statement for the year ended March 31, 2019 $757,100 551,400 2,426,500 177,450 3,719,200 10,150 1,512,500 170,000 Merchandise Inventory Notes Payable Office Supplies Salaries Payable Sales Selling Expenses Store Supplies $1,001,650 243,400 20,100 8,050 6,696,700 749,700 89,300 Racine Furnishings Company Income Statement For the Year Ended March 31, 2019 Cash x Cost of merchandise sold Gross profit Expenses: 177,450 X 3,719,200 3,541,750 | X Selling expenses 749,700 V Administrative expenses551,400 Total expenses 1,301,100V Loss from operations x 4,842,850 | X Other expense Interest 10,150 Net loss x 4,853,000 | X Check My Work 1 more Check My Work uses remaining Previous Next Assignment Score: 25.07% All work saved Email InstructorSave and Exit Submit Assignment for Grading
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