The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENTACCOUNT NAME DEBIT CREDIT Income Summary31,100.0031,130.00Sales 324,360.00Sales Returns and Allowances13,970.00 Sales Discounts7,620.00 Purchases126,210.00 Purchases Returns and Allowances 1,020.00Purchases Discounts 1,110.00Freight In8,460.00 Selling Expenses61,470.00 General Expenses51,751.00 300,581.00357,620.00Net Income57,039.00 357,620.00357,620.00From the information given, prepare an income statement for the company.Ralley CompanyIncome StatementFor Year Ended August 31, 20--(See images) Revenue from Sales:Net SalesCost of Goods Sold:Net PurchasesOperating Expenses:%24%24%24%24%24 Operating Expenses:Total Operating ExpensesNet Income%24

The question is related Income Statement for the year ended August.The details are given.

The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts

The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.1MBA

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	INCOME STATEMENT
ACCOUNT NAME	DEBIT	CREDIT

Income Summary	31,100.00	31,130.00
Sales		324,360.00
Sales Returns and Allowances	13,970.00
Sales Discounts	7,620.00
Purchases	126,210.00
Purchases Returns and Allowances		1,020.00
Purchases Discounts		1,110.00
Freight In	8,460.00
Selling Expenses	61,470.00
General Expenses	51,751.00
	300,581.00	357,620.00
Net Income	57,039.00
	357,620.00	357,620.00