Selected account balances at December 31, 2014, for Engagement, Etc., follow. Prepare a multistep income statement for the year ended December 31, 2014. Show detail of net sales. The company uses the perpetual inventory system, and Freight-In has not been included in Cost of Goods Sold. Account Name Debit Credit Sales $498,000 Sales Returns and Allowances $ 23,500 Cost of Goods Sold 284,000 Freight-In 14,700 Selling Expenses 43,000 General and Administrative Expenses 87,000
Selected account balances at December 31, 2014, for Engagement, Etc., follow.
Prepare a multistep income statement for the year ended December 31, 2014. Show detail of net sales. The company uses the perpetual inventory system, and Freight-In has not been included in Cost of Goods Sold.
Account Name Debit Credit
Sales $498,000
Sales Returns and Allowances $ 23,500
Cost of Goods Sold 284,000
Freight-In 14,700
Selling Expenses 43,000
General and Administrative Expenses 87,000
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