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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. From the information given, prepare an income statement for the company. To save time and space, the expenses have been grouped together into two categories.

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To determine

Prepare an income statement for Company R for the year ended August 31, 20--.

Explanation

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for Company R for the year ended August 31, 20--.

...
Company R
Income Statement
For the Year Ended August 31, 20--
Revenue from sales:    
   Sales  $324,000 
   Less: Sales returns and allowances $13,310  
            Sales discounts 7,71021,010 
   Net sales   $302,990
Cost of goods sold:    
   Merchandise inventory, August 1  $32,000 
   Purchases $126,360  
   Less: Purchase returns and allowances$1,200

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