Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue$74,800Inventory (Mar. 31, 2021)$1,200Advertising expense5,900Insurance expense2,050Rent expense3,800Sales discounts2,750Gain on sale of building7,000Salaries expense8,900Inventory (Mar. 1, 2021)2,550Income tax expense3,700Cost of goods sold35,550 Required:1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" USMultiple-step Income StatementFor the month of March 2021Net sales: Total sales revenue Less: Sales discounts Net sales revenue Operating expenses: Total 0Operating income Non-operating items: Total

Multi-step income statements indicate the classified position of the income statement. It helps…

Answered: Toys “R” Us sells a variety of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 3EB: Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they...

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Question

Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021.

Sales revenue	$74,800	Inventory (Mar. 31, 2021)	$1,200
Advertising expense	5,900	Insurance expense	2,050
Rent expense	3,800	Sales discounts	2,750
Gain on sale of building	7,000	Salaries expense	8,900
Inventory (Mar. 1, 2021)	2,550	Income tax expense	3,700
Cost of goods sold	35,550

Required:
1. Prepare a multiple-step income statement for the month ended March 31, 2021.

TOYS "R" US
Multiple-step Income Statement
For the month of March 2021
Net sales:
Total sales revenue
Less: Sales discounts
Net sales revenue



Operating expenses:





Total		0
Operating income
Non-operating items:


Total