Presented below is information for Blossom Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense $202,200 Rent expense 6,400 Sales discounts 12,500 Sales returns and allowances 64,000 Sales revenue 4,200 Other comprehensive income (net of $400 tax) $33,600 8,100 17,600 395,500 2,000 Salaries and wages expense Income tax expense (a) ZYour answer is partially correct. Try again. Prepare an income statement using the multi-step format. BLOSSOM COMPANY Income Statement For the Month Ended January 31, 2017 Total Revenues Sales Revenue 395,5 Less (G,10 |(17,6 Sales Discounts (8,10( Sales Returns and Allc (25,7 Net Sales 369,8 Cost of Goods Sold (202,: Gross Profit 167,6 Operating Expenses |(6,400 Freight-Out Insurance Expense |(12,50 Salaries and Wages E> (64,00 Rent Expense |(33,60 Total Operating Expenses (116,! Income Before Income Taxes 51,10 Income Tax Expense |(4,200 Net Income / (Loss) 46,90 Prepare a comprehensive income statement. BLOSSOM COMPANY Comprehensive Income Statement $
Presented below is information for Blossom Company for the month of January 2017. Cost of goods sold Freight-out Insurance expense $202,200 Rent expense 6,400 Sales discounts 12,500 Sales returns and allowances 64,000 Sales revenue 4,200 Other comprehensive income (net of $400 tax) $33,600 8,100 17,600 395,500 2,000 Salaries and wages expense Income tax expense (a) ZYour answer is partially correct. Try again. Prepare an income statement using the multi-step format. BLOSSOM COMPANY Income Statement For the Month Ended January 31, 2017 Total Revenues Sales Revenue 395,5 Less (G,10 |(17,6 Sales Discounts (8,10( Sales Returns and Allc (25,7 Net Sales 369,8 Cost of Goods Sold (202,: Gross Profit 167,6 Operating Expenses |(6,400 Freight-Out Insurance Expense |(12,50 Salaries and Wages E> (64,00 Rent Expense |(33,60 Total Operating Expenses (116,! Income Before Income Taxes 51,10 Income Tax Expense |(4,200 Net Income / (Loss) 46,90 Prepare a comprehensive income statement. BLOSSOM COMPANY Comprehensive Income Statement $
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...
Related questions
Question
100%
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 with 2 images
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
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