Presented below is information for Ayayai Company for the month of March 2017. Purchases $212,426 Rent expense $30,000 Freight-in 8,000 Sales discounts 9,000 Purchase returns and allowances 7,000 Sales returns and allowances 12,000 Salaries and wages expense 58,000 Sales revenue 375,000 Beginning inventory was $47,000, and ending inventory was $59,000. Prepare a multiple-step income statement. AYAYAI COMPANY Income Statement For the Month Ended March 31, 2017 Cost of Goods Available for Sale: 375000 %$4 Sales Revenue Less + 12000 %24 Sales Returns and Allowances 9000

Presented below is information for Ayayai Company for the month of March 2017. Purchases $212,426 Rent expense $30,000 Freight-in 8,000 Sales discounts 9,000 Purchase returns and allowances 7,000 Sales returns and allowances 12,000 Salaries and wages expense 58,000 Sales revenue 375,000 Beginning inventory was $47,000, and ending inventory was $59,000. Prepare a multiple-step income statement. AYAYAI COMPANY Income Statement For the Month Ended March 31, 2017 Cost of Goods Available for Sale: 375000 %$4 Sales Revenue Less + 12000 %24 Sales Returns and Allowances 9000

Name: gandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course f
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Description: gandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community CollegeReturn to BlackboardHelp | System AnnouncementsExercise 5A-9 a-bPresented below is information for Ayayai Company for the month of March 2017.Purchases$21

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 6PB: Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are...

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E1-6 Analyzing Revenues and Expenses and Preparing an Income Statement Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January 2014, you find (for January only) this information: Sales, per the cash register tapes, of $150,000, plus one sale on credit (a special situation) of $2,500. With the help of a friend (who majored in accounting), you determine that all of the goods purchased during January cost $90,000 to purchase. You have $20,000 left in inventory. During the month, according to the checkbook, you paid and consumed $37,000 for salaries, rent, supplies, advertising, and other expenses; however, you have not yet paid the $900 monthly utilities for January on the store and fixtures. Required: On the basis of the data given (disregard income taxes), what was the amount of net income for January? Show computations. (Hint: A convenient form to use has the following major side captions: Revenue from Sales,…
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