Instruction: Prepare a Statement of Comprehensive Income using multi-step approach e. Write your answers on a separate sheet of paper. Below are the accounts of Chris Merchandising for the year ended December 31, 2019. Interest Income 4,500 Freight In 12,000 Purchase Discount 13,500 Freight Out Sales Commission 5,000 25,000 Salaries and Wages 80,000 Sales Revenue 950,000 Merchandise Inventory, End 12/31/19 Interest Expense Office Supplies Expense Sales Salaries Expense Rent Expense 200,000 8,000 6,000 45,000 30,000 17 Sales Discount 12,500 Purchase Return and Allowances 9,000 Merchandise Inventory, Beginning 1/1/19 Utilities Expense Communication Expense 350,000 20,000 3,699 Ads and Promo-Sales 8,000 Sales Returns and Allowances 6,250 Depreciation Expense Insurance Expense Bad Debts Expense 7,000 5,000 2,500 Purchases 350,000 Note: 20% of rent, utilities and depreciation expenses pertain to the sales office while the rest pertain to the corporate office. Provision for income tax is 30%.
Instruction: Prepare a Statement of Comprehensive Income using multi-step approach e. Write your answers on a separate sheet of paper. Below are the accounts of Chris Merchandising for the year ended December 31, 2019. Interest Income 4,500 Freight In 12,000 Purchase Discount 13,500 Freight Out Sales Commission 5,000 25,000 Salaries and Wages 80,000 Sales Revenue 950,000 Merchandise Inventory, End 12/31/19 Interest Expense Office Supplies Expense Sales Salaries Expense Rent Expense 200,000 8,000 6,000 45,000 30,000 17 Sales Discount 12,500 Purchase Return and Allowances 9,000 Merchandise Inventory, Beginning 1/1/19 Utilities Expense Communication Expense 350,000 20,000 3,699 Ads and Promo-Sales 8,000 Sales Returns and Allowances 6,250 Depreciation Expense Insurance Expense Bad Debts Expense 7,000 5,000 2,500 Purchases 350,000 Note: 20% of rent, utilities and depreciation expenses pertain to the sales office while the rest pertain to the corporate office. Provision for income tax is 30%.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section16.1: Preparing An Income Statement
Problem 1WT
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College