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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Use the following spreadsheet for Yoder’s Cool Stuff for Checkpoint Exercises 1, 2, and 3.

images

Prepare a multiple-step income statement for Yoder’s Cool Stuff.

To determine

Prepare a multi-step income statement for YCS.

Explanation

Multi-step income statement: The income statement represented in multi-steps with several subtotals, to report the income from principal operations, and separate the other expenses and revenues which affect net income, is referred to as multi-step income statement.

Prepare multi-step income statement for YCS as follows:

YCS
Income Statement
For Year Ended December 31, 20--
ParticularsAmountAmount
Revenue from sales:
Sales$261,000
Less: Sales returns and allowances$21,000
Net sales$240,000
Less: Cost of goods sold:
Opening merchandise inventory$36,000
Opening estimated returns inventory$4,000

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