Shown below is an income statement for 2015 that was prepared by a poorly trained bookkeeper of Howell Corporation. Howell Corporation INCOME STATEMENT 31-Dec-15 Sales revenue ??? sales discount 2,500 sales returns and allowances 6,200 net sales ??? Interest revenue 19,500 beginning inventory 500,000 purchases ??? ending inventory 356,500 Cost of goods sold 75% beginning inventory Selling expenses 145,000 Administrative expense 215,000 Interest expense 13,000 Net income 127,300 Instructions Prepare an multiple steps income statement for 2015 for Howell Corporation in good form.
Shown below is an income statement for 2015 that was prepared by a poorly trained bookkeeper of Howell Corporation. Howell Corporation INCOME STATEMENT 31-Dec-15 Sales revenue ??? sales discount 2,500 sales returns and allowances 6,200 net sales ??? Interest revenue 19,500 beginning inventory 500,000 purchases ??? ending inventory 356,500 Cost of goods sold 75% beginning inventory Selling expenses 145,000 Administrative expense 215,000 Interest expense 13,000 Net income 127,300 Instructions Prepare an multiple steps income statement for 2015 for Howell Corporation in good form.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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Question
Shown below is an income statement for 2015 that was prepared by a poorly trained bookkeeper of Howell Corporation.
Howell Corporation
INCOME STATEMENT
31-Dec-15
Sales revenue ???
sales discount 2,500
sales returns and allowances 6,200
net sales ???
Interest revenue 19,500
beginning inventory 500,000
purchases ???
ending inventory 356,500
Cost of goods sold 75% beginning inventory
Selling expenses 145,000
Administrative expense 215,000
Interest expense 13,000
Net income 127,300
Instructions
Prepare an multiple steps income statement for 2015 for Howell Corporation in good form.
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