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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

MULTIPLE-STEP INCOME STATEMENT Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--.

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To determine

Prepare a multi-step income statement, including the revenue section and the cost of goods sold section for S.

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 a multi-step income statement of S.

SOS
Income Statement
For Year Ended December 31, 20--
ParticularsAmountAmountAmountAmount
Revenue from sales:
Sales$156,300
Less: Sales returns and allowances$2,360
           Sales discounts$4,167 $6,527
Net sales$149,773
Cost of goods sold:
Opening merchandise inventory$29,000
Opening estimated returns inventory$600
Add: Purchases$112,000
Less: Purchases returns and allowances$5,640
           Purchase discounts$2,690 $8,330
Net purchases$103,670
Add: Freight - in

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